Preface. In a Series dealing with the characteristic features of the Victorian Era it is obvious that the Free-trade Movement demands a place, although the literature of the subject is so extensive that it might be thought the last word had been already said. The old controversies, however, still remain, and have in fact been renewed with fresh vigour, partly owing to the persistence of the United States and other countries in a Protective policy, and also to the movement for federation with our Colonies, most of which are committed to Protection. The subject has a perennial interest, and there is room for a re-statement both of the historical facts and of the arguments. At no time have the arguments of Adam Smith needed to be enforced more than in the present age, when States are vying with one another in attempts to annex markets for their exclusive benefit and to the disadvantage of others. That the welfare of one nation is closely bound up with that of its neighbours is a doctrine that cannot be too strongly emphasized in these days of eager commercial and political rivalries, which seem to threaten a renewal of the old mercantile system. The aim of the present work is to give in brief compass an historic account of the origin of Protection, and of the prolonged agitation by which it was ultimately overthrown in this country; to state the economic advantages of the Free-trade doctrine, and to estimate the effects of the change upon the well-being of Great HF2043 A74 523144 Britain; and to discuss the chief grounds on which Protection is upheld in other countries, and still finds some adherents in our own. To accomplish this end it was necessary to trace the rise of the Protectionist idea, as only by understanding the circumstances of its evolution can we fully estimate its value as a doctrine and explain its relation to existing conditions. The first three chapters, therefore, are devoted to matters antecedent to the Victorian Era. While I am convinced of the practical wisdom of the policy of the " open door" in commerce, and believe that its adoption by other nations would make for the peace of the world, I have endeavoured to deal with the subject in the scientific spirit of inquiry and explanation, and the conclusions set down are those forced upon me by a careful and long-continued study of the facts. On such a subject indebtedness to the work of others is necessarily very great, and it is impossible to do more than make a general acknowledgment: special reference, however, should be made to Leone Levi's History of British Commerce, the writings of Prentice and Ashworth upon the history of the Corn-law agitation, and Mr. John Morley's Life of Cobden. I wish also to express my obligations to Mr. H. J. Tozer, M.A., for suggestions, and to the Editor of the Series for his valuable criticism and advice. LONDON, March, 1898. G. A. S. |