John A. Hobson
The absorption of so large a proportion of public interest, energy, blood and money in seeking to procure colonial possessions and foreign markets would seem to indicate that Great Britain obtains her chief livelihood by external trade. Now this is not the case. Large as is our foreign and colonial trade in volume and in value, essential as is much of it to our national well-being, nevertheless it furnishes a small proportion of the real income of the nation.
Although the volume and value of home industries are not directly calculable, the total income of