the goods which could have been produced in their place by the same factors of production) in the home market.
Whatever value such considerations justify us in setting upon the external trade of Great Britain, they do not justify the weight this trade exercises as a determinant of our commercial policy.
Moreover, it should be borne in mind that whereas during the first seven decades of the century, before any strong, definite, or continuous imperialistic policy was maintained, England’s foreign trade was advancing faster than her home trade, the three decades during which our public policy