We find, therefore, a general endeavour to call home industries into existence, and to protect them by tariff barriers; and, on the other hand, the foreign country tries to keep the markets open to itself, to crush or cripple competing industries, and thus to retain the consumer for itself or win fresh ones.

It is an embittered struggle which rages in the market of the world.

It has already often assumed definite hostile forms in tariff wars, and the future will certainly intensify this struggle.

Great commercial countries will, on the one hand, shut their doors more closely to outsiders, and countries hitherto on the down-grade will develop home industries, which, under more favourable conditions of labour and production, will be able to supply goods cheaper than those imported from the old industrial States.

These latter will see their position in these world markets endangered, and thus it may well happen that an export country can no longer offer satisfactory conditions of life to its workers.