If he denies it, the discussion ceases: there is no use in
arguing further. If he admits it, and argues that by his tariff he can
more or less determine _what_ shall be imported, the debate soon narrows
itself to one issue.
The pre-war tariffist argued, when he dealt with the problem, that
tariffs would suffice at will to keep out manufactured goods and let in
only raw material. To that the answer was simple. An unbroken conversion
of the whole yield of exports and freight returns and interest on
foreign investments into imported raw material to be wholly converted
into new products, mainly for export, was something utterly beyond the
possibilities. It would mean a rate of expansion of exports never
attained and not only not attainable but not desirable. On such a
footing, the producing and exporting country would never concretely
taste of its _profit_, which is to be realised, if at all, only in
consumption of imported goods and foods. It is no less plainly
impossible to discriminate by classes between kinds of manufactured
imports on the plea that inequality in the exchanges gives the foreign
competitor an advantage in terms of the relatively lower wage-rate paid
by him while his currency value is falling.
Pages:
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126