Encyclopaedia Britannica, 11th Edition, "Echinoderma" to "Edward, prince of Wales": Volume 8, Slice 10Various
Science
Encyclopaedia Britannica, 11th Edition, "Echinoderma" to "Edward, prince of Wales": Volume 8, Slice 10
Various
Encyclopedias and dictionaries
The doctrine of free trade only prevailed in so far as
it could be restated in terms which had a direct relevance to the
existing position of England and existing conditions of international
trade. And it was directly challenged by the representatives of Mr
Chamberlain's school of Imperialist thought (see CHAMBERLAIN, JOSEPH).
It thus became the work of economic science ruthlessly to analyse the
existing situation, explain the issues involved in the commercial policy
of different countries, and point out the alternative methods of dealing
with present difficulties, with their probable results.
Commerce and finance.
The commercial policy of a state is merely the reflex of its system of
public finance (see e.g. ENGLISH FINANCE). The absence of conviction in
regard to British commercial policy naturally had its counterpart in the
attitude of many men to the financial system of the country. The
eulogies showered upon it in the past were no longer considered
adequate. The great increase in recent years in British military and
naval expenditure, made necessary by the exceptional demands of a state
of war and the great development of foreign powers, was partly
responsible for the new difficulties; partly it was due to the great
extension of the functions of the state during the latter part of the
19th century. The former causes may be considered partly permanent,
partly temporary; but those of a permanent character are likely to
increase in force, and those of a temporary character will leave a
deposit in the shape of an addition to the normal expenditure of the
central government. The extension of government functions appeared much
more likely to continue than to be checked. Normal expenditure might
therefore be calculated to rise rather than fall. In spite of the vast
increase in national wealth, it was found a matter of increasing
difficulty to meet a comparatively slight strain without recourse to
measures of a highly controversial character; and the search for new
sources of revenue (as in 1909) at once raised, in an acute form,
questions of national commercial policy and the relations between the
United Kingdom and the colonies.
Public-domain text, read in full here on John Shaqi.
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