This action of Cromwell links his day to ours. That the keynote of modern diplomacy and its accompaniment of wars is to be found in rivalry for the possession of land and markets in the extra-European world, has been fully pointed out by historians. It is a fact which cannot be emphasized too strongly. Its significance increases with the study of the whole modern period.[1] One has only to dip into the pamphlet literature of the eighteenth and late seventeenth centuries, or to read a few pages of parliamentary debates, to realize the importance of trade in the eyes of all men. It becomes apparent that the aim of each progressive nation was to increase its overseas commerce at the expense of other nations, and that every new enterprise of foreigners loomed as a menace to national prosperity. Sea-borne trade was the nursery of seamen, and commerce must be restricted to nationals by navigation acts, while commercial ventures of rival states were not alone a menace because they meant diverting profits to the benefit of a rival, but dangerous as the possible foundation for hostile naval power. Since commerce was carried on most successfully by trading companies, it was good policy to give them governmental countenance, and although occasional voices were raised in criticism of their monopolies and the high prices for which they were felt to be responsible, their shares were popular forms of investment, and many of their shareholders sat in the seats of the mighty. The English and Dutch East India Companies were among the first to carry on overseas commerce on a large scale, and much international history is written between the lines of their annals. [1] And its illusions were set forth in "The Expansionist Fallacy," No. 5 of this REVIEW.--ED.