chapter  9
12 Pages

International Trade and Tariff Policy

T H E internal development of the United States was by no means, as many American authors have sought to make out, a matter solely of American enterprise, American ideas, and American concern. Manpower and capital came extensively from Europe; the foundations of such measures as the National Bank Act and the Federal Reserve Act are to be sought where the Americans sought them-in European experience; above all, the pull of European markets exercised a continuous and most important influence on the direction and pace of change in the American economy-the earliest and most conspicuous example being with respect to the culture of cotton. The so-called 'frontier thesis', in fact, has done no greater dis­ service to the United States than to withdraw American attention from her contacts with the rest of the world, and to foster a notion that American history can be explained with little more than a glance outside America's borders.