ABSTRACT
One lesson that the study of commercial policy from the historical point of view teaches with the utmost plainness is the dependence of the particular trade regulations adopted by any community rather on the existing social conditions and the interests of the strongest classes, than on any precise theoretical doctrines. It is not by reason of special enlightenment that Manchester and Bordeaux have favoured free trade, nor is it pure want of intelligence that has made Philadelphia and Melbourne strongholds of pro tection. The great exporting industries everywhere naturally and reasonably desire an extension of their market, while districts that possess special advantages over their countrymen, though not over foreigners, in certain forms of production as naturally though not so reasonably strive to retain the benefits of this superiority.
