ABSTRACT
For about a hundred years up to the turn of the present century, when the principle of free trade was at its peak … if any nation adopted a protectionist policy in contradiction to the free trade policy of the Anglo-American powers, it was ostracized and considered a heretic by advanced countries. For many decades the less-advanced nations were not permitted to close their doors to the economic influences of Great Britain and the United States, and as a result, their industries were prevented from growing and attaining further development, being held back by advanced countries under political as well as economic pressure despite their will to progress.
