ABSTRACT
The time might come when, although the authors had adopted and should continue to maintain the principles of Free-trade, our position might not be unchallenged, our population might have to undergo a decline, and our commercial position in the world might indicate some falling off. He summarises rapidly the progress which England has made since 1846 the cheapening of commodities, the rise of wages, the decline of pauperism, the increase of savings, the expansion of exports and imports and attributes it all to the beneficial operations of Free-trade. The reaction against Cobdenism is no more than a manifestation of that general revolt against the theories and the ideals of the older Radicalism which is characteristic of our time. The author of Past and Present was one of those who altogether declined to believe that the competitive theory was in accordance with his favourite Eternal Verities.
