ABSTRACT
This chapter is concerned with where the work is carried on; in other words, the circumstance is taken into account that the groups composed of capitalist-employers and workers, forming the several series together constituting the productive system, are commonly in localities more or less remote from one another. The earth’s capabilities are thus turned to good account to the benefit of consumers all the world over, who thereby obtain in remuneration of their industrial efforts a larger amount and greater variety of articles for their own enjoyment than would otherwise be possible. The external commerce of the United Kingdom—of enormous dimensions—consists mainly in importing materials and exporting manufactures. The excess of imports must not be taken to indicate an adverse balance of trade. The trade accounts of all countries, if framed on the same plan as own, would at one and the same time exhibit a preponderance of imports.
