,libr>ies47       ,,! ,,morals ,,(      
,,economic ,,int]nationalism    ,by  ,j4
 ,a4 ,,hobson  ,,au?or ,,( ,,!          
,,indu/rial ,,sy/em1 ,,! ,,evolution ,,(
 ,,mod]n ,,capitalism1 ,,"w ,,& ,,weal?1
 ,,etc4    ,,bo/on ,,& ,,new ,,york     
,,h\ghton ,,miffl9 ,,company ,!         
,riv]side ,press ,cambridge #aibj       
,,copyright1 #aibj1 ,,by ,,! ,,reg5ts   
,,( ,,! ,,univ]sity ,,( ,,cali=nia      
,,all ,,rights ,,res]v$     ,,b>b>a     
,,we9/ock ,,lectures ,,on ,,! ,,morals  
,,( ,,trade  ,?is s]ies w conta9 essays 
by repres5tative s*ol>s & m5 ( affairs  
deal+ ) ! v>i\s phases ( ! moral law 9  
its be>+ on bus9ess life "u ! new       
economic ord]1 fir/ deliv]$ at !        
,univ]sity ( ,cali=nia on ! ,we9/ock    
f\ndation4     ,,! ,,morals ,,(         
,,economic ,,int]nationalism   ,x ought 
n to be ! case t !re is "o /&>d (       
morality = individuals 9 _! relations ) 
"o ano!r1 a diff]5t & a slight] /&>d =  
corporations1 & a ?ird & /ill slight]   
/&>d = nations4 ,=1 aft] all1 :at are   

corporations b gr\p+s ( individuals =   
ends :i* 9 ! la/ resort are p]sonal     
ends8 ,& :at are nations b wid]1 clos]1 
& m la/+ unions ( p]sons = ! atta9m5t ( 
! end !y h 9 common1 i4e41 !            
commonweal?4 ,yet we are well aw>e t !  
accept$ & op]ative /&>ds ( morality     
diff] widely 9 ! ?ree sph]es ( conduct4 
,if a s\l is imput$ at all to a         
corporation1 x is a lea!r s\l1 n easily 
p5etrable to ! prob+s ( pity or         
compunction1 & emitt+ mu* less ( ! milk 
( human k9dness ?an d ! sep>ate s\ls (  
its directors & /ockhold]s 9 _! ord9>y  
human relations4 ,!re is a %>p          
recognition ( ?is inf]ior moral make-up 
( a corporation 9 ! attitude ( ord9>y m5
 & wom51 :o1 scrupul\sly hone/ 9 _!     
deal+s ) "o ano!r1 slide almo/          
unconsci\sly to an altoge!r l[] level 9 
deal+ ) a railroad or insurance company4
 ,?is attitude is due1 no d\bt1 p>tly to
 a res5tm5t ( ! oppressive p[] :i* great
 corporations are believ$ to ex]cise1   
evok+ a desire to get a bit ( y\r own   

back2 p>tly to a feel+ t any slight     
injury to1 or ev5 fraud p]petrat$ on1 a 
corporation w be s di/ribut$ z to       
inflict no appreciable h>m on any       
individual /ockhold]4 ,b l>gely x is !  
result ( a failure to envisage a        
corporation z a moral be+ at all1 to :om
 "o owes obligations4 ,corporations are 
9 a s5se moral mon/]s2 we say !y behave 
z su* & we are dispos$ to treat !m z    
su*4  ,! /&>d ( int]national morality1  
p>ticul>ly 9 matt]s ( comm]cial         
int]c\rse1 is on a /ill l[] level4 ,if1 
inde$1 "o 7 to press ! !oretic issue1   
:e!r a /ate or a nation is a morally    
indep5d5t be+1 or :e!r x is 9 "s s5se or
 degree a memb] ( :at may be call$ an   
incipi5t society ( /ates or nations1    
ne>ly e "o w\ld su/a9 ! latt] view4 ,we 
%\ld be rem9d$ t !re 0 su* a ?+ z       
int]national law1 h[ev] imp]fect its    
sanctions might be1 & t treaties1       
alliances1 & o!r agreem5ts betwe5       
nations impli$ ! recognition ( "s moral 
obligation4 ,h[ weak ?is int]/ate       

morality is appe>s n m]ely f ! fact t "u
 /rong temptation gov]nm5ts repudiate _!
 mo/ express & solemn agreem5ts--to t   
temptation individuals sometimes yield 9
 _! deal+s ) "o ano!r--b also f ! nature
 ( ! def5ce :i* !y make ( su*           
repudiation4 ,! plea ( /ate necessity1  
:i* ,g]many made = ! violation ( !      
neutrality ( ,belgium1 & :i* 0 /ret*$ to
 cov] ! brutal mi%&l+ ( ! ,belgian p1 is
 un=tunately b an extreme in/ance (     
conduct to :i* e /ate has _h rec\rse at 
times1 &--/ill m significant--:i* e /ate
 def5ds by adduc+ ! same maxim1 salus   
reipublic suprema lex4  ,"h is ! %>pe/  
di/9ction betwe5 individual & national  
morality4 ,!re are c]ta9 de$s :i* a good
 & honorable man w\ld n d ev5 to save 8 
life2 !re are no de$s1 :i* x is admitt$ 
t a /atesman1 act+ on behalf ( 8 c\ntry1
 may n d to save t c\ntry4 ,x is fooli% 
to try to %irk ?is disconc]t+ admission4
 ,! ,ma*iavellian doctr9e ( reason (    
/ate is1 9 ! la/ resort1 ! accept$ /&>d 
( national conduct4 ,?is does n signify 

t a nation & its gov]nm5t admit no      
obligation to fulfil _! promises1 or ev5
 volunt>ily to p]=m good (fices = o!r   
nations1 b t !re is always impli$ !     
res]vation t ! necessity1 or1 %all we   
say1 ! vital int]e/s1 ( ! nation        
ov]ride1 cancel1 & nullify all su*      
obligations4 ,& :5 necessity is /ret*$  
to cov] any vital int]e/ or urg5t ne$1 x
 is easy to recognize on :at a slipp]y  
slope su* int]national morality reposes4
  ,int]national morality is impair$1    
h[ev]1 n only by ?is feeble s5se (      
mutual obligation1 b by ! /ill m        
injuri\s assumption ( conflict+ int]e/s 
betwe5 nations4 ,nations are repres5t$ n
 m]ely z self-c5t]$1 indep5d5t moral    
sy/ems1 b z1 9 "s degree1 mutually      
repell5t sy/ems4 ,?is notion is p>tly ! 
product ( ! false patriotic tea*+ ( our 
s*ools & press1 :i* seek to fe$ our s5se
 ( national unity m ^u exclusive ?an    
inclusive s5tim5ts4 ,nations are        
repres5t$ z rivals & competitors 9 "s   
/ruggle = p[]1 or greatness1 or pre/ige1

 in/ead ( z cop]ators 9 ! g5]al advance 
( civilization4 ,?is presumption (      
oppos+ int]e/s is1 ( c\rse1 m /rongly   
m>k$ 9 ! pres5tation ( comm]cial        
relations ?an 9 any o!r4 ,putt+ ! issue 
r\ghly1 b ) sub/antial tru?1 ! g5]ally  
accept$ image ( int]national trade is "o
 9 :i* a numb] ( trad+ communities1 z1 =
 in/ance1 ! ,unit$ ,/ates1 ,brita91     
,g]many1 ,france1 ,japan1 etc41 are     
engag$ 9 /riv+1 ea* to w9 = itself1 & at
 ! exp5se ( ! o!rs1 ! l>ge/ possible %>e
 ( a /rictly limit$ objective--! _w     
m>ket4  ,n[ !re are ?ree fatal flaws 9  
?is image4 ,fir/ comes ! false          
pres5tation ( ! ,unit$ ,/ates1 ,brita91 
,g]many1 & o!r political be+s 9 !       
capacity ( trad+ firms4 ,s f> z _w or   
int]national trade is rightly pres5t$ z 
a competitive process1 t competition    
takes place1 n betwe5 ,am]ica1 ,brita91 
,g]many1 b betwe5 a numb] ( sep>ate     
,am]ican1 ,briti%1 ,g]man firms4 ,!     
imm$iate int]e/s ( ^! firms are n       
direct$ along political l9es4 ,g5]ally  

speak+1 ! clos] rivalry is betwe5 firms 
belong+ to ! same nation & conduct+ _!  
bus9ess ^u closely simil> conditions4   
,"o ,lanca%ire cotton export] competes  
mu* m closely ) o!r ,lanca%ire export]s 
?an he does ) ,g]man1 ,am]ican1 or      
,japanese export]s ( simil> goods4 ,s x 
is ev]y:]e1 save 9 ! exceptional times &
 circum/ances 9 :i* gov]nm5ts !mselves  
take ov] ! regulation & conduct ( =eign 
trade4  ,= c]ta9 purposes x is1 no d\bt1
 conv5i5t to h balances & analyses (    
=eign trade pres5t$ sep>ately1 s z to %[
 ! volumes & values ( diff]5t goods :i* 
pass f ! memb]s ( "o nation to ^? (     
ano!r4 ,b ! imputation ( political      
significance to ^! /ati/ics1 tak5 ei!r 9
 aggregate or 9 relation to sep>ate     
c\ntries1 z if !y 7 !mselves indices (  
public ga9 or public loss1 has mo/      
injuri\s reactions ^u ! intellig5t      
und]/&+ ( comm]ce4  ,! second flaw is ! 
assumption ( a limit$ am\nt ( m>ket1 :i*
 c>ries ) x ! assumption t ! gr\ps (    
trad]s1 ga!r$ "u _! national flags1 are 

engag$ 9 a conflict 9 :i* !y are entitl$
 to embroil _! gov]nm5ts4 ,by t>iff     
b>ga9+ & by all sorts ( diplomatic      
weapons ea* gov]nm5t is call$ ^u to     
assi/ its nationals & to cripple or     
exclude ! nationals ( o!r /ates4 ,n[ x  
is untrue t ! _w m>ket is /rictly       
limit$1 ) ! consequ5ce t e advance ( "o 
gr\p ( trad]s is at ! exp5se ( ano!r    
gr\p4 ,! _w m>ket is indef9itely        
expansible1 & is always exp&+2 &        
comm]cial exp]i5ce %[s t ! rapid        
expansion ( ! ov]seas trade ( "o c\ntry 
does n preclude ! expansion ( trade (   
o!r c\ntries4 ,i d n1 ( c\rse1 d5y t at 
a p>ticul> "t & 9 relation to "s        
p>ticul> lucrative opportunity1 g5u9e   
cla%es ( int]e/s may arise4 ,b1 envisag+
 ! :ole range ( =eign comm]ce1 "o feels 
t ! image ( x z a prize :i* gov]nm5ts c1
 & ought to w9 = _! trad]s at ! exp5se (
 ! trad]s support$ by o!r gov]nm5ts1 has
 be5 a mo/ f]tile s\rce ( int]national  
misund]/&+4  ,p]haps ! wor/ ( ! ?ree    
fallacies1 & 9 a s5se ! deepe/-root$1 is

 ! concept ( export trade z ( m value   
?an import trade4 ,?is is (t5 trac$ back
 to ! "t :5 gov]nm5ts deem$ x desirable 
to accumulate 9 _! c\ntries treasures ( 
gold & silv] & to ?is end enc\rag$ !    
sale ( goods abroad & disc\rag$ ! paym5t
 = !m 9 =eign goods4 ,!re are1 h[ev]1   
mod]n support]s ( ! assumption t x is m 
important to sell ?an to buy1 al?\gh !  
money receiv$ = sales has no o!r        
significance or value ?an its p[] to    
buy1 & trade c only be imag$ truly z an 
ex*ange ( goods = goods 9 :i* !         
processes ( sell+ & ( buy+ are          
complem5t>y4  ,! economic explanation ( 
! d\ble falsehood ( divid+ buy+ f sell+ 
& ( imput+ a high] value to ! latt]     
process1 lies beyond ! scope ( ?is      
address4 ,b ! injuries result+ f !      
sup]ior pressure ^u gov]nm5ts ( organiz$
 bodies ( produc]s & m]*ants :o h ?+s to
 sell1 to ! detrim5t ( ! consum+ public 
:o h only buy+ ne$s1 are too grave      
matt]s to be neglect$ "h4 ,x is n too   
mu* to say t1 if ! int]e/s ( consum]s & 

! int]e/s ( produc]s weigh$ equally 9 ! 
eyes ( gov]nm5ts1 z !y %\ld1 ! /ronge/ (
 all ob/acles to a peaceful1 h>moni\s   
society ( nations w\ld be ov]come4 ,= ! 
suspicions1 jeal\sies1 & ho/ilities (   
nations are inspir$ m by ! t5d5cy (     
gr\ps ( produc]s to misrepres5t _!      
private int]e/s z ! good ( _! respective
 c\ntries ?an by any o!r s+le           
circum/ance4  ,?is analysis has seem$   
necess>y 9 ord] to cle> away !          
intellectual & moral fogs :i* prev5t a  
true realization ( ! economic1 & !re=e !
 moral1 int]dep5d5ce ( nations4 ,= e    
bond ( economic int]e/ involves moral   
obligation also4 ,if x is true t !      
fabric ( comm]cial relations is all ! "t
 be+ knit clos] betwe5 ! diff]5t peoples
 ( ! e>?1 !n ! moral isolation & !      
antagonism :i* e>li] /atecraft          
inculcat$1 & :i* /ill obsess s _m m9ds1 
mu/ be dissipat$ & give place to active 
s5tim5ts ( human cop]ation4  ,!re 71    
inde$1 ^? :o ?\ght t already ! web (    
comm]ce & f9ance _h be5 wov5 /rong en\gh

 to save nations f ! calamity ( w>4 ,_! 
miscalculation arose f und]e/imat+ ! p[]
 ov] ! m9d & ! passions ( t false image 
( trade4 ,b because ! mod]n             
int]nationalism ( comm]ce & f9ance did n
 prove /rong en\gh to /em ! full & sudd5
 tide ( w> passions f$ f ! b>b>\s       
traditions ( a dateless pa/1 we ought n 
to disp>age ! pot5tiality ( ?is         
int]nationalism z ! f\ndation ( a new & 
bett] _w ord]4 ,=1 ?\gh ^? bonds (      
common int]e/ broke "u ! /ra9 ( w>1 !   
confusion 9 :i* we f9d ourselves )\t !m 
is itself a t]rible te/imony to _!      
value4 ,! en=c$ sund]+ ( ord9>y trade   
relations betwe5 memb]s ( diff]5t       
c\ntries has taught two cle> lessons4 ,!
 fir/ is ?is3 t h>dly any civiliz$      
nation is or c be economically indep5d5t
 9 respect to ess5tial supplies or      
indu/ries4 ,!re is no ,european c\ntry t
 does n rely = ! subsi/5ce ( its        
inhabitants ^u supplies ( goods & raw   
mat]ials f =eign l&s1 mo/ly f c\ntries  
outside ! ,european cont95t4 ,:ile      

,brita9 bo? lean$ m heavily ^u o!r      
c\ntries & contribut$ mo/ to o!r        
c\ntries f h] surplus produce1 e o!r    
c\ntry1 9 l>g] or less degree--great    
c\ntries su* z ,france1 ,g]many1        
,au/ria1 ,italy1 little ones l ,belgium1
 ,holl&1 ,switz]l&1 ,sc&9avia1 &        
,d5m>k--7 increas+ly dep5d5t ^u outside 
s\rces = _! livelihood4 ,x is true t !re
 rema9$ a v few great backw>d c\ntries1 
su* z ,russia & ,*9a1 :]e a life (      
economic isolation 0 possible _h !y be5 
will+ to disp5se ) ! high] products (   
civiliz$ indu/ry & ) ! f]tiliz+ /reams (
 capital )\t :i* progress is impossible4
 ,no civiliz$ ,european c\ntry 0        
self-suffic+ 9 ! vital factors ( a      
productive & progressive                
civilization--food1 raw mat]ials1       
ma*9]y1 fuel1 transport1 f9ance1 &      
adequate supplies ( skill$ labor4 ,!    
s]vices :i* c\ntries ne> or di/ant r5d]$
 to "o ano!r 7 becom+ con/antly m       
num]\s1 m complex1 & m urg5t4 ,!        
ob/ructions & /oppages ( w> has driv5   

home ! lesson pa9fully to ! inhabitants 
( e ,european c\ntry1 bellig]5t or      
neutral4 ,:at lesson8 ,t we h err$ 9    
p]mitt+ ourselves to gr[ dep5d5t on !   
indu/ry1 goodwill1 & int]c\rse ( o!r    
nations1 & t we %\ld endeavor to h>k    
back to an e>li] economic /ate (        
national indep5d5ce8 ,well1 !re are ev5 
9 ,brita9 rhetorical politicians :o     
speak ( ! necessity ( reta9+ all key or 
ess5tial indu/ries )9 _! national       
control--:o propose to rev]se ! tide (  
social evolution by "s flimsy app>atus (
 t>iffs & subsidies4 ,?is is impossible4
 ,! w> has left ! ,european peoples1 "o 
& all1 m ?an ev] dep5d5t = _! economic  
livelihood ^u "o ano!r1 & ^u ! mat]ial  
res\rces & labor ( o!r cont95ts4  ,!    
second lesson is t1 o!r ?+s equal1 x is 
! mo/ highly civiliz$ & highly develop$ 
c\ntries t are ! mo/ dep5d5t ^u o!rs4 ,9
 a ^w1 !re is a presumption t economic  
int]nationalism is an ess5tial feature (
 civilization4  ,y w obs]ve t s f> ,i h 
made no m5tion ( ,am]ica4 ,& yet all t  

,i h be5 say+ is1 9 a s5se1 introductory
 to ! unique problem pres5t$ by ?is     
c\ntry4 ,am]ica is ! only civiliz$      
c\ntry 9 ! _w t is virtually            
self-suffic+ z reg>ds ! prim>y          
requirem5ts ( h] economic life4 ,h] soil
 c & does supply ne>ly all h] ess5tial  
foods1 h] natural res\rces include !    
mat]ials ( h] great textile1 metal1 &   
o!r basic indu/ries1 ! heat1 light1     
electricity1 & o!r =ms ( natural en]gy  
:i* satisfy h] national ne$s4 ,%e has   
access to skill$ & unskill$ labor       
suffici5t to develop & utilize all ^!   
natural res\rces4 ,mo/ ( h] pre-w>      
imports might be plac$ "u f\r heads3    
articles ( luxury & ta/e 9 dress1       
jewelry1 etc42 c]ta9 *emical & o!r      
sci5tific products2 supplem5t>y supplies
 ( "s foods & mat]ials1 f o!r c\ntries (
 ! ,am]ican cont95t1 = manufactures &   
export trade2 & a numb] ( tropical      
products1 almo/ all ( subsidi>y         
significance 9 ! production &           
consumption ( ! ,am]ican p4 ,?is slight 

dep5d5ce ^u =eign c\ntries has be5      
consid]ably r$uc$ z ! result ( w>       
exig5cy4 ,! art products ( ,france &    
,italy1 ! f9e textile goods f ,brita91 !
 dye-/uffs1 drugs1 & sci5tific in/rum5ts
 f ,g]many--9 a ^w1 ! great bulk ( !    
imports f ,europe1 h ei!r be5 cut out ( 
,am]ican consumption or h be5 displac$1 
tempor>ily1 at any rate1 by home        
products4 ,= sev]al g5]ations ! ma9     
dep5d5ce ( ,am]ica ^u ,europe &         
p>ticul>ly ^u ,brita9 0 = capital to    
supplem5t home sav+s t %e might make use
 ( ! /ream ( immigrant labor 9 !        
developm5t ( h] great cont95t4 ,?is     
dep5d5ce ^u ,european capital1 ( greatly
 dim9i%+ importance dur+ ! la/ ?ree     
decades has1 ( c\rse1 n[ be5 rev]s$1 & !
 pr9cipal ,european c\ntries are heavy  
debtors to ! ,unit$ ,/ates4  ,"o o!r    
important economic lesson w> exp]i5ce   
has taught1 viz41 ! va/ capacity =      
increas$ productivity :i* e indu/rial   
nation possesses1 & ,am]ica especially1 
9 bett] organization & full] utilization

 ( natural & human res\rces4 ,x is      
evid5t t1 f> f ! age ( great inv5tions &
 ( me*anical developm5t draw+ to a      
close1 we are 9 ! actual process ( rea*+
 new discov]ies 9 weal? production1 :i* 
w make ! mo/ fam\s advances ( ! n9ete5? 
c5tury mean by comp>ison4 ,b )\t draw+  
^u a speculative future1 a bett] & m    
sy/ematic application ( ! k :i* has be5 
already te/$--enl>g$ production1        
elim9ation ( wa/e1 & improv$ bus9ess    
me?ods--is cle>ly capable ( d\bl+ or    
trebl+ ! output ( mat]ial weal? )\t     
involv+ any excessive /ra9 ^u human     
ef=t4  ,"h1 z 9 o!r ways1 ,am]ica /&s 9 
a place ( unique vantage by reason ( !  
magnitude & v>iety ( h] national        
res\rces1 & ! vigor & ent]prise ( h] p4 
,x is evid5t t1 if any c\ntry c af=d to 
/& alone 9 full economic                
self-suffici5cy1 t c\ntry is ,am]ica4 ,x
 is feasible = ,am]ica to contract )9 v 
n>r[ limits h] comm]cial & political    
relations ) ! re/ ( ! _w1 or1 if %e     
*ooses1 to conf9e h] comm]cial &        

f9ancial relations to ?is cont95t1 leav+
 ! old _w to get on by itself z well z x
 c4 ,?is view is1 inde$1 con=mable ) !  
ma9 tradition ( ,am]ican hi/ory up to ! 
close ( ! la/ c5tury4 ,ev5 ! ,spani% w>1
 ) its sequel ( imp]ialism1 0 b a slight
 & rep>able brea* 9 ?is tradition4 ,! _w
 w> seems at fir/ sight to h plung$     
,am]ica deep] into ! ,european tr\gh4 ,b
 ev5 ?is m s]i\s committal is n         
irretrievable4 ,%e c /ep back to !      
doctr9e & policy ( ',am]ica = ,am]icans'
 & refuse any organic contact ) a       
tr\blesome1 a qu>relsome &1 z x seems1 a
 ru9$ ,europe4 ,am]ica's economic /atus 
9 ,europe is n su* z to preclude h] tak+
 ?is c\rse4 ,i may be rem9d$ t !        
indebt$ness ( ,europe to ,am]ica is a   
solid economic bond1 = x _c be presum$ t
 ,am]ica w\ld pursue ! policy (         
lib]alism s f> z to cancel ?is debt4 ,b1
 l>ge z is ?is cr$it1 x ne$ n con/itute 
a /rong or a la/+ bond ( comm]ce1       
compell+ ,am]ica to receive su* l>ge    
imports ( goods f ,europe z mat]ially to

 impair h] self-suffici5cy4 ,a l>ge &   
increas+ "p ( ! int]e/ & capital ( ?is  
indebt$ness w\ld be defray$ by !        
exp5diture ( ,am]ican travell]s &       
resid5ts 9 ,europe1 :ile ! importation (
 objects ( art & luxury w\ld n int]f]e  
appreciably ) ! policy ( economic       
nationalism4 ,if ,am]ica decides to g no
 fur!r 9 ?is bus9ess1 x w n be too late 
to draw out4  ,! *oice be=e h] is       
mom5t\s4 ,s f> ,i h pres5t$ x z an      
economic problem4 ,x is also q evid5tly 
a political & moral problem ( ! fir/    
significance1 = economic national       
self-suffici5cy is a phase ( political  
indep5d5ce4 ,b bus9ess & politics alike 
belong to ! wid] art ( human conduct2 & 
! *oice be=e ,am]ica is prim>ily a moral
 *oice4  ,by say+ ?is ,i d n wi% to     
appe> to prejudge ! issue4 ,i h always  
felt t a /rong] case c\ld be made = !   
political & economic isolation ( ,am]ica
 ?an = t ( any o!r c\ntry1 p>tly        
because1 z ,i h said1 %e has )9 h]      
political doma9 all ! res\rces (        

national well-be+2 p>tly1 also1 because 
x is ( supreme importance t ! great     
exp]im5t ( democracy %\ld n be unduly   
hamp]$ by excessive inp\r+s (           
ill-assimilable =eign blood1 & by       
dang]\s contacts ) obsolete or          
inapplicable ,european in/itutions4 ,z  
an economi/1 /eep$ 9 ! pr9ciples (      
,cobd5 & 8 ,briti% s*ool ( lib]als1 my  
pr$ilections 7prejudices if y w7 h      
always be5 9 favor ( ! free/ possible   
movem5t1 alike ( trade & p]sons1 & aga9/
 fiscal protection & immigrant          
re/rictions4 ,b1 :5 confront$ ) !       
special situation ( ,am]ica1 ,i h       
recogniz$ t a reason$ argum5t c\ld be   
address$ to prove t ! economy ( national
 security & progress = ?is c\ntry lay   
along ! l9es ( political1 economic &    
def5sive self-conta9$ness4 ,i am conv9c$
 t _m mu/ be l$ to support ?is policy1 n
 on gr\nds ( selfi%ness1 because !y     
desire to cons]ve = ,am]ica alone h]    
great opportunities1 & n ma9ly f fe>1   
le/ ,am]ica %\ld be embroil$ aga9 9 !   

dang]\s qu>rels ( di/ant ,european      
nations1 b because !y are animat$ by t  
pure desire1 :i* has inspir$ s _m       
g5]ations ( high-m9d$ ,am]icans1 t      
,am]ican democracy %\ld gr[ to its full 
/ature by its own unaid$ ef=ts & save ! 
_w by its example4  ,i wi% to give due  
respect to ! s9c]ity ( ?is conviction ! 
m because ,i wi% to lay be=e y "s gr\nds
 = que/ion+ its ultimate validity4 ,x is
 no problem ( ab/ract politics or e?ics 
) :i* ,i "h confront y\r m9ds1 b "o (   
concrete & imm$iate urg5cy4 ,di/9ctively
 economic 9 its sub/ance1 x br+s "r into
 ! daylight ! hi!rto obscure issue ( !  
duty ( nations z memb]s ( an actual or  
pot5tial society ( nations4 ,z a result 
( ! de/ruction ( w> a l>ge "p ( ,europe 
lies today 9 economic ru94 ,by t ,i d n 
only1 or *iefly1 ref] to ! mat]ial havoc
 wr\ght by ! direct op]ations ( w> 9    
,france1 ,belgium1 ,pol&1 ,s]via1 &     
else:]e4 ,i mean ! imm95t />vation :i*  
?is w9t] awaits l>ge populations ( ^? & 
o!r c\ntries1 bo? our allies & our late 

enemies1 & ! mis]y & an>*y aris+ f _!   
utt] inability to resume ! ord9>y       
processes ( productive indu/ry4 ,x is n 
only food & clo?+ b raw mat]ials1 tools1
 ma*9]y1 transport1 & fuel t are lack+  
ov] a l>ge "p ( ! ,european cont95t4 ,if
 !y are left to _! own unaid$ res\rces1 
millions ( ^! p1 especially 9 ,russia1  
,pol&1 ,au/ria1 & sections ( ! late     
,turki% ,empire1 w p]i%4 ,!y _c fe$     
!mselves4 ,! l& rema9s1 b l>ge tracts ( 
x h be5 untill$2 l>ge numb]s ( !        
peasantry h fall5 9 ! w>1 or are w&]+ z 
disb&$ soldi]s1 f> f home2 ! wom5 & !   
ag$ & ! *ildr51 und]f$ & brok5 9 heal? &
 _s1 are utt]ly unequal to ! task ( gr[+
 ! food = _! livelihood4 ,! factories & 
work%ops are idle or are ill-equipp$1 = 
mat]ials1 tools1 & fuel are ev]y:]e     
lack+2 unemploym5t holds l>ge indu/rial 
populations 9 de/itution & despair4 ,ev5
 :]e plant & mat]ials are pres5t1 !     
physical /r5g? ( ! work]s is s let d[n t
 effici5t productivity is impossible4   
,ev5 9 c\ntries t are n w>-brok51 !     

blockade1 & ! long /oppage ( normal     
comm]ce1 h caus$ great sc>city ( _m     
important foods & mat]ials1 & fam9e     
prices br+ griev\s suff]+ to ! poor]    
classes4 ,brita9 alone among ! bellig]5t
 c\ntries is n 9 imm$iate di/ress1 b    
only because %e has _h l>g] outside     
res\rces & l>g] borr[+ p[]s on :i* to   
draw4 ,ev5 ! few neutral nations :i* are
 said to h pr(it$ by w> are sev]ely     
crippl$ by ! lack ( "s ess5tials ( _!   
economic life4  ,all 9 diff]5t degrees  
are economic victims ( ! havoc & ! wa/e 
( w>4 ,x is n ,c5tral ,europe only1     
toge!r ) l>ge p>ts ( ! ,balkans1 (      
,russia1 & ( ,ea/]n ,asia1 t is 9 ?is   
evil plight4 ,europe z a :ole is        
unprovid$ ) ! food/uffs ) :i* to fe$ its
 population & ! raw mat]ials ) :i* to   
furni% employm5t4 ,if !re 7 prevail+    
among !m ! be/ ( wills & ( cop]ative    
arrangem5ts1 ! ,european peoples c\ld n 
keep !mselves alive ?is w9t] & make any 
sub/antial advance t[>ds rep>ation ( !  
damage ( w> & indu/rial recov]y4 ,if    

human cop]ation is to save ^! weak &    
desp]ate peoples1 x mu/ be a cop]ation (
 m ?an ! nations ( ,europe4 ,only by !  
bett] provid$ nations ( ! _w com+ to !  
rescue c ! worse-provid$ nations survive
 & recov]4 ,x w\ld be fooli% to m9ce    
words 9 s grave an issue4 ,we are all   
acqua9t$ ) ! ma9 facts ( ! _w situation 
& are famili> ) ! place :i* ,am]ica     
occupies 9 x z ! *ief repository ( ^?   
surpluses ( foods1 mat]ials1 &          
manufactur$ goods :i* ,europe ne$s s    
sorely4 ,! t]m 'surplus' is1 ( c\rse1   
some:at deceptive4 ,surplus dep5ds      
l>gely on home consumption1 itself an   
ela/ic condition4 ,b = practical        
purposes we may take ! exportable       
surplus to mean ! product :i* rema9s =  
sale abroad aft] ! normal wants ( ! home
 population are suppli$4 ,x might mean  
some?+ m1 viz41 t ! home population w\ld
 volunt>ily keep d[n or r$uce _!        
consumption1 9 ord] t m might be        
available = export4 ,! ,am]ican p       
actually did ex]cise ?is self-d5y+      

ord9ance to an appreciable ext5t1 9 ord]
 to help w9 ! w>4 ,are !y will+ to d !  
same 9 ord] to help ! _w 9 a di/ress z  
dire z w> itself8  ,x may be said1      
p]haps truly1 t ?is presumes t ,am]ica  
is 9 ! peace z mu* z %e 0 9 ! w>1 t %e  
has decid$ to l9k h] de/9y closely &    
la/+ly ) t ( ,europe1 t %e def9itely    
accepts a pr(f]$ place z a memb] ( !    
society ( nations1 & "u circum/ances :i*
 make an imm$iate call ^u h] economic & 
f9ancial res\rces 9 a mann] 9 :i* !re c 
be no direct reciprocity4  ,n[ x may    
reasonably be urg$ t ,am]ica is n prep>$
 = su* a committal1 t su* obligations z 
%e und]took1 z an associat$ p[]1 9 !    
conduct ( ! w>1 t]m9ate ) ! mak+ (      
peace2 & t1 z reg>ds ! future /ructure (
 int]national relations1 %e proposes to 
pres]ve full fre$om to cop]ate ) o!r    
nations1 or to /& alone1 accord+ to h]  
e/imate ( ea* occasion4  ,x is "h       
conv5i5t to treat sep>ately two issues  
:i* are none ! less closely relat$1     
viz41 ! issue ( int]national cop]ation =

 ! imm$iate "w ( ! salvage & re/oration 
( ,europe1 & ! issue ( a p]man5t        
cop]ation or agreem5t = ! equitable use 
( ! economic res\rces ( ! _w4 ,! urg5cy 
= ,europe ( ! fir/ issue has be5 already
 indicat$4 ,if ! weak] ,european nations
 are left to ! ord9>y play ( economic   
laws = ! supplies !y ne$1 !y mu/ lapse  
into />vation & social an>*y4 ,a lift+ (
 ! w> blockades & emb>goes h>dly helps  
!m4 ,! =mal re/oration ( free comm]ce is
 little bett] ?an a mock]y to ^? :o lack
 ! p[] to buy & sell4 ,free comm]ce w\ld
 simply mean t ,am]ica's surplus1 !     
food1 mat]ials1 & manufactur$ goods %e  
has to sell abroad1 w\ld be pur*as$     
exclusively by ^? m prosp]\s =eign]s :o 
h ! means to pay 9 money1 or 9 export   
goods available = cr$it purposes4 ,n[ ! 
populations & ! gov]nm5ts ( ^! brok5    
c\ntries h nei!r money nor goods 9 h&4  
,! return ( peace has left !m ) deplet$ 
purses & empty /ores4 ,if ! pur*ase &   
consumption ( ! available surplus (     
foods1 mat]ials1 & manufactures f       

,am]ica & o!r prosp]\s c\ntries is      
di/ribut$ accord+ to ! sep>ate p[]s (   
pur*ase 9 ! ,european c\ntries1 !       
c\ntries & ! classes ( population :i*   
are lea/ 9 ne$ w get all1 ^? :i* are mo/
 9 ne$1 no?+4 ,h[ c x be o!rwise1 if    
imm$iate ability to pay is ! crit]ion8  
,9 ord9>y times ! ma*9]y ( int]national 
f9ance does t5d to di/ribute surplus    
/ocks accord+ to ! ne$s ( ! diff]5t     
nations1 = ! production ( ! actual goods
 = export trade ) :i* imports are paid  
=1 ! true base ( cr$it1 is cont9ually   
proce$+4 ,b ! w> broke ?is ma*9]y (     
regul> ex*ange4 ,x _c be imm$iately     
re/or$4 ,am]ica or ,arg5t9a _c sell _!  
surplus :eat 9 ! ord9>y way to ,pol&1   
,au/ria1 ,belgium & o!r ne$y c\ntries1  
because1 l>gely = ! v lack ( ^! goods & 
mat]ials1 _! indu/ries are n op]at+1 s t
 ! goods !y %\ld produce1 ^u :i* cr$it  
w\ld be built1 are n =?com+4  ,?is is "o
 ( ! mo/ t]rible ( ! vici\s circles 9   
:i* ! w> has b\nd ! _w4 ,! weak nations 
_c buy1 because !y are n produc+ goods  

to sell2 !y _c produce1 because !y _c   
buy4 ,:at are ! /rong nations1 ^? )     
surplus goods1 ! transport1 & ! cr$it1  
go+ to d ab\t x8 ,x is a "q ( em]g5cy   
f9ance bas$ on an em]g5cy morality4 ,!  
nations :i* h surpluses to sell abroad  
mu/ n only s5d ! goods b provide ! cr$it
 to pay = !m if !y are to rea* ! peoples
 t ne$ !m mo/4 ,b h[1 x is said1 c y    
expect ! bus9ess man 9 ,am]ica or any   
o!r c\ntry to p]=m su* an act ( *>ity8  
,h[ c y expect !m to sell to ^? :o h n  
cr$it & _c pay1 in/ead ( sell+ to ^? :o 
h cr$it & c pay8 ,! answ] is sometimes  
/at$ ?us4 ,x is n *>ity y are ask$ to   
p]=m1 b su* consid]ation = cu/om]s z a  
really intellig5t s5se ( self-int]e/ w  
endorse4 ,we ask y to put up a tempor>y 
bridge ov] ! f9ancial *asm 9 ord] to    
af=d "t = ?is re/oration ( ! ord9>y     
processes ( ex*ange4 ,if ! enfeebl$     
indu/rial peoples c be furni%$ n[ )     
foods & mat]ials !y w set to "w1 & 9 !  
c\rse ( "t !y w be able1 out ( ! product
 ( _! indu/ry1 to repay y\r advances &  

ree/abli% ! normal circle ( ex*ange4  ,9
 pres5t+ ?is c\rse z a policy (         
intellig5t self-int]e/1 ,i am n really  
disp>ag+ ! claims ( humanity or (       
morals4 ,i am m]ely ma9ta9+ ! utilit>ian
 e?ics :i* insi/ t morality1 ! p]=mance 
( human obligations1 is ! be/ policy1 t 
policy :i* 9 ! long run w yield ! fulle/
 satisfaction to social be+s4 ,if ,i 7  
an ,am]ican export] 9 control ( l>ge    
am\nts ( food1 x w\ld d\btless pay me   
bett] p]sonally at ! pres5t "t to sell x
 to firms 9 ,european c\ntries :i* h    
good cr$it1 = consumption by p :o are 9 
no great want4 ,z an individual bus9ess 
man1 ,i c\ld h>dly d o!rwise ) any      
assurance ( f9ancial pr(it4 ,i am n "h  
pres5t+ ! issue z a matt] ( individual  
morals4 ,if ! surplus ( economic        
supplies is to be di/ribut$ accord+ to  
ne$s1 on an em]g5cy cr$it basis adju/$  
to t end1 x is evid5t t ?is c be done   
only by int]national cop]ation4 ,?is    
%ifts ! moral problem f ! individual to 
! nation4 ,ri* nations1 or _! gov]nm5ts1

 are ask$ to assi/ poor nations by mak+ 
an apportionm5t ( goods & cr$it :i* !   
individual memb]s ( ! ri* nations1 !    
own]s ( ! surplus1 w\ld n make ^u _! own
 acc\nt4 ,! edge ( ?is issue %\ld n be  
blunt$4 ,if ! p & gov]nm5t ( ,am]ica 7  
only conc]n$ to let _! individual       
citiz5s extort ! highe/ prices !y c\ld  
get = _! surplus 9 ! be/ m>kets1 !y w\ld
 let ,c5tral & ,ea/]n ,europe />ve4 ,if1
 h[ev]1 !y also take into acc\nt !      
social1 political1 & economic reactions 
( a />v+ ,europe ^u ! future ( a _w 9   
:i* !y w h to live z memb]s ( a _w      
society :i* mu/ gr[ ev] clos] 9 its     
physical1 economic1 & spiritual         
contacts1 !y may decide diff]5tly4 ,!   
issue arises 9 ! highe/ economic sph]e1 
t ( f9ance4 ,are ! nations & gov]nm5ts (
 ! _w suffici5tly alive to ! urg5cy ( ! 
situation to ent] into an organization (
 cr$it = ! em]g5cy use ( transport & = !
 di/ribution ( foods & mat]ials on a    
basis ( prov$ ne$s8 ,! ri*] nations1 9  
proportion to _! res\rces1 w\ld appe> to

 be call$ ^u to make a pres5t sacrifice 
= ! b5efit ( ! poor] nations 9 any su*  
pool+ ( cr$it facilities4 ,t risk (     
sacrifice1 h[ev]1 ne$ n be great1 & ne$ 
n be felt at all by ! individual memb]s 
( ri* nations1 provid$ t ! hi!rto unus$ 
res\rces ( national cr$it c be built    
into a /rong /ructure ( mutual support4 
,if ,am]ica 7 invit$ to f9d adequate    
cr$its = ,italian or ,poli% ne$s at !   
pres5t "t1 %e might well hesitate4 ,b if
 a consortium ( ,european gov]nm5ts1    
includ+ ,brita9 & ! ri*] neutrals1 7    
jo9t gu>antors ( su* advances1 ?is      
cop]ative basis might furni% ! necess>y 
confid5ce4 ,x is n )9 my scope to       
discuss ! v>i\s =ms a f9ancial          
consortium might take2 :e!r ,am]ica1 z  
repres5tative ( ! cr$itor nations1 %\ld 
ent] su* a consortium1 or %\ld approa* !
 organiz$ cr$it ( ,europe 9 ! capacity (
 a fri5dly uncle4 ,x mu/ suffice "h to  
indicate ! moral te/ :i* ?is grave issue
 pres5ts to ! nations reg>d$ z economic 
p[]s4  ,^u ! policy adopt$ = ?is em]g5cy

 w d\btless dep5d 9 l>ge measure ! :ole 
future ( economic int]nationalism4 ,= n 
only does confid5ce gr[ ) effective     
cop]ation1 b ^u ?is po/-w> cop]ation    
betwe5 nations = an em]g5cy comm]ce &   
f9ance1 or its rejection1 w dep5d n only
 ,am]ica's future place 9 a _w society b
 ! /ructure ( t _w society 9 its        
ess5tial "*4  ,= 9 ea* great nation ( ! 
_w ! same great *oice1 ! same great     
/ruggle ( cont5d+ pr9ciples & policies1 
is tak+ place4 ,national self-dep5d5ce  
or int]nationalism--t is ev]y:]e !      
issue4 ,x is true t 9 no ,european      
c\ntry c t issue be s %>ply pres5t$ z 9 
,am]ica4 ,= economic self-suffici5cy 9 a
 full s5se &1 !re=e1 political          
isolation1 is n possible = any ,european
 /ate4 ,ev5 a peaceful & reviv+ ,russia 
mu/ lean ^u h] m advanc$ neighbors = !  
economic ess5tials ( capital & organiz+ 
skill4 ,b ! sev]al nations c /rive to   
r$uce _! int]dep5d5ce & _! national aid 
to ! n>r[e/ dim5sions1 & :]e !y _c free 
!mselves f extrane\s alliances !y c     

re/rict ! area ( economic dep5d5ce )9 a 
*os5 circle4 ,brita91 = example1 c\ld   
set h] policy closely & consi/5tly to   
make h] _w-wide empire into a           
self-suffic+ sy/em1 & if1 z is likely1  
%e le>n$ t ev5 ! div]sifi$ fif? ( !     
entire globe :i* owns allegiance to h]  
,cr[n c\ld n satisfy all h] wants1 %e   
c\ld eke out ?is inadequacy ) "s        
c>efully select$ & pur*as$ fri5d%ips4   
,?is h>k+ back to an economic           
nationalism is a natural reaction ( !   
w>1 & is f$ by a dang]\s & prec>i\s     
peace4 ,fe>1 gre$1 & suspicion prompt ! 
victori\s nations to gu>d _! ga9s by    
rev]t+ to a close nationalism or a r+$  
alliance2 humiliation1 )\t humility1 !  
bitt] pa9 ( ?w>t$ ambitions1 res5tm5t at
 _! puni%m5t1 dispose ! vanqui%$ nations
 to keep _! own company & =m if         
possible1 an economic sy/em ( _! own4 ,a
 prolong$ w>1 foll[$ by a bad peace1 may
 leave ?is indelible sc> ^u ! gr[+      
economic int]nationalism ( ! _w4  ,!    
ri*ly n\ri%$ patriotism ( w> bre$s      

divisions & antagonisms :i* are easily  
exploit$ aft]w>ds by political1 racial1 
religi\s1 & cultural passions1 b mo/ (  
all by economic int]e/s4  ,be=e ! w>    
int]nationalism 0 visibly advanc+ ) e   
fre% decade4 ,! bonds ( comm]cial &     
f9ancial int]c\rse betwe5 ! peoples (   
diff]5t c\ntries 7 cont9ually wov5      
clos]2 ! policy ( self-suffici5cy 0     
cont9ually giv+ way be=e ! sup]ior      
economy ( specialization on a basis (   
natural or acquir$ advantages4 ,any     
rev]sal ( ?is policy w\ld be f> co/li]  
?an may at pres5t appe>1 ev5 = ^?       
c\ntries be/ qualifi$ by size & res\rces
 to /& alone4  ,= x is n m]ely ! direct 
sacrifice ( ! wid] _w economy (         
production & ex*ange1 ! advantage ( a   
wid] ov] a n>r[] area ( free comm]ce1 t 
is involv$4 ,x is ! indirect p]ils &    
co/s ( ! policy ( close nationalism or  
re/rict$ economic alliances t c\nt      
heavie/4 ,= economic nationalism means  
protective & discrim9ative t>iffs1 & a  
cons]vation ( national1 imp]ial or alli$

 res\rces )9 a circle ( favor$          
b5efici>ies4 ,?is is ! temptation held  
out to ! ,briti% p today by !           
protectioni/ int]e/s work+ ^u !         
animosity ( ! w> _s & ! s5tim5t (       
imp]ialism4 ,! weld+ ( an empire into an
 indep5d5t economic sy/em1 ! cons]vation
 ( ess5tial or key indu/ries & !        
safegu>d+ ( our indu/ries aga9/ dump+1  
are ! o/5sible objectives ( a policy ^: 
*ief driv+ motive & end is ! e/abli%m5t 
( /rong indu/rial1 comm]cial & f9ancial 
tru/s & comb9ations1 def5d$ by t>iff    
walls1 & end[$ ) ! pr(its ( monopoly4   
,!re are two difficulties 9 su* a c\rse 
( action1 :i*1 ?\gh especially urg5t 9 !
 case ( ,brita91 beset e great c\ntry t 
*ooses ! same pa?1 & n lea/1 ,am]ica4 ,!
 fir/ is ! fom5tation ( a class w>1 bas$
 ^u divisions ( int]e/s betwe5 capital &
 labor1 produc] & consum]1 protect$ &   
unprotect$ indu/ries4 ,! initial        
skirmi%es ( su* a conflict are already  
visible 9 e c\ntry :]e wages1 prices1 & 
pr(ite]+ are burn+ issues4 ,i w\ld mo/  

e>ne/ly appeal to ?\ghtful citiz5s 9 ?is
 z 9 my own c\ntry to pause be=e heap+  
fuel on ^! fires4 ,= ! policy ( national
 self-suffici5cy or isolation means no?+
 less ?an ?is4 ,n m]ely does x /r5g!n ! 
p[] ( capitali/ic comb9ations & !reby   
incite labor unions to direct action1   
blackmail+ dem&s1 & sabotage4 ,n m]ely  
does x let loose ^u ! bus9ess _w all    
sorts ( ill-consid]$ gov]nm5tal         
int]f]5ces = ! fixation ( prices or     
subsidies to consum]s4 ,x keeps alive & 
fe$s ! habit & ! _s ( /rife4 ,= x 0 no  
accid5t t ! great int]national w> left z
 its legacy small] int]national class   
w>s 9 ,european c\ntries4 ,remove f a   
nation ! economic supports x =m]ly      
receiv$ f o!r nations1 m>kets :]e9 to   
buy & sell1 & y />ve t nation2 &        
/>vation bre$s class w> & an>*y4 ,c any 
"o d\bt ?is ) ! t]rible examples (      
,russia & ,hung>y be=e _! eyes8 ,b x is 
n a matt] ( w> conditions alone4 ,c>ry  
?r\gh a policy ( economic nationalism1  
"u :i* all ! l>ge & well-equipp$ nations

 & empires cons]ve = _! exclusive uses !
 national res\rces !y comm&1 & :at      
happ5s8 ,! small] & ! poor] nations1    
h[ev] free 9 ! political s5se1 become _!
 economic bond slaves1 at ! m]cy ( !    
ma/] /ates = _! foods & o!r necess>ies (
 life4 ,take ! case ( ,au/ria "u ! new  
conditions1 ) a ?ick population         
conc5trat$ 9 a great political capital  
sudd5ly depriv$ ( all free access to its
 =m] s\rces ( supply & ! m>kets x us$ to
 s]ve4 ,= h] x is a s5t5ce ( economic   
/rangulation4 ,"h is an extreme in/ance 
( ! effect ( economic isolation on a    
weak c\ntry4 ,b ! dang]\s tru? may be m 
broadly /at$4 ,a v few great empires &  
nations today control ! :ole available  
supplies ( _m ( ! foods1 fabrics1 &     
metals1 ! %ipp+ & f9ance1 t are ess5tial
 to ! livelihood & progress ( e civiliz$
 p4 ,are ,brita91 ,am]ica1 ,france1 &   
,japan--& especially ! two greate/ ( ^! 
p[]s--go+ to absorb or monopolize = _!  
exclusive purposes ( trade or           
consumption ^! supplies :i* e c\ntry    

ne$s1 or are !y go+ to let ! re/ ( ! _w 
h fair access to !m8 ,i ?9k ?is to be ^u
 ! :ole ! mo/ important ( ! _m urg5t    
issues t confront u4 ,=1 if close       
nationalism or imp]ialism %\ld prevail1 
! weak] plac$ nations c\ld n acquiesce4 
,close economic nationalism is n = !m a 
possibility4 ,!y mu/ w9 access to ! _w's
 supplies1 peacefully if possible1 or   
else by =ce4  ,! fatality ( ! great     
*oice is ?us evid5t4 ,nations mu/ & w   
fight = ! means ( life4 ,close economic 
nationalism or imp]ialism on ! "p ( !   
great empires mu/1 !re=e1 compel !      
re/rict$ c\ntries to organize =ce = _!  
economic lib]ation4 ,?is 9 turn w compel
 ! great empires to ma9ta9 /rong milit>y
 & naval def5ces4 ,x is impossible = !  
o!r nations ( ! e>? to leave ! ess5tial 
supplies ( metals1 foods1 & oils1 & !   
control ( transport 9 ! exclusive       
possession ( "o or a few close national 
corporations or a p]man5t ,big ,f\r4 ,"u
 su* conditions ! sacrifices ( ! great  
w> w\ld h be5 made 9 va94 ,no?+ w\ld h  

be5 done to end w>1 or to rescue ! _w f 
! burd5 ( milit>ism4 ,! pre-w> policy ( 
cont5d+ alliances & ( compet+ armam5ts1 
dra9+ m deeply ?an ev] ! surplus incomes
 ( ea* p1 w\ld be resum$4 ,& x w\ld br+ 
no s5se ( security1 b only ! po/ponem5t 
( fur!r inevitable conflicts 9 :i* ! v  
roots ( we/]n civilization might p]i%4  
,! r5ew$ & intol]able burd5s ( su* a    
milit>ism1 ) its accompanim5ts (        
autocracy1 mu/ let loose class w> 9 e   
nation :i* has gone ?r\gh ! agony ( !   
,european /ruggle & has se5 ! great hope
 ( a peaceful int]nationalism blight$4  
,x is pr$om9antly ^u ,am]ica & ,brita9 t
 ?is great moral economic *oice re/s1 ! 
*oice on :i* ! safety & ! progress (    
humanity dep5d4 ,a refusal by ei!r ( ^! 
great p[]s c make any league ( nations &
 any economic int]nationalism           
impossible4 ,! confid5t cons5t ( bo? c  
furni% ! mat]ial & moral support = ! new
 ord]4 ,if ^! c\ntries 9 close conc]t$  
action 7 prep>$ to place at ! s]vice ( !
 new _w ord] _! exclusive or sup]ior    

res\rces ( foods1 mat]ials1 transport & 
f9ance--! economic pill>s (             
civilization--! /rong] pool+ _! res\rces
 ) ! weak] = ! rescue "w 9 ?is dire     
em]g5cy1 ?is political cop]ation w\ld   
supply t mutual confid5ce & goodwill )\t
 :i* no gov]nm5tal ma*9]y ( a ,league ( 
,nations1 h[ev] skilfully contriv$1 c   
beg9 to "w4  ,i h spok5 ( ,brita9 &     
,am]ica z ! two c\ntries ^u ^: *oice ?is
 supreme issue hangs4 ,b ! act ( *oice  
is n ! same = ! two4 ,! ,briti% imp]ial 
policy 7ap>t f t ( ! self-gov]n+        
dom9ions7 has be5 conduct$ on a basis ( 
free trade or economic int]nationalism4 
,a rev]sion to close imp]ialism w\ld be 
= h] a retrogression4 ,! ,unit$ ,/ates1 
on ! o!r h&1 has practis$ a di/9ctively 
national economy1 & ! adoption ( a free 
int]nationalism w\ld be a great act (   
fai?1 or--z "s w\ld put x--a leap 9 !   
d>k4  ,i pref] ! =m] t]m z indicative ( 
! new tru? :i* is dawn+ on ! _w1 !      
conviction t j z an individual c only   
fully realize 8 p]sonality 9 a society (

 o!r individuals1 t is1 a nation1 s     
nations _c rise to ! full /ature (      
nationalism save 9 a society ( nations4 
,= only ?us c nationality1 ei!r 9 its   
economic or its spiritual side1 make    
full use ( its special opportunities = !
 developm5t ( a di/9ctive national "*4  
,! supreme *all5ge is1 !re=e1 n to !    
cont95tal ,european nations1 n ev5 to   
,brita91 b to ,am]ica4 ,= h] alone !    
*oice has ! full quality ( moral fre$om4
 ,= %e alone is able to refuse4 ,o!r    
great we/]n nations might seek to /&    
alone = economic life & = def5ce4 ,!y   
c\ld n long succe$2 !y are too deeply   
implicat$ 9 "o ano!r's de/9ies4 ,ev5    
,brita9 ) h] va/ extra-,european        
t]ritories c\ld n hope to dis5tangle    
h]self f ! affairs ( h] ne> neighbors4  
,am]ica c\ld d ?is1 at any rate = "s    
consid]able "t to come4 ,true %e has    
economic committals 9 ,europe4 ,%e has  
loan$ ,european gov]nm5ts & peoples "s  
t5 milli>ds ( money4 ,%e is /ill l5d+ h]
 cr$it to support ! l>ge surplus        

supplies ( foods & o!r goods %e is sell+
 ,europe4 ,if ?is bus9ess is to cont9ue1
 x w implicate h] ev5 clos] 9 ,european 
affairs4 ,europe 9 its pres5t case c    
h>dly be pres5t$ z a safe bus9ess       
proposition4 ,if ,am]ica proce$s along  
?is pa?1 x w be because %e looks beyond 
! imm$iate risks to ! wid] future ( a   
saf] & m prosp]\s _w4 ,%e c\ld n[ draw  
out2 %e c\ld cut ! pres5t economic      
losses ( h] ,european loans2 %e c\ld    
div]t h] att5tion f ! ,european m>kets  
to ! developm5t ( ! ,am]ican cont95t z !
 pr9cipal area = ! disposal ( h] surplus
 goods & en]gies4  ,x is op5 to h] to   
take ?is c\rse4 ,prud5ce may seem to    
dictate x4 ,! reckless mismanagem5t (   
,european gov]nm5ts1 ! wild unsettlem5t 
( peoples1 ! badness ( ! peace1 are1    
inde$1 /rong argum5ts = ,am]ica cleav+  
to h] old ways4  ,europe has no rightful
 claim ^u ,am]ica1 ei!r = ! urg5t "w (  
economic rescue1 or = p>ticipation 9 !  
p]man5t project ( a society ( nations4  
,am]ica n only has ! "r to refuse2 x is 

probably to h] imm$iate int]e/ to       
refuse4 ,b1 at ! risk ( mis9t]pretation1
 z an (fici\s outsid]1 ,i w v5ture to   
pres5t an appeal to ! wid] & deep]      
int]e/s ( ,am]icans4 ,! refusal (       
,am]ica n only %uts ! gate ( hope =     
millions ( w>-brok51 fam9e-ridd5 p 9    
,c5tral & ,ea/]n ,europe1 x removes !   
key/one = ! edifice ( a society (       
nations4 ,= effective int]national      
cop]ation 9 economic res\rces &         
opportunities is ! indisp5sable         
condition ( su* a society4 ,no ,league (
 ,nations c survive its infancy )\t ?is 
economic n\ri%m5t4 ,! _w's weal? = !    
_w's wants3 unless ?is maxim c 9 "s     
effective way be realiz$1 no su* escape 
has be5 made f ! pre-w> policy ( gre$ & 
grab z w furni% a reasonable hope = a _w
 r$eem$ f w>--a _w clo!d & 9 its "r m9d4
  ,is x n ! l>g] & ! long] hope & int]e/
 ( ,am]ica to live z a great p>tn] 9 su*
 a society ( nations1 r ?an to live a   
life ( isolat$ prosp]ity1 p]haps ! sole 
survivor 9 ! collapse ( we/]n civiliz$  

/ates8 ,i make ?is appeal 9 ! language (
 ,edmund ,burke1 9 8 great plea =       
conciliation ) ,am]ica1 :5 he rem9d$ 8  
he>]s t ,magnanimity 9 politics is n    
seldom ! true/ wisdom4 ,?is1 ,i v5ture  
to say1 is ! true appeal ( ,europe to   
,am]ica today4 ,burke's words1 ,i feel1 
mu/ k9dle conviction 9 e g5]\s he>t1 = 9
 ! la/ resort x is ! desire ( ! he>t & n
 ! calculation ( ! intellect t gov]ns & 
%\ld gov]n human conduct4 ,= morality   
among nations1 z among individuals1     
implies fai? & risk-tak+1 n             
recklessness1 inde$1 b dang]\s liv+1 a  
will+ness & a desire to take a h& 9 !   
l>ge/ game ( life & cont9ually to pluck 
out ( ! nettle1 dang]1 safety2 b ?is    
safety itself only z a mom5t>y          
re/+-place 9 ! unceas+ urge ( nations to
 use _! nationality1 n = ! a*ievem5t (  
"s selfi% sep>ate p]fection1 b = ! ev]  
advanc+ realization ( national ends )9 !
 wid] circle ( humanity4   ,! ,riv]side 
,press ,,cambridge  ,,massa*usetts ,u   
,s  ,a