,*APT] #b 
,! ,DEC5TRALISATION ( ,9DU/RIES 7,CONT9U$7 

#ahihahih 

,PEOPLE 3 

,AU?OR 3 ,PET] ,KROPOTK9 

,TEXT 3 

  

,PHOTO BY ,UWE ,S*ROD]1,C,C ,B,Y-,N,C-,N,D ,LIC5SE ,ITALY & ,SPA9--,9DIA--,JAPAN--,! ,UNIT$ ,/ATES--,! COTTON1 WOOL51 & SILK TRADES1--,! GR[+ NECESSITY = EA* C\NTRY TO RELY *IEFLY UPON HOME CONSUM]S4 

,! FL[ ( 9DU/RIAL GR[?S SPREADS1 H[EV]1 NOT ONLY EA/2 IT MOVES ALSO S\!A/ & S\?4 ,AU/RIA & ,HUNG>Y >E RAPIDLY GA9+ GR\ND 9 ! RACE = 9DU/RIAL IMPORTANCE4 ,! ,TRIPLE ,ALLIANCE HAS ALREADY BE5 M5AC$ BY ! GR[+ T5D5CY ( ,AU/RIAN MANUFACTUR]S TO PROTECT !MSELVES AGA9/ ,G]MAN COMPETITION2 & EV5 ! DUAL MON>*Y HAS SE5 ITS TWO SI/] NATIONS QU>REL+ AB\T CU/OMS DUTIES4 ,AU/RIAN 9DU/RIES >E A MOD]N GR[?1 & /ILL !Y ALREADY GIVE OCCUPATION TO MORE ?AN #d11 WORK PEOPLE4#a ,BOHEMIA1 9 A FEW DECADES1 HAS GR[N TO BE AN 9DU/RIAL C\NTRY ( CONSID]ABLE IMPORTANCE2 & ! EXCELL5CE & ORIG9ALITY ( ! MA*9]Y US$ 9 ! NEWLY RE=M$ FL\R-MILLS ( ,HUNG>Y %[ ?AT ! Y\NG 9DU/RY ( ,HUNG>Y IS ON ! RI<T ROAD1 NOT ONLY TO BECOME A COMPETITOR TO H] ELD] SI/]S1 BUT ALSO TO ADD H] %>E TO \R KN[L$GE AS TO ! USE ( ! =CES ( NATURE4 ,LET ME ADD1 BY ! WAY1 ?AT ! SAME IS TRUE TO SOME EXT5T ) REG>D TO ,F9L&4 ,FIGURES >E WANT+ AS TO ! PRES5T /ATE ( ! AGGREGATE 9DU/RIES ( ,AU/RIA-,HUNG>Y2 BUT ! RELATIVELY L[ IMPORTS ( MANUFACTUR$ GOODS1 >E WOR?Y ( NOTE4 ,= ,BRITI% MANUFACTUR]S1 ,AU/RIA-,HUNG>Y IS1 9 FACT1 NO CU/OM] WOR? SPEAK+ (2 BUT EV5 ) REG>D TO ,G]MANY %E IS RAPIDLY EMANCIPAT+ H]SELF FROM H] =M] DEP5D5CE4 7,SEE ,APP5DIX ,G47 

,! SAME 9DU/RIAL PROGRESS EXT5DS OV] ! S\!RN P59SULAS4 ,:O W\LD HAVE SPOK5 9 #ahei AB\T ,ITALIAN MANUFACTURES8 ,& YET--! ,TUR9 ,EXHIBITION ( #ahhd HAS %[N IT--,ITALY RANKS ALREADY AMONG ! MANUFACTUR+ C\NTRIES4 0,Y\ SEE EV]Y:]E A CONSID]ABLE 9DU/RIAL & COMM]CIAL EF=T MADE10 WROTE A ,FR5* ECONOMI/ TO ! ,TEMPS4  0,ITALY ASPIRES TO GO ON )\T =EIGN PRODUCE4 ,! PATRIOTIC WAT*WORD IS1 ,ITALY ALL BY H]SELF4 ,IT 9SPIRES ! :OLE MASS ( PRODUC]S4 ,!RE IS NOT A S+LE MANUFACTUR] OR TRADESMAN :O1 EV5 9 ! MO/ TRIFL+ CIRCUM/ANCES1 DOES NOT DO HIS BE/ TO EMANCIPATE HIMSELF FROM =EIGN GU>DIAN%IP40 ,! BE/ ,FR5* & ,5GLI% PATT]NS >E IMITAT$ & IMPROV$ BY A T\* ( NATIONAL G5IUS & >TI/IC TRADITIONS4 ,COMPLETE /ATI/ICS >E WANT+1 SO ?AT ! /ATI/ICAL ,ANNU>IO RESORTS TO 9DIRECT 9DICATIONS4 ,BUT ! RAPID 9CREASE ( IMPORTS ( COAL 7#i1#c#c#i1 TONS 9 #a#i#a1 AS AGA9/ #g#g#i1 TONS 9 #a#h#g#a72 ! GR[? ( ! M9+ 9DU/RIES1 :I* HAVE TREBL$ !IR PRODUCTION DUR+ ! FIFTE5 YE>S1 #ahg TO #a#h#h#e2 ! 9CREAS+ PRODUCTION ( /EEL & MA*9]Y 7,G,B,P#d1#h1 9 #a#i71 :I*--TO USE ,BOVIO'S WORDS--%[S H[ A C\NTRY HAV+ NO FUEL NOR M9]ALS ( H] [N CAN HAVE NEV]!LESS A NOTABLE METALLURGICAL 9DU/RY2 &1 F9ALLY1 ! GR[? ( TEXTILE 9DU/RIES DISCLOS$ BY ! NET IMPORTS ( RAW COTTONS & ! NUMB] ( SP9DLES#b-- ALL !SE %[ ?AT ! T5D5CY T[>DS BECOM+ A MANUFACTUR+ C\NTRY CAPABLE ( SATISFY+ H] NE$S BY H] [N MANUFACTURES IS NOT A M]E DREAM4 ,AS TO ! EF=TS MADE = TAK+ A MORE LIVELY P>T 9 ! TRADE ( ! WORLD1 :O DOES NOT KN[ ! TRADITIONAL CAPACITIES ( ! ,ITALIANS 9 ?AT DIRECTION8 

,I \<T ALSO TO M5TION ,SPA91 :OSE TEXTILE M9+ & METALLURGICAL 9DU/RIES >E RAPIDLY GR[+2 BUT ,I HA/5 TO GO OV] TO C\NTRIES :I* A FEW YE>S AGO W]E CONSID]$ AS ET]NAL & OBLIGATORY CU/OM]S TO ! MANUFACTUR+ NATIONS ( ,WE/]N ,EUROPE4 ,LET US TAKE1 = 9/ANCE1 ,BRAZIL4 ,WAS IT NOT DOOM$ BY ECONOMI/S TO GR[ COTTON1 TO EXPORT IT 9 A RAW /ATE1 & TO RECEIVE COTTON GOODS 9 EX*ANGE8 ,9 #ahg ITS N9E MIS]ABLE COTTON MILLS C\LD BOA/ ONLY ( AN AGGREGATE ( #*e SP9DLES4 ,BUT ALREADY 9 #ahhg !RE W]E 9 ,BRAZIL #df COTTON MILLS1 & FIVE ( !M HAD ALREADY #d1 SP9DLES2 :ILE ALTOGE!R !IR NE>LY #a1 LOOMS ?REW EV]Y YE> ON ! ,BRAZILIAN M>KETS MORE ?AN #c#c11 Y>DS ( COTTON /UFFS4 

,TW5TY FIVE YE>S LAT]1 9 #a#i#a#b1 !RE W]E ALREADY #afa COTTON MILLS1 ) #a1#e1 SP9DLES & #e1 LOOMS1 EMPLOY+ OV] #a1 OP]ATIVES4#c ,EV5 ,V]A ,CRUZ1 9 ,MEXICO1 UND] ! PROTECTION ( CU/OMS (FIC]S1 HAS BEGUN TO MANUFACTURE COTTONS1 & BOA/$ 9 #ahhg ITS #d1#b SP9DLES1 #b#h#g1#g PIECES ( COTTON CLO?1 & #b#a#b1 LB4 ( Y>N4 ,S9CE ?AT YE> PROGRESS HAS BE5 /EADY1 & 9 #ahid ,VISE-,CONSUL ,*APMAN REPORT$ ?AT SOME ( ! F9E/ MA*9ES >E TO BE F\ND AT ! ,ORIZABA SP9N+ MILLS1 :ILE 0COTTON PR9TS10 HE WROTE1 0>E N[ TURN$ \T AS GOOD IF NOT SUP]IOR TO ! IMPORT$ >TICLE40#d ,9 #a#i#a1 #c#b1 WORK PEOPLE W]E ALREADY EMPLOY$ 9 #ade COTTON MILLS1 :I* HAD #g#c1 SP9DLES1 & #b#e1 P[] LOOMS4#e 

,! FLATTE/ CONTRADICTION TO ! EXPORT !ORY HAS1 H[EV]1 BE5 GIV5 BY ,9DIA4 ,%E WAS ALWAYS CONSID]$ AS ! SURE/ CU/OM] = ,BRITI% COTTONS1 & SO %E HAS BE5 UNTIL QUITE LATELY4 ,\T ( ! TOTAL ( COTTON GOODS EXPORT$ FROM ,BRITA9 %E US$ TO BUY MORE ?AN ONE-QU>T]1 V]Y NE>LY ONE-?IRD 7FROM ,G,B,P#a#g11 TO ,G,B,P#b#b111 \T ( AN AGGREGATE ( AB\T ,G,B,P#g#f11 9 ! YE>S #a#h#h-#a#h#i74 ,BUT ?+S HAVE BEGUN TO *ANGE1 & 9 #a#i#d-#a#i#g ! EXPORTS W]E ONLY FROM ,G,B,P#b#a1#f#h1 TO ,G,B,P#b#e1#f#h1 \T ( AN AGGREGATE ( ,G,B,P#a#a1#d#d14 ,! ,9DIAN COTTON MANUFACTURES1 :I*--= SOME CAUSES NOT FULLY EXPLA9$ W]E SO UNSUCCESSFUL AT !IR BEG9N+S1 SUDD5LY TOOK FIRM ROOT4 

,9 #ahf !Y CONSUM$ ONLY #b#c11 LB4 ( RAW COTTON1 BUT ! QUANTITY WAS NE>LY F\R TIMES AS MU* 9 #a#h#g#g1 & IT TREBL$ AGA9 )9 ! NEXT T5 YE>S3 #b#h#c11 ,IB4 ( RAW COTTON W]E US$ 9 #a#h#h#g-#a#h#h#h4 ,! NUMB] ( COTTON MILLS GREW UP FROM #d 9 #ahhg TO #adg 9 #a#h#i#e2 ! NUMB] ( SP9DLES ROSE FROM #h#h#f1#a TO #c1#h#d#d1#c 9 ! SAME YE>S2 & :]E #e#g1#a#h#h WORK]S W]E EMPLOY$ 9 #a#h#h#g1 WE F\ND1 SEV5 YE>S LAT]1 #a#d#f1#b#d OP]ATIVES4 ,& N[1 9 #a#i#i-#a#i#a1 WE F9D #bcg COTTON MILLS AT WORK1 ) #f1#a#c#f1 SP9DLES1 #h1 LOOMS1 & #b#c#a1#h#e WORK PEOPLE4 ,AS = ! QUALITY ( ! MILLS1 ! BLUE-BOOKS PRAISE !M2 ! ,G]MAN *AMB]S ( COMM]CE /ATE ?AT ! BE/ SP9N+ MILLS 9 ,BOMBAY 0DO NOT N[ /& F> BEH9D ! BE/ ,G]MAN ONES02 & TWO GREAT AU?ORITIES 9 ! COTTON 9DU/RY1 ,MR4 ,JAMES ,PLATT & ,MR4 ,H5RY ,LEE1 AGREE 9 SAY+ 0?AT 9 NO O!R C\NTRY ( ! E>? EXCEPT 9 ,LANCA%IRE DO ! OP]ATIVES POSSESS SU* A NATURAL LEAN+ TO ! TEXTILE 9DU/RY AS 9 ,9DIA40#f 

,! EXPORTS ( COTTON TWI/ FROM ,9DIA MORE ?AN D\BL$ 9 FIVE YE>S 7#a#h#h#b-#a#h#h#g71 & ALREADY 9 #ahhg WE C\LD READ 9 ! ,/ATEM5T  7P4 #f#b7 ?AT 0:AT COTTON TWI/ WAS IMPORT$ WAS LESS & LESS ( ! CO>S] & EV5 M$IUM K9D1 :I* 9DICATES ?AT ! ,9DIAN 7SP9N+7 MILLS >E GRADUALLY GA9+ HOLD ( ! HOME M>KETS40 ,CONSEQU5TLY1 :ILE ,9DIA CONT9U$ TO IMPORT NE>LY ! SAME AM\NT ( ,BRITI% COTTON GOODS & Y>N 7FROM ,G,B,P#a#f11 TO ,G,B,P#b#f1#g1 9 #a#i-#a#i#h71 %E ?REW ALREADY 9 #ahhg ON ! =EIGN M>KETS NO LESS ?AN ,G,B,P#c1#f#c#e1#e#a WOR? ( H] [N COTTONS ( ,LANCA%IRE PATT]NS2 %E EXPORT$ #c#c11 Y>DS ( GRAY COTTON PIECE GOODS MANUFACTUR$ 9 ,9DIA BY ,9DIAN WORKM54 ,& ! EXPORT HAS CONT9U$ TO GR[ S9CE1 SO ?AT 9 ! YE> #a#i#a-#a#i#a#a ! VALUE ( ! PIECE-GOODS & Y>N EXPORT$ FROM ,9DIA REA*$ ! VALUE ( ,G,B,P#g1#i#d#c1#g4 

,! JUTE FACTORIES 9 ,9DIA HAVE GR[N AT A /ILL SPE$I] RATE1 & ! ONCE FL\RI%+ JUTE TRADE ( ,DUNDEE WAS BR\<T TO DECAY1 NOT ONLY BY ! HI< T>IFFS ( CONT95TAL P[]S1 BUT ALSO BY ,9DIAN COMPETITION4#g ,EV5 WOOL5 MILLS HAVE LATELY BE5 />T$2 :ILE ! IRON 9DU/RY TOOK A SUDD5 DEVELOPM5T 9 ,9DIA1 S9CE ! MEANS W]E F\ND1 AFT] MANY EXP]IM5TS & FAILURES1 TO WORK FURNACES ) LOCAL COAL4 ,9 A FEW YE>S1 WE >E TOLD BY SPECIALI/S1 ,9DIA WILL BE SELF-SUPPORT+ = IRON4 ,NAY1 IT IS NOT )\T APPREH5SION ?AT ! ,5GLI% MANUFACTUR]S SEE ?AT ! IMPORTS ( ,9DIAN MANUFACTUR$ TEXTILES TO ?IS C\NTRY >E /EADILY GR[+1 :ILE 9 ! M>KETS ( ! ,F> ,EA/ & ,AFRICA ,9DIA BECOMES A S]I\S COMPETITOR TO ! MO!R C\NTRY4 

,:Y %\LD IT NOT BE SO8 ,:AT MI<T PREV5T ! GR[? ( ,9DIAN MANUFACTURES8 ,IS IT ! WANT ( CAPITAL8 ,BUT CAPITAL KN[S NO FA!RL&2 & IF HI< PR(ITS CAN BE D]IV$ FROM ! WORK ( ,9DIAN COOLIES :OSE WAGES >E ONLY ONE-HALF ( ?OSE ( ,5GLI% WORKM51 OR EV5 LESS1 CAPITAL WILL MIGRATE TO ,9DIA1 AS IT HAS GONE TO ,RUSSIA1 AL?\< ITS MIGRATION MAY MEAN />VATION = ,LANCA%IRE & ,DUNDEE4 ,IS IT ! WANT ( KN[L$GE8 ,BUT LONGITUDES & LATITUDES >E NO OB/ACLE TO ITS SPREAD+2 IT IS ONLY ! FIR/ /EPS ?AT >E DIFFICULT4 ,AS TO ! SUP]IORITY ( WORKMAN%IP1 NOBODY :O KN[S ! ,H9DU WORK] WILL D\BT AB\T HIS CAPACITIES4 ,SURELY !Y >E NOT BEL[ ?OSE ( ! #c#f1 *ILDR5 LESS ?AN F\RTE5 YE>S ( AGE1 OR ! #b#c#h1 BOYS & GIRLS LESS ?AN EI<TE5 YE>S OLD1 :O >E EMPLOY$ 9 ! ,BRITI% TEXTILE MANUFACTORIES4 

,TW5TY YE>S SURELY >E NOT MU* 9 ! LIFE ( NATIONS4 ,& YET )9 ! LA/ TW5TY YE>S ANO!R P[]FUL COMPETITOR HAS GR[N 9 ! ,EA/4 ,I MEAN ,JAPAN4 ,9 ,OCTOB]1 #a#h#h#h1 ! ,TEXTILE ,RECORD] M5TION$ 9 A FEW L9ES ?AT ! ANNUAL PRODUCTION ( Y>NS 9 ! COTTON MILLS ( ,JAPAN HAD ATTA9$ #i1#d#i#h1#e ,IB41 & ?AT FIFTE5 MORE MILLS1 :I* W\LD HOLD #a#e#f1#a SP9DLES1 W]E 9 C\RSE ( ]ECTION4#h ,TWO YE>S LAT]1 #b#g11 LB4 ( Y>N W]E SPUN 9 ,JAPAN2 & :ILE 9 #a#h#h#g-#a#h#h#h ,JAPAN IMPORT$ FIVE OR SIX TIMES AS MU* Y>N FROM ABROAD AS WAS SPUN AT HOME1 NEXT YE> TWO-?IRDS ONLY ( ! TOTAL CONSUMPTION ( ! C\NTRY W]E IMPORT$ FROM ABROAD#i 

,FROM ?AT DATE ! PRODUCTION GREW UP REGUL>LY4 ,FROM #f1#d#c#e1 LB4 9 #ahhf IT REA*$ #i#a1#i#e1 LB4 9 #a#h#i#c1 & #a#e#c1#d#d#d1 LB4 9 #a#h#i#e4 ,9 N9E YE>S IT HAD ?US 9CREAS$ TW5TY-F\R TIMES4 ,S9CE !N IT ROSE TO #d#a#c1#h1 LB4 9 #a#i#i2 & WE LE>N FROM ! ,F9ANCIAL ,ECONOMICAL ,ANNUAL = ! YE>S #aia & #a#i#a#a1 PUBLI%$ AT ,TOKIO1 ?AT !RE W]E 9 ,JAPAN1 9 #a#i#i1 NO LESS ?AN #c1#g#e#f TEXTILE FACTORIES1 ) #a1#g#h#e1#g SP9DLES & #e#a1#a#h#e P[]-LOOMS1 TO :I* #g#h#c1#a#e#e H&-LOOMS MU/ BE ADD$4 ,JAPAN IS ?US ALREADY A S]I\S COMPETITOR ( ! GREAT 9DU/RIAL NATIONS = TISSUES ALTOGE!R1 & ESPECIALLY = COTTONS1 9 ! M>KETS ( ,EA/]N ,ASIA2 & IT TOOK IT ONLY FIVE-&-TW5TY YE>S TO ATTA9 ?IS POSITION4 ,! TOTAL PRODUCTION ( TISSUES1 VALU$ AT ,G,B,P#a1#b1 9 ! YE> #a#h#h#g1 RAPIDLY ROSE TO ,G,B,P#a#d1#b#g1 9 #ahie & TO ,G,B,P#b#b1#e1 9 #a#i#i--COTTONS 5T]+ 9TO ?IS AM\NT TO ! EXT5T ( NE>LY TWO-FIF?S4 ,CONSEQU5TLY1 ! IMPORTS ( =EIGN COTTON GOODS FROM ,EUROPE FELL FROM ,G,B,P#a1#f#d1 9 #ahhd TO ,G,B,P#h#d#i1#f 9 #a#h#i#e1 & TO ,G,B,P#d#a#a1#f 9 #a#i#a1 :ILE ! EXPORTS ( SILK GOODS ROSE TO NE>LY ,G,B,P#c114#a 

,AS TO ! COAL & IRON 9DU/RIES1 ,I V5TUR$ 9 ! FIR/ $ITION ( ?IS BOOK TO PR$ICT ?AT ! ,JAPANESE W\LD NOT LONG REMA9 A TRIBUT>Y TO ,EUROPE = IRON GOODS--?AT !IR AMBITION WAS ALSO TO HAVE !IR [N %IPBUILD+ Y>DS1 & ?AT ! PREVI\S YE> #c 5G9E]S LEFT ! ,ELSWICK WORKS ( ,MR4 ,>M/RONG 9 ORD] TO />T %IPBUILD+ 9 ,JAPAN4 ,!Y W]E 5GAG$ = FIVE YE>S ONLY--! ,JAPANESE EXPECT+ TO HAVE LE>N$ 5\< 9 FIVE YE>S TO BE !IR [N %IPBUILD]S4 ,?IS PR$ICTION HAS BE5 5TIRELY FULFILL$4 ,JAPAN HAS N[ #a1#c IRON & MA*9E WORKS1 & %E N[ BUILDS H] [N W>%IPS4 ,DUR+ ! LA/ W>1 ! PROGRESS REALIZ$ 9 ALL 9DU/RIES CONNECT$ ) W> WAS R5D]$ FULLY EVID5T4#a#a 

,ALL ?IS %[S ?AT ! MU*-DREAD$ 9VASION ( ! ,EA/ UPON ,EUROPEAN M>KETS IS 9 RAPID PROGRESS4 ,! ,*9ESE SLUMB] /ILL2 BUT ,I AM FIRMLY P]SUAD$ FROM :AT ,I SAW ( ,*9A ?AT ! MOM5T !Y WILL BEG9 TO MANUFACTURE ) ! AID ( ,EUROPEAN MA*9]Y--& ! FIR/ /EPS HAVE ALREADY BE5 MADE--!Y WILL DO IT ) MORE SUCCESS1 & NECESS>ILY ON A F> GREAT] SCALE1 ?AN EV5 ! ,JAPANESE4 

,BUT :AT AB\T ! ,UNIT$ ,/ATES1 :I* CANNOT BE ACCUS$ ( EMPLOY+ *EAP LABOR OR ( S5D+ TO ,EUROPE 0*EAP & NA/Y0 PRODUCE8 ,!IR GREAT 9DU/RY IS ( YE/]DAY'S DATE2 & YET ! ,/ATES ALREADY S5D TO OLD ,EUROPE CON/ANTLY 9CREAS+ QUANTITIES ( MA*9]Y4 ,9 #ahi !Y BEGAN EV5 TO EXPORT IRON1 :I* !Y OBTA9 AT A V]Y L[ CO/1 [+ TO ADMIRABLE NEW ME?ODS :I* !Y HAVE 9TRODUC$ 9 METALLURGY4 

,9 ! C\RSE ( TW5TY YE>S 7#a#h#g-#a#h#i7 ! NUMB] ( P]SONS EMPLOY$ 9 ! ,AM]ICAN MANUFACTURES WAS MORE ?AN D\BL$1 & ! VALUE ( !IR PRODUCE WAS NE>LY TREBL$2 & 9 ! C\RSE ( ! NEXT FIFTE5 YE>S1 ! NUMB] ( P]SONS EMPLOY$ 9CREAS$ AGA9 BY NE>LY FIFTY P]C5T1 :ILE ! VALUE ( ! PRODUCE WAS NE>LY D\BL$4#a#b ,! COTTON 9DU/RY1 SUPPLI$ ) EXCELL5T HOME-MADE MA*9]Y1 HAS BE5 RAPIDLY DEVELOP+1 SO ?AT ! YE>LY PRODUCTION ( TEXTILES ATTA9$ 9 #aie A VALUE ( #b1#a#d#g1#d#d#a1#d DOLL>S1 ?US BE+ TWICE AS L>GE AS ! YE>LY PRODUCTION ( ! ,UNIT$ ,K+DOM 9 ! SAME BRAN* 7:I* WAS VALU$ AT AB\T ,G,B,P#b1172 & ! EXPORTS ( COTTONS ( DOME/IC MANUFACTURE ATTA9$ 9 #aia ! RESPECTABLE FIGURE ( ,G,B,P#h1#f14#a#c ,AS TO ! YE>LY \TPUT ( PIG-IRON & /EEL1 IT IS ALREADY 9 EXCESS ( ! YE>LY \TPUT 9 ,BRITA92#a#d & ! ORGANIZATION ( ?AT 9DU/RY IS ALSO SUP]IOR1 AS ,MR4 ,B]KLEY PO9T$ \T1 ALREADY 9 #a#h#i#a1 9 HIS ADDRESS TO ! ,9/ITUTE ( ,CIVIL ,5G9E]S4#a#e 

,BUT ALL ?IS HAS GR[N ALMO/ 5TIRELY )9 ! LA/ ?IRTY OR =TY YE>S--:OLE 9DU/RIES HAV+ BE5 CREAT$ 5TIRELY S9CE #a#h#f4#a#f ,:AT WILL1 !N1 ,AM]ICAN 9DU/RY BE TW5TY YE>S H5CE1 AID$ AS IT IS BY A WOND]FUL DEVELOPM5T ( TE*NICAL SKILL1 BY EXCELL5T S*OOLS1 A SCI5TIFIC $UCATION :I* GOES H& 9 H& ) TE*NICAL $UCATION1 & A SPIRIT ( 5T]PRISE :I* IS UNRIVAL$ 9 ,EUROPE8 

,VOLUMES HAVE BE5 WRITT5 AB\T ! CRISIS ( #a#h#h#f-#a#h#h#g1 A CRISIS :I*1 TO USE ! WORDS ( ! ,P>LIAM5T>Y ,COMMISSION1 LA/$ S9CE #a#h#g#e1 ) BUT 0A %ORT P]IOD ( PROSP]ITY 5JOY$ BY C]TA9 BRAN*ES ( TRADE 9 ! YE>S #ahh TO #a#h#h#c10 & A CRISIS1 ,I %ALL ADD1 :I* EXT5D$ OV] ALL ! *IEF MANUFACTUR+ C\NTRIES ( ! WORLD4 ,ALL POSSIBLE CAUSES ( ! CRISIS HAVE BE5 EXAM9$2 BUT1 :ATEV] ! CACOPHONY ( CONCLUSIONS >RIV$ AT1 ALL UNANIM\SLY AGRE$ UPON ONE1 NAMELY1 ?AT ( ! ,P>LIAM5T>Y ,COMMISSION1 :I* C\LD BE SUMM$ UP AS FOLL[S3 0,! MANUFACTUR+ C\NTRIES DO NOT F9D SU* CU/OM]S AS W\LD 5ABLE !M TO REALIZE HI< PR(ITS40 ,PR(ITS BE+ ! BASIS ( CAPITALI/ 9DU/RY1 L[ PR(ITS EXPLA9 ALL ULT]IOR CONSEQU5CES4 

,L[ PR(ITS 9DUCE ! EMPLOY]S TO R$UCE ! WAGES1 OR ! NUMB] ( WORK]S1 OR ! NUMB] ( DAYS ( EMPLOYM5T DUR+ ! WEEK1 OR EV5TUALLY COMPEL !M TO RESORT TO ! MANUFACTURE ( L[] K9DS ( GOODS1 :I*1 AS A RULE1 >E PAID WORSE ?AN ! HI<] SORTS4 ,AS ,ADAM ,SMI? SAID1 L[ PR(ITS ULTIMATELY MEAN A R$UCTION ( WAGES1 & L[ WAGES MEAN A R$UC$ OONSUMPTION BY ! WORK]4 ,L[ PR(ITS MEAN ALSO A SOME:AT R$UC$ CONSUMPTION BY ! EMPLOY]2 & BO? TOGE!R MEAN L[] PR(ITS & R$UC$ CONSUMPTION ) ?AT IMM5SE CLASS ( MIDDLEM5 :I* HAS GR[N UP 9 MANUFACTUR+ C\NTRIES1 & ?AT1 AGA91 MEANS A FUR!R R$UCTION ( PR(ITS = ! EMPLOY]S4 

,A C\NTRY :I* MANUFACTURES TO A GREAT EXT5T = EXPORT1 & !RE=E LIVES TO A CONSID]ABLE AM\NT ON ! PR(ITS D]IV$ FROM H] =EIGN TRADE1 /&S V]Y MU* 9 ! SAME POSITION AS ,SWITZ]L&1 :I* LIVES TO A GREAT EXT5T ON ! PR(ITS D]IV$ FROM ! =EIGN]S :O VISIT H] LAKES & GLACI]S4 ,A GOOD 0SEASON0 MEANS AN 9FLUX ( FROM ,G,B,P#a11 TO ,G,B,P#b11 ( MONEY IMPORT$ BY ! T\RI/S1 & A BAD 0SEASON0 HAS ! EFFECTS ( A BAD CROP 9 AN AGRICULTURAL C\NTRY3 A G5]AL IMPOV]I%M5T FOLL[S4 ,SO IT IS ALSO ) A C\NTRY :I* MANUFACTURES = EXPORT4 ,IF ! 0SEASON0 IS BAD1 & ! EXPORT$ GOODS CANNOT BE SOLD ABROAD = TWICE !IR VALUE AT HOME1 ! C\NTRY :I* LIVES *IEFLY ON !SE B>GA9S SUFF]S4 ,L[ PR(ITS = ! 9NKEEP]S ( ! ,ALPS MEAN N>R[$ CIRCUM/ANCES 9 L>GE P>TS ( ,SWITZ]L&2 & L[ PR(ITS = ! ,LANCA%IRE & ,SCOT* MANUFACTUR]S1 & ! :OLESALE EXPORT]S1 MEAN N>R[$ CIRCUM/ANCES 9 ,GREAT ,BRITA94 ,! CAUSE IS ! SAME 9 BO? CASES4 

,= MANY DECADES PA/ WE HAD NOT SE5 SU* A *EAPNESS ( :EAT & MANUFACTUR$ GOODS AS WE SAW 9 #a#h#h#c-#a#h#h#d1 & YET 9 #ahhf ! C\NTRY WAS SUFF]+ FROM A T]RIBLE CRISIS4 ,PEOPLE SAID1 ( C\RSE1 ?AT ! CAUSE ( ! CRISIS WAS OV]-PRODUCTION4 ,BUT OV]-PRODUCTION IS A WORD UTT]LY DEVOID ( S5SE IF IT DOES NOT MEAN ?AT ?OSE :O >E 9 NE$ ( ALL K9DS ( PRODUCE HAVE NOT ! MEANS = BUY+ !M ) !IR L[ WAGES4 ,NOBODY W\LD D>E TO AFFIRM ?AT !RE IS TOO MU* FURNITURE 9 ! CRIPPL$ COTTAGES1 TOO MANY B$/EADS & B$CLO!S 9 ! WORKM5'S DWELL+S1 TOO MANY LAMPS BURN+ 9 ! HUTS1 & TOO MU* CLO? ON ! %\LD]S1 NOT ONLY ( ?OSE :O US$ TO SLEEP 79 #a#h#h#f7 9 ,TRAFALG> ,SQU>E BETWE5 TWO NEWSPAP]S1 BUT EV5 9 ?OSE H\SEHOLDS :]E A SILK HAT MAKES A P>T ( ! ,SUNDAY DRESS4 ,& NOBODY WILL D>E TO AFFIRM ?AT !RE IS TOO MU* FOOD 9 ! HOMES ( ?OSE AGRICULTURAL LABOR]S :O E>N TWELVE %ILL+S A WEEK1 OR ( ?OSE WOM5 :O E>N FROM FIVEP5CE TO SIXP5CE A DAY 9 ! CLO?+ TRADE & O!R SMALL 9DU/RIES :I* SW>M 9 ! \TSKIRTS ( ALL GREAT CITIES4 ,OV]-PRODUCTION MEANS M]ELY & SIMPLY A WANT ( PUR*AS+ P[]S AMID ! WORK]S4 ,& ! SAME WANT ( PUR*AS+ P[]S ( ! WORK]S WAS FELT EV]Y:]E ON ! ,CONT95T DUR+ ! YE>S #a#h#h#e-#a#h#h#g4 

,AFT] ! BAD YE>S W]E OV]1 A SUDD5 REVIVAL ( 9T]NATIONAL TRADE TOOK PLACE2 &1 AS ! ,BRITI% EXPORTS ROSE 9 F\R YE>S 7#a#h#h#f TO #a#h#i7 BY NE>LY #bd P]C5T1 IT BEGAN TO BE SAID ?AT !RE WAS NO REASON = BE+ AL>M$ BY =EIGN COMPETITION2 ?AT ! DECL9E ( EXPORTS 9 #a#h#h#e-#a#h#h#g WAS ONLY TEMPOR>Y1 & G5]AL 9 ,EUROPE2 & ?AT ,5GL&1 N[ AS ( OLD1 FULLY MA9TA9$ H] DOM9ANT POSITION 9 ! 9T]NATIONAL TRADE4 ,IT IS C]TA9LY TRUE ?AT IF WE CONSID] EXCLUSIVELY ! MONEY VALUE ( ! EXPORTS = ! YE>S #ahgf TO #a#h#i#e1 WE SEE NO P]MAN5T DECL9E1 WE NOTICE ONLY FLUCTUATIONS4 ,BRITI% EXPORTS1 LIKE COMM]CE ALTOGE!R1 SEEM TO %[ A C]TA9 P]IODICITY4 ,!Y FELL FROM ,G,B,P#b#a11 /]L+ 9 #ahgf TO ,G,B,P#a#i#b11 9 #a#h#g#i1 !N !Y ROSE AGA9 TO ,G,B,P#b#d#a11 9 #a#h#h#b1 & FELL D[N TO ,G,B,P#b#a#c11 9 #a#h#h#f2 AGA9 !Y ROSE TO ,G,B,P#b#f#d11N 9 #a#h#i1 BUT FELL AGA91 REA*+ A M9IMUM ( ,G,B,P#b#a#f11 9 #a#h#i#d1 TO BE FOLL[$ NEXT YE> BY A SLI<T MOVEM5T UPW>DS4 

,?IS P]IODICITY BE+ A FACT1 ,MR4 ,GIFF5 C\LD MAKE LI<T 9 #ahhf ( 0,G]MAN COMPETITION0 BY %[+ ?AT EXPORTS FROM ! ,UNIT$ ,K+DOM HAD NOT DECREAS$4 ,IT CAN EV5 BE SAID ?AT1 P] HEAD ( POPULATION1 !Y HAD REMA9$ UN*ANG$ UNTIL #a#i#d1 UND]GO+ ONLY ! USUAL UPS & D[NS4"9 ,H[EV]1 :5 WE COME TO CONSID] ! QUANTITIES  EXPORT$1 & COMP>E !M ) ! MONEY VALUE  ( ! EXPORTS1 EV5 ,MR4 ,GIFF5 HAD TO ACKN[L$GE ?AT ! PRICES ( #ahhc W]E SO L[ 9 COMP>ISON ) ?OSE ( #ahgc ?AT 9 ORD] TO REA* ! SAME MONEY VALUE ! ,UNIT$ ,K+DOM W\LD HAVE HAD TO EXPORT F\R PIECES ( COTTON 9/EAD ( ?REE1 & EI<T OR T5 TONS ( METALLIC GOODS 9/EAD ( SIX4 0 ,! AGGREGATE ( ,BRITI% =EIGN TRADE1 IF VALU$ AT ! PRICES ( T5 YE>S PREVI\SLY1 W\LD HAVE AM\NT$ TO ,G,B,P#h#f#a11 9/EAD ( ,G,B,P#f#f#g1110 WE W]E TOLD BY NO LESS AN AU?ORITY ?AN ! ,COMMISSION ON ,TRADE ,DEPRESSION4 

,IT MI<T1 H[EV]1 BE SAID ?AT #ahgc WAS AN EXCEPTIONAL YE>1 [+ TO ! 9FLAT$ DEM& :I* TOOK PLACE AFT] ! ,FRANCO-,G]MAN W>4 ,BUT ! SAME D[NW>D MOVEM5T CONT9U$ = A NUMB] ( YE>S4 ,?US1 IF WE TAKE ! FIGURES GIV5 9 ! ,/ATESMAN'S ,YE>-BOOK1 WE SEE ?AT :ILE ! ,UNIT$ ,K+DOM EXPORT$1 9 #a#h#h#c1 #d1#i#e#g11 Y>DS ( PIECE GOODS 7COTTON1 WOOL5 & L957 & #c#a#f11 LB4 ( Y>N 9 ORD] TO REA* AN EXPORT VALUE ( ,G,B,P#a#d111 ! SAME C\NTRY HAD TO EXPORT1 9 #a#h#i#f1 NO LESS ?AN #e1#d#g#h11 Y>DS ( ! SAME /UFFS & #c#c11 LB4 ( Y>N 9 ORD] TO REALIZE ,G,B,P#i#i1#g1 ONLY4 ,& ! FIGURES W\LD HAVE APPE>$ /ILL MORE UNFAVORABLE IF WE TOOK ! COTTONS ALONE4 ,TRUE1 ! CONDITIONS IMPROV$ DUR+ ! LA/ T5 YE>S1 SO ?AT 9 #aif ! EXPORTS W]E SIMIL> TO ?OSE ( #a#h#g#c2 & !Y W]E BETT] /ILL 9 #a#i#a#a1 :I* WAS A YE> ( AN EXTRAORD9>Y =EIGN TRADE1 :5 #g1#d#a11 Y>DS ( /UFFS & #c#g11 LB4 ( Y>N W]E EXPORT$--! TWO BE+ VALU$ AT ,G,B,P#a#f#c1#d14 ,H[EV]1 IT WAS ESPECIALLY ! Y>N :I* KEPT ! HI< PRICES1 BECAUSE IT IS ! F9E/ SORTS ( Y>N :I* >E N[ EXPORT$4 ,BUT ! GREAT PR(ITS ( ! YE>S #a#h#g#c-#a#h#h >E IRRETRIEVABLY GONE4 

,WE ?US SEE ?AT :ILE ! TOTAL VALUE ( ! EXPORTS FROM ! ,UNIT$ ,K+DOM1 9 PROPORTION TO ITS GR[+ POPULATION1 REMA9S1 BROADLY SPEAK+1 UNALT]$ = ! LA/ ?IRTY YE>S1 ! HI< PRICES :I* C\LD BE GOT = ! EXPORTS ?IRTY YE>S AGO1 & ) !M ! HI< PR(ITS1 >E GONE4 ,& NO AM\NT ( >I?METICAL CALCULATIONS WILL P]SUADE ! ,BRITI% MANUFACTUR]S ?AT SU* IS NOT ! CASE4 ,!Y KN[ P]FECTLY WELL ?AT ! HOME M>KETS GR[ CONT9UALLY OV]/OCK$2 ?AT ! BE/ =EIGN M>KETS >E ESCAP+2 & ?AT 9 ! NEUTRAL M>KETS ,BRITA9 IS BE+ UND]SOLD4 ,?IS IS ! UNAVOIDABLE CONSEQU5CE ( ! DEVELOPM5T ( MANUFACTURES ALL OV] ! WORLD4 7,SEE ,APP5DIX ,J47 

,GREAT HOPES W]E LAID1 SOME TIME AGO1 9 ,AU/RALIA AS A M>KET = ,BRITI% GOODS2 BUT ,AU/RALIA WILL SOON DO :AT ,CANADA ALREADY DOES4 ,%E WILL MANUFACTURE4 ,& ! COLONIAL EXHIBITIONS1 BY %[+ TO ! 0 COLONI/S 0 :AT !Y >E ABLE TO DO1 & H[ !Y MU/ DO1 >E ONLY ACCEL]AT+ ! DAY :5 EA* COLONY F>A DA SE  9 H] TURN4 ,CANADA & ,9DIA ALEADY IMPOSE PROTECTIVE DUTIES ON ,BRITI% GOODS4 ,AS TO ! MU*-SPOK5-( M>KETS 5 ! ,CONGO1 & ,MR4 ,/ANLEY'S CALCULATIONS & PROMISES ( A TRADE AM\NT+ TO ,G,B,P #b#f11 A YE> IF ! ,LANCA%IRE PEOPLE SUPPLY ! ,AFRICANS ) LO9-CLO?S1 SU* PROMISES BELONG TO ! SAME CATEGORY ( FANCIES AS ! FAM\S NI<TCAPS ( ! ,*9ESE :I* W]E TO 5RI* ,5GL& AFT] ! FIR/ ,*9ESE W>4 ,! ,*9ESE PREF] !IR [N HOME-MADE NI<TCAPS2 & AS TO ! ,CONGO PEOPLE1 F\R C\NTRIES AT LEA/ >E ALREADY COMPET+ = SUPPLY+ !M ) !IR POOR DRESS3 ,BRITA91 ,G]MANY1 ! ,UNIT$ ,/ATES1 &1 LA/ BUT NOT LEA/1 ,9DIA4 

,!RE WAS A TIME :5 ?IS C\NTRY HAD ALMO/ ! MONOPOLY 9 ! COTTON 9DU/RIES2 BUT ALREADY 9 #ahh %E POSSESS$ ONLY #ee P]C5T ( ALL ! SP9DLES AT WORK 9 ,EUROPE1 ! ,UNIT$ ,/ATES & ,9DIA 7#d11 \T ( #g#b1171 & A LITTLE MORE ?AN ONE-HALF ( ! LOOMS 7#e#e1 \T ( #i#g#b174 ,9 #ahic ! PROPORTION WAS FUR!R R$UC$ TO #di P]C5T ( ! SP9DLES 7#d#e1#c1 \T ( #i#a1#c#d171 & N[ ! ,UNIT$ ,K+DOM HAS ONLY #da P]C5T ( ALL ! SP9DLES4"9 ,IT WAS ?US LOS+ GR\ND :ILE ! O!RS W]E W9N+4 ,& ! FACT IS QUITE NATURAL3 IT MI<T HAVE BE5 =ESE54 ,!RE IS NO REASON :Y ,BRITA9 %\LD ALWAYS BE ! GREAT COTTON MANUFACTORY ( ! WORLD1 :5 RAW COTTON HAS TO BE IMPORT$ 9TO ?IS C\NTRY AS ELSE:]E4 ,IT WAS QUITE NATURAL ?AT ,FRANCE1 ,G]MANY1 ,ITALY1 ,RUSSIA1 ,9DIA1 ,JAPAN1 ! ,UNIT$ ,/ATES1 & EV5 ,MEXICO & ,BRAZIL1 %\LD BEG9 TO SP9 !IR [N Y>NS & TO WEAVE !IR [N COTTON /UFFS4 ,BUT ! APPE>ANCE ( ! COTTON 9DU/RY 9 A C\NTRY1 OR1 9 FACT1 ( ANY TEXTILE 9DU/RY1 UNAVOIDABLY BECOMES ! />T+-PO9T = ! GR[? ( A S]IES ( O!R 9DU/RIES2 *EMICAL & ME*ANICAL WORKS1 METALLURGY & M9+ FEEL AT ONCE ! IMPETUS GIV5 BY A NEW WANT4 ,! :OLE ( ! HOME 9DU/RIES1 AS ALSO TE*NICAL $UCATION ALTOGE!R1 MU/ IMPROVE 9 ORD] TO SATISFY ?AT WANT AS SOON AS IT HAS BE5 FELT4 

,:AT HAS HAPP5$ ) REG>D TO COTTONS IS GO+ ON ALSO ) REG>D TO O!R 9DU/RIES4 ,GREAT ,BRITA91 :I* /OOD 9 #ahh AT ! HEAD ( ! LI/ ( C\NTRIES PRODUC+ PIG-IRON1 CAME 9 #aid ! ?IRD 9 ! SAME LI/1 :I* WAS HEAD$ BY ! ,UNIT$ ,/ATES & ,G]MANY2 :ILE ,RUSSIA1 :I* OCCUPI$ ! SEV5? PLACE 9 #a#h#h1 COMES N[ F\R?1 AFT] ,GREAT ,BRITA94#a#g ,BRITA9 & ,BELGIUM HAVE NO LONG] ! MONOPOLY ( ! WOOL5 TRADE4 ,IMM5SE FACTORIES AT ,V]VI]S >E SIL5T2 ! ,BELGIAN WEAV]S >E MIS]Y-/RICK51 :ILE ,G]MANY YE>LY 9CREASES H] PRODUCTION ( WOOL5S1 & EXPORTS N9E TIMES MORE WOOL5S ?AN ,BELGIUM4 ,AU/RIA HAS H] [N WOOL5S & EXPORTS !M1 ,RIGA1 ,LODZ1 & ,MOSC[ SUPPLY ,RUSSIA ) F9E WOOL5 CLO?S2 & ! GR[? ( ! WOOL5 9DU/RY 9 EA* ( ! LA/-NAM$ C\NTRIES CALLS 9TO EXI/5CE HUNDR$S ( CONNECT$ TRADES4 

,= MANY YE>S ,FRANCE HAS HAD ! MONOPOLY ( ! SILK TRADE4 ,SILKWORMS BE+ RE>$ 9 ,S\!RN ,FRANCE1 IT WAS QUITE NATURAL ?AT ,LYONS %\LD GR[ 9TO A C5T] = ! MANUFACTURE ( SILKS4 ,SP9N+1 DOME/IC WEAV+1 & DYE+ WORKS DEVELOP$ TO A GREAT EXT5T4 ,BUT EV5TUALLY ! 9DU/RY TOOK SU* AN EXT5SION ?AT HOME SUPPLIES ( RAW SILK BECAME 9SUFFICI5T1 & RAW SILK WAS IMPORT$ FROM ,ITALY1 ,SPA9 & ,S\!RN ,AU/RIA1 ,ASIA ,M9OR1 ! ,CAUCASUS & ,JAPAN1 TO ! AM\NT ( FROM .< ,G,B,P#i11 TO ,G,B,P#a#a11 9 #ahge & #a#h#g#f1 :ILE ,FRANCE HAD ONLY ,G,B,P#h1 WOR? ( H] [N SILK4 ,?\S&S ( PEASANT BOYS & GIRLS W]E ATTRACT$ BY HI< WAGES TO ,LYONS & ! NEI<BOR+ DI/RICT2 ! 9DU/RY WAS PROSP]\S4 

,H[EV]1 BY-&-BY NEW C5T]S ( SILK TRADE GREW UP AT ,BASEL & 9 ! PEASANT H\SES R\ND ,ZURI*4 ,FR5* EMIGRANTS IMPORT$ ! TRADE 9TO ,SWITZ]L&1 & IT DEVELOP$ !RE1 ESPECIALLY AFT] ! CIVIL W> ( #a#h#g#a4 ,!N ! ,CAUCASUS ,ADM9I/RATION 9VIT$ ,FR5* WORKM5 & WOM5 FROM ,LYONS & ,M>SEILLES TO TEA* ! ,GEORGIANS & ! ,RUSSIANS ! BE/ MEANS ( RE>+ ! SILKWORM1 AS WELL AS ! :OLE ( ! SILK TRADE2 & ,/AVROPOL BECAME A NEW C5T] = SILK WEAV+4 ,AU/RIA & ! ,UNIT$ ,/ATES DID ! SAME2 & :AT >E N[ ! RESULTS8 

,DUR+ ! YE>S #ahgb TO #ahha ,SWITZ]L& MORE ?AN D\BL$ ! PRODUCE ( H] SILK 9DU/RY2 ,ITALY & ,G]MANY 9CREAS$ IT BY ONE-?IRD2 & ! ,LYONS REGION1 :I* =M]LY MANUFACTUR$ TO ! VALUE ( #d$ MILLION FRANCS A YE>1 %[$ 9 #ahhg A RETURN ( ONLY #c< MILLIONS4 ,! EXPORTS ( ,LYONS SILKS1 :I* REA*$ AN AV]AGE ( #d#b#e11 FRANCS 9 #a#h#e#e-#a#h#e#i1 & #d#f11 9 #a#h#g-#a#h#g#d1 FELL D[N TO #b#c#c11 9 #a#h#h#g4 ,& IT IS RECKON$ BY ,FR5* SPECIALI/S ?AT AT PRES5T NO LESS ?AN ONE-?IRD ( ! SILK /UFFS US$ 9 ,FRANCE >E IMPORT$ FROM ,ZURI*1 ,CREFELD1 & ,B>M54 ,NAY1 EV5 ,ITALY1 :I* HAS N[ #a#i#a1 P]SONS 5GAG$ 9 ! 9DU/RY1 S5DS H] SILKS TO ,FRANCE & COMPETES ) ,LYONS41 

,! ,FR5* MANUFACTUR]S MAY CRY AS L\DLY AS !Y LIKE = PROTECTION1 OR RESORT TO ! PRODUCTION ( *EAP] GOODS ( L[] QUALITY2 !Y MAY SELL #c1#b#e1 KILOGRAMS ( SILK /UFFS AT ! SAME PRICE AS !Y SOLD #b1#e1 9 #a#h#e#e-#a#h#e#i--!Y WILL NEV] AGA9 REGA9 ! POSITION !Y OCCUPI$ BE=E4 ,ITALY1 ,SWITZ]L&1 ,G]MANY1 ! ,UNIT$ ,/ATES & ,RUSSIA HAVE !IR [N SILK FACTORIES1 & WILL IMPORT FROM ,LYONS ONLY ! HI<E/ QUALITIES ( /UFFS4 ,AS TO ! L[] SORTS1 A F\L>D HAS BECOME A COMMON ATTIRE ) ! ,/4 ,PET]SBURG H\SEMAIDS1 BECAUSE ! ,NOR? ,CAUCASIAN DOME/IC TRADES SUPPLY !M AT A PRICE :I* W\LD />VE ! ,LYONS WEAV]S4 ,! TRADE HAS BE5 DEC5TRALIZ$1 & :ILE ,LYONS IS /ILL A C5T] = ! HI<] >TI/IC SILKS1 IT WILL NEV] BE AGA9 ! *IEF C5T] = ! SILK TRADE :I* IT WAS ?IRTY YE>S AGO4 

,LIKE EXAMPLES C\LD BE PRODUC$ BY ! SCORE4 ,GRE5OCK NO LONG] SUPPLIES ,RUSSIA ) SUG>1 BECAUSE ,RUSSIA HAS PL5TY ( H] [N AT ! SAME PRICE AS IT SELLS AT 9 ,5GL&4 ,! WAT* TRADE IS NO MORE A SPECIALTY ( ,SWITZ]L&3 WAT*ES >E N[ MADE EV]Y:]E4 ,9DIA EXTRACTS FROM H] N9ETY COLLI]IES TWO-?IRDS ( H] ANNUAL CONSUMPTION ( COAL4 ,! *EMICAL TRADE :I* GREW UP ON ! BANKS ( ! ,CLYDE & ,TYNE1 [+ TO ! SPECIAL ADVANTAGES (F]$ = ! IMPORT ( ,SPANI% PYRITES & ! AGGLOM]ATION ( SU* A V>IETY ( 9DU/RIES ALONG ! TWO E/U>IES1 IS N[ 9 DECAY4 ,SPA91 ) ! HELP ( ,5GLI% CAPITAL1 IS BEG9N+ TO UTILIZE H] [N PYRITES = H]SELF2 & ,G]MANY HAS BECOME A GREAT C5T] = ! MANUFACTURE ( SULFURIC ACID & SODA--NAY1 %E ALREADY COMPLA9S AB\T OV]-PRODUCTION4 

,BUT 5\<6 ,I HAVE BE=E ME SO MANY FIGURES1 ALL TELL+ ! SAME TALE1 ?AT EXAMPLES C\LD BE MULTIPLI$ AT WILL4 ,IT IS TIME TO CONCLUDE1 &1 = EV]Y UNPREJUDIC$ M9D1 ! CONCLUSION IS SELF-EVID5T4 ,9DU/RIES ( ALL K9DS DEC5TRALIZE & >E SCATT]$ ALL OV] ! GLOBE2 & EV]Y:]E A V>IETY1 AN 9TEGRAT$ V>IETY1 ( TRADES GR[S1 9/EAD ( SPECIALIZATION4 ,SU* >E ! PROM95T FEATURES ( ! TIMES WE LIVE 94 ,EA* NATION BECOMES 9 ITS TURN A MANUFACTUR+ NATION2 & ! TIME IS NOT F> (F :5 EA* NATION ( ,EUROPE1 AS WELL AS ! ,UNIT$ ,/ATES1 & EV5 ! MO/ BACKW>D NATIONS ( ,ASIA & ,AM]ICA1 WILL !MSELVES MANUFACTURE NE>LY EV]Y?+ !Y >E 9 NE$ (4 ,W>S & SEV]AL ACCID5TAL CAUSES MAY *ECK = SOME TIME ! SCATT]+ ( 9DU/RIES3 !Y WILL NOT /OP IT2 IT IS UNAVOIDABLE4 ,= EA* NEW-COM] ! FIR/ /EPS ONLY >E DIFFICULT4 ,BUT1 AS SOON AS ANY 9DU/RY HAS TAK5 FIRM ROOT1 IT CALLS 9TO EXI/5CE HUNDR$S ( O!R TRADES2 & AS SOON AS ! FIR/ /EPS HAVE BE5 MADE1 & ! FIR/ OB/ACLES HAVE BE5 OV]COME1 ! 9DU/RIAL GR[? GOES ON AT AN ACCEL]AT$ RATE4 

,! FACT IS SO WELL FELT1 IF NOT UND]/OOD1 ?AT ! RACE = COLONIES HAS BECOME ! DI/9CTIVE FEATURE ( ! LA/ TW5TY YE>S4 ,EA* NATION WILL HAVE H] [N COLONIES4 ,BUT COLONIES WILL NOT HELP4 ,!RE IS NOT A SECOND ,9DIA 9 ! WORLD1 & ! OLD CONDITIONS WILL BE REPEAT$ NO MORE4 ,NAY1 SOME ( ! ,BRITI% COLONIES ALREADY ?REAT5 TO BECOME S]I\S COMPETITORS ) !IR MO!R C\NTRY2 O!RS1 LIKE ,AU/RALIA1 WILL NOT FAIL TO FOLL[ ! SAME L9ES4 ,AS TO ! YET NEUTRAL M>KETS1 ,*9A WILL NEV] BE A S]I\S CU/OM] TO ,EUROPE3 %E CAN PRODUCE MU* *EAP] AT HOME2 & :5 %E BEG9S TO FEEL A NE$ = GOODS ( ,EUROPEAN PATT]NS1 %E WILL PRODUCE !M H]SELF4 ,WOE TO ,EUROPE1 IF ON ! DAY ?AT ! /EAM 5G9E 9VADES ,*9A %E IS /ILL RELY+ ON =EIGN CU/OM]S6 ,AS TO ! ,AFRICAN HALF-SAVAGES1 !IR MIS]Y IS NO F\NDATION = ! WELL-BE+ ( A CIVILIZ$ NATION4 

,PROGRESS MU/ BE LOOK$ = 9 ANO!R DIRECTION4 ,IT IS 9 PRODUC+ = HOME USE4 ,! CU/OM]S = ! ,LANCA%IRE COTTONS & ! ,%EFFIELD CUTL]Y1 ! ,LYONS SILKS & ! ,HUNG>IAN FL\R-MILLS1 >E NOT 9 ,9DIA1 NOR 9 ,AFRICA4 ,! TRUE CONSUM]S ( ! PRODUCE ( \R FACTORIES MU/ BE \R [N POPULATIONS4 ,& !Y CAN BE ?AT1 ONCE WE ORGANIZE \R ECONOMICAL LIFE SO ?AT !Y MI<T ISSUE FROM !IR PRES5T DE/ITUTION4 ,NO USE TO S5D FLOAT+ %OPS TO ,NEW ,GU9EA ) ,BRITI% OR ,G]MAN MILL9]Y1 :5 !RE >E PL5TY ( W\LD-BE CU/OM]S = ,BRITI% MILL9]Y 9 !SE V]Y ISL&S1 & = ,G]MAN GOODS 9 ,G]MANY4 ,9/EAD ( WORRY+ \R BRA9S BY S*EMES = GETT+ CU/OM]S ABROAD1 IT W\LD BE BETT] TO TRY TO ANSW] ! FOLL[+ QUE/IONS3 ,:Y ! ,BRITI% WORK]1 :OSE 9DU/RIAL CAPACITIES >E SO HI<LY PRAIS$ 9 POLITICAL SPEE*ES2 :Y ! ,SCOT* CR(T] & ! ,IRI% PEASANT1 :OSE OB/9ATE LABORS 9 CREAT+ NEW PRODUCTIVE SOIL \T ( PEAT BOGS >E OCCASIONALLY SO MU* SPOK5 (1 >E NO CU/OM]S TO ! ,LANCA%IRE WEAV]S1 ! ,%EFFIELD CUTL]S & ! ,NOR?UMBRIAN & ,WEL% PITM58 ,:Y ! ,LYONS WEAV]S NOT ONLY DO NOT WE> SILKS1 BUT SOMETIMES HAVE NO FOOD 9 !IR ATTICS 8 ,:Y ! ,RUSSIAN PEASANTS SELL !IR CORN1 & = F\R1 SIX1 & SOMETIMES EI<T MON?S EV]Y YE> >E COMPELL$ TO MIX B>K & AURO* GRASS TO A H&FUL ( FL\R = BAK+ !IR BREAD 8 ,:Y FAM9ES >E SO COMMON AMID ! GR[]S ( :EAT & RICE 9 ,9DIA8 

,UND] ! PRES5T CONDITIONS ( DIVISION 9TO CAPITALI/S & LABOR]S1 9TO PROP]TY-HOLD]S & MASSES LIV+ ON UNC]TA9 WAGES1 ! SPREAD+ ( 9DU/RIES OV] NEW FIELDS IS ACCOMPANI$ BY ! V]Y SAME HORRIBLE FACTS ( PITILESS OPPRESSION1 MASSACRE ( *ILDR51 PAUP]ISM1 & 9SECURITY ( LIFE4 ,! ,RUSSIAN ,FABRICS ,9SPECTORS' ,REPORTS1 ! ,REPORTS ( ! ,PLAU5 ,H&ELSKAMM]1 ! ,ITALIAN 9QUE/S1 & ! REPORTS AB\T ! GR[+ 9DU/RIES ( ,9DIA & ,JAPAN >E FULL ( ! SAME REVELATIONS AS ! ,REPORTS ( ! ,P>LIAM5T>Y ,COMMISSIONS ( #ahd TO #a#h#d#b1 OR ! MOD]N REVELATIONS ) REG>D TO ! 0SWEAT+ SY/EM0 AT ,:ITE*APEL & ,GLASG[1 ,LONDON PAUP]ISM1 & ,YORK UNEMPLOYM5T4 ,! ,CAPITAL & ,LABOR PROBLEM IS ?US UNIV]SALIZ$2 BUT1 AT ! SAME TIME1 IT IS ALSO SIMPLIFI$4 ,TO RETURN TO A /ATE ( AFFAIRS :]E CORN IS GR[N1 & MANUFACTUR$ GOODS >E FABRICAT$1 = ! USE ( ?OSE V]Y PEOPLE :O GR[ & PRODUCE !M-- SU* WILL BE1 NO D\BT1 ! PROBLEM TO BE SOLV$ DUR+ ! NEXT COM+ YE>S ( ,EUROPEAN HI/ORY4 ,EA* REGION WILL BECOME ITS [N PRODUC] & ITS [N CONSUM] ( MANUFACTUR$ GOODS4 ,BUT ?AT UNAVOIDABLY IMPLIES ?AT1 AT ! SAME TIME1 IT WILL BE ITS [N PRODUC] & CONSUM] ( AGRICULTURAL PRODUCE2 & ?AT IS PRECISELY :AT ,I AM GO+ TO DISCUSS NEXT4 

,FOOTNOTES 

#a ,DUR+ ! C5SUS ( #a#i#b1 !RE W]E 9 ,AU/RIA #a1#d#h1 9DU/RIAL E/ABLI%M5TS1 ) #a1#g#h#g1 HORSE-P[]1 GIV+ OCCUPATION TO #d1#d#i1#c WORK PEOPLE2 #a1#a#b#h1 WORK PEOPLE W]E 5GAG$ 9 MANUFACTUR] 9 ,HUNG>Y4 

#b ,! NET IMPORTS ( RAW COTTON REA*$ #a1#a#h1 CWTS4 9 #a#h#h#e1 & #d1#a#b1 CWTS1 9 #a#i#h2 ! NUMB] ( SP9DLES GREW FROM #h#h1 9 #ahgg TO #c1#h1 9 #a#i#g4 ,! :OLE 9DU/RY HAS GR[N UP S9CE #a#h#e#i4 ,9 #aia NO LESS ?AN #c#e#h1#b TONS ( PIG-IRON & #f#g#a1 TONS ( /EEL W]E PRODUC$ 9 ,ITALY4 ,! EXPORTS ( TEXTILES REA*$ ! FOLL[+ VALUES 9 #a#i#e-#a#i#a3 ,SILKS1 FROM ,G,B,P#a#g1#h1 TO ,G,B,P#b#d1#g#i#d1-COTTONS ,G,B,P#d1#d#c1 TO ,G,B,P#e1#d12 WOOL5S1 FROM ,G,B,P#d#d1 TO ,G,B,P#a4#d#b#i44 

#c,TIMES ,AUGU/ #b#g1 #a#i#a#b4 

#d,! ,ECONOMI/1 #a#b? ,MAY1 #a#h#i#d1 P4 #i3 0,A FEW YE>S AGO ! ,ORIZABA MILLS US$ 5TIRELY IMPORT$ RAW COTTON2 BUT N[ !Y USE HOMEGR[N & HOME-SPUN COTTON AS MU* AS POSSIBLE40 

#e,ANNU>IO ,E/ADI/ICO1 #a#i#a#a4 ,!Y CONSUM$ #c#d1#g TONS ( RAW COTTON1 &1 PRODUC$ #a#c1#i#c#f1#c PIECES ( COTTON GOODS1 & #e#e#d1 CWTS4 ( Y>N4 

#f ,S*ULZE ,GAW]NITZ1 ,! ,COTTON ,TRADE1 ETC41 P4 #a#b#c4 

#g ,9 #ahhb !Y HAD #e1#f#c#c LOOMS & #i#e1#i#c#g SP9DLES4 ,?IRTE5 YE>S LAT] !SE FIGURES W]E ALREADY D\BL$--!RE BE+ #a1#f LOOMS & #b#a#f1 SP9DLES4 ,N[1 OR RA!R 9 #a#i#i-#a#i#a1 WE F9D #f JUTE MILLS1 ) #c#a1#d#b LOOMS1 #f#d#e1#g SP9DLES1 & #b#d1 WORK PEOPLE4 ,! PROGRESS REALIZ$ 9 ! MA*9]Y IS BE/ SE5 FROM !SE FIGURES4 ,! EXPORTS ( JUTE /UFFS FROM ,9DIA1 :I* W]E ONLY ,G,B,P#a1#e#d#c1#h#g 9 #a#h#h#d-#a#h#h#e1 REA*$ ,G,B,P#a#a1#c#c#c1 9 #a#i#a-#a#i#a#a4 7,SEE ,APP5DIX ,H47 

#h,TEXTILE ,RECORD]1 #a#e? ,OCTOB]1 #a#h#h#h4 

#i #c#i1#b1 ,IB4 ( Y>N W]E IMPORT$ 9 #ahhf AS AGA9/ #f1#d#c#e1 ,IB4 ( HOME-SPUN Y>N4 ,9 #ahhi ! FIGURES W]E #f#f1#f#c#c1 ,IB4 IMPORT$ & #b#f1#h#i1 ,IB4 HOME-SPUN4 

 #a ,9 #aia ! IMPORTS ( COTTON & WOOL5S W]E ONLY ,G,B,P#b1#f#e1#e1 :ILE ! EXPORTS ( COTTON Y>N1 COTTON %IRT+S1 & SILK MANUFACTURES REA*$ A VALUE ( ,G,B,P#h1#a#f#d1#h4 

#aa ,! M9+ 9DU/RY HAS GR[N AS FOLL[S3--,COPP] EXTRACT$3 #b1#d#g TONS 9 #a#h#g#e1 #d#i1 9 #a#i#i4 ,COAL3 #e#f#g1#b TONS 9 #a#h#g#e2 #a#e1#f#c#e1 9 #a#i#i4 ,IRON3 #c1#d#d#g TONS 9 #ahge #a#e1#b#f#h 9 #a#h#h#g2 #f#e1 9 #a#i#i4 7,K4 ,RA?G51 ,JAPAN'S ,VOLKWIR?S*AFT UND ,/AAT%AU%ALTUNG1 ,LEIPZIG1 #a#h#i#a2 ,CONSUL> ,REPORTS47 

#ab ,WORK]S EMPLOY$ 9 MANUFACTUR+ 9DU/RIES3 #b1#e#d1 9 #a#h#g1 #d1#g#a#b1#f 9 #a#h#i1 & #f1#g#b#c1#i 9 #aie 79CLUD+ SAL>I$ (FICIALS & CL]KS74 ,VALUE ( PRODUCE3 #c1#c#h#e1#h#f#a1 DOLL>S 9 #a#h#g1 #i1#c#g#b1#d#c#g1#b#h DOLL>S 9 #a#h#i1 & #a#f1#h#f#f1#g#g1 9 #a#i#e4 ,YE>LY PRODUCTION P] HEAD ( WORK]S3 #a1#f#d#h DOLL>S 9 #a#h#g1 #a1#i#h#i DOLL>S 9 #a#h#i1 & #b1#f#a#d DOLL>S 9 #a#i#e4 

#ac ,AB\T ! COTTON 9DU/RY 9 ! ,UNIT$ ,/ATES1 SEE ,APP5DIX ,I4 

#ad ,IT WAS FROM #g1#b#e#e1#g#f TO #i1#h#a#a1#f#b TONS ( PIG-IRON DUR+ ! YE>S #a#h#i-#i#d1 & #b#g1#c#c1#f LONG TONS 9 #aia 7 ,G,B,P#h#e11 WOR?74 ,! TOTAL VALUE ( PRODUCTS ( ! /EEL WORKS & ROLL+ MILLS REA*$ 9 #aii ! IMM5SE VALUE ( ,G,B,P#a#i#g1#a#d#d1#e4 ,9 ! ,/ATESMAN'S ,YE>-BOOK = ! YE>S #a#i#a-#a#i#a#b1 ! READ] MAY F9D MO/ /RIK+ FIGURES CONC]N+ ! RAPID GR[? ( ! IRON & /EEL 9DU/RY 9 ! ,/ATES4 ,WE HAVE NO?+ P>ALLEL TO IT 9 ,EUROPE4 

#ae ,! L>GE/ \TPUT ( ONE BLA/-FURNACE 9 ,GREAT ,BRITA9 DOES NOT EXCE$ #ge TONS 9 ! WEEK1 :ILE 9 ,AM]ICA IT HAD REA*$ #b TONS0 7,NATURE1 #a#i? ,NOV41 #a#h#i#a1 P4 #f#e74 ,9 #aii ! ,BESSEM] /EEL PLANTS HAD #ii CONV]T]S2 TOTAL DAILY CAPACITY ( +OTS OR DIRECT CA/+S1 D\BLE TURN1 9 #a#i#i1 #d#e1#i#h#c TONS4 

#af ,J4,R4 ,DODGE1 ,F>M & ,FACTORY3 ,AIDS TO ,AGRICULTURE FROM O!R ,9DU/RIES1  ,NEW ,YORK & ,LONDON1 #a#h#h#d1 P4 #a#a#a4 ,I CAN BUT HI<LY RECOMM5D ?IS LITTLE WORK TO ?OSE 9T]E/$ 9 ! QUE/ION4 

#ag ,J4 ,/EPH5 ,JEANS1 ,! ,IRON ,TRADE ( ,GREAT ,BRITA9 7,LONDON1 ,ME?U571 #a#i#e1 P4 #d#f4 ,! READ] WILL F9D 9 ?IS 9T]E/+ LITTLE WORK VALUABLE DATA CONC]N+ ! GR[? & IMPROVEM5T ( ! IRON 9DU/RY 9 DIFF]5T C\NTRIES4 

,FROM 3 ,AN>*Y ,>*IVES4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahig 3 ,*APT] #b -- ,PUBLICATION4 
,JANU>Y #a#e1 #bag 3 ,*APT] #b -- ,ADD$4 

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