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§ 6. HOME TRADE MORE ADVANTAGEOUS THAN FOREIGN
TRADE
§ 7. IMPORTS PAID FOR BY EXPORTS
§ 8. VARIETIES OF FOREIGN TRADE AND THEIR RELATIVE
ADVANTAGES.
§ 9. GENERAL SUMMARY
§ 10. IMPORTANCE OF THE HOME MARKET
§ 11. EXPORT DUTIES ON WOOL AND COAL.
PAGE
49
51
§ 12. How CAN ADAM SMITH'S VIEWS ON THE SUPERIOR
ADVANTAGE OF HOME TRADE BE RECONCILED WITH
HIS ADVOCACY OF FREE TRADE?
§ 13. BEARING OF THE ANSWER ON THE PRESENT CON-
TROVERSY
CHAPTER VI
THE REAL ADVANTAGES OF FOREIGN TRADE
§ 1. CRITIQUE OF OLD IDEAS OF ADVANTAGES OF FOREIGN
59
61
64
§ 2. THE NATURAL PREFERENCE OF HOME TO FOREIGN
65
§ 6. THE EMPLOYMENT OF CAPITAL BY INDIVIDUALS DEPENDS
ON PROFIT NOT ON ADVANTAGE
71
§ 7. INFLUENCE OF THE POLICY OF EUROPE
§ 8. DOES PROFIT IN GENERAL LEAD TO ADVANTAGE?
§ 9. THE "NATURAL" PROTECTION OF HOME INDUSTRIES
ESPECIALLY OF AGRICULTURE
§ 10. OTHER HOME INDUSTRIES
72
73
722
§ 12. REFERENCE TO EXPERIENCE
§ 13. SUMMARY OF REAL ADVANTAGES OF FOREIGN TRADE.
§ 14. ADAM SMITH'S ATTITUDE NOT PURELY NEGATIVE
§ 15. EXTENSION OF THE ARGUMENT ON HOME TRADE TO
IMPERIAL TRADE
§ 16. DISTINCTION BETWEEN ACTIVE EXPORT TRADE AND
PASSIVE IMPORT TRADE
80
82
83
CHAPTER VII
MEANING OF PROTECTION TO NATIVE INDUSTRIES
§ 1. THE TERM PROTECTION NOT USED BY ADAM SMITH
§ 2. USED IN NARROW SENSE BY ALEXANDER HAMILTON
§ 3. MEANING DEPENDS ON CORRELATION
§ 4. DISTINCTION
BETWEEN OBJECTS AND METHODS OF
90
§ 7. GROSS AND NET REVENUE
§ 8. PROFIT ON CAPITAL REQUISITE FOR THE EMPLOYMENT
§ 1. DIFFICULTY OF THE GREATER ADVANTAGE OF EMPLOY-
MENT OF CAPITAL IN HOME TRADE.
§ 2. POSSIBLE DISPLACEMENT OF HOME INDUSTRIES BY
FOREIGN IMPORTS
98
§ 3. PROTECTION IN GREAT BRITAIN IN TIME OF ADAM
§ 4. PROTECTION OF ADVANTAGE TO PARTICULAR INDUSTRIES
§ 5. ADAM SMITH'S FIRST ANSWER: INDUSTRY LIMITED BY
101
CAPITAL
103
L
§ 6. SECOND ANSWER: HOME INDUSTRIES NATURALLY PRO-
TECTED
106
"THE
§ 7. THIRD ANSWER: EFFECT OF PROTECTION ON
ANNUAL PRODUCE OF THE LAND AND LABOUR OF
THE SOCIETY"
§ 8. FOURTH ANSWER: DISPLACED LABOUR AND CAPITAL
WILL FIND EMPLOYMENT AT HOME
§ 9. APPEAL TO EXPERIENCE NECESSARY
107
111
113
CHAPTER IX
THE PRODUCER AND THE CONSUMER
§ 1. THAT CHEAPNESS IS A BENEFIT AND EMPLOYMENT A
NECESSITY TO THE CONSUMER: BOTH TRUISMS
§ 2. "CONSUMPTION THE SOLE END AND PURPOSE OF ALL
PRODUCTION": CRITICAL EXAMINATION OF
§ 3. TAXES ON CONSUMABLE COMMODITIES: EFFECT ON
LABOUR
§ 4. TAXATION OF NECESSARIES: REASONS AGAINST.
§ 5. MR. GLADSTONE ON CHEAPNESS AND EMPLOYMENT
§ 6. ALL TAXES ON COMMODITIES TEND TO REDUCE EMPLOY-
MENT
118
120
122
124
125
§ 7. THE MASSES OF THE PEOPLE ARE THE MASSES OF
CONSUMERS AND PRODUCERS.
§ 1. SIDGWICK'S CRITIQUE OF POPULAR IDEAS ON FREE
TRADE AND PROTECTION
§ 3. THE EVILS OF MONOPOLY
§ 4. MONOPOLY AND THE INTERESTS OF LABOUR
139
141
144
§ 6.
-AND
§ 5. PROTECTION TO AGRICULTURE NOT BASED ON MONOPOLY
UNNECESSARY ON ACCOUNT OF NATURAL CON-
DITIONS
145
§ 7. IMPORT OF FOOD NECESSARY WITH GROWTH OF POPU-
LATION
147
§ 8. FAILURE OF PROTECTION TO PREVENT RURAL DEPOPU-
148
§ 9. OTHER MEANS OF ENCOURAGING AGRICULTURE
§ 10. PRESENT IMPORTANCE OF THE NEGATIVE ARGUMENT .
§ 1. MEANING OF "EXCEPTIONS TO FREE TRADE".
153
§ 2. FIRST EXCEPTION: IF THE INDUSTRY IS NECESSARY
FOR DEFENCE; THE NAVIGATION ACT
§ 4. ADAM SMITH APPROVES OF BOUNTIES FOR DEFENCE
§ 5. EXTENSION OF THE PRINCIPLE OF DEFENCE
§ 6. SECOND EXCEPTION: IMPORT Duties to balANCE TAXES
ON HOME PRODUCTS.
160
§ 7. IMPORT DUTIES IF MUCH HEAVIER LEAD TO MONOPOLY
§ 8. MEANING OF "GOODS OF SAME KIND"
§ 18. LIST ON RETALIATION
§ 19. FOURTH EXCEPTION: CASE OF VESTED INTERESTS
§ 20. EXTENSION OF THE PRINCIPLE OF VESTED INTERESTS
§ 21. FIFTH EXCEPTION: CASE OF INFANT INDUSTRIES
§ 22. SIGNIFICANCE OF THE "EXCEPTIONS" TO FREE TRADE
171
.✔ 171
172
V 173
174
CHAPTER XII
THE STATE IN RELATION TO COMMERCE
§ 1. GENERAL VIEW OF ECONOMIC FUNCTIONS OF THE
STATE
§ 2. THE STATE AND COMMERCE
§ 3. GENERAL RULE: NON-INTERFERENCE STILL PREVAILS
IN SPITE OF EXTENSION OF STATE REGULATION
§ 4. MERCHANTS NOT FIT TO UNDERTAKE THE DUTIES OF
THE SOVEREIGN POWER
§ 5. HISTORY AND ABUSES OF FOREIGN TRADING COMPANIES :
REGULATED COMPANIES
§ 6. JOINT-STOCK COMPANIES-EAST INDIA COMPANY
§ 7. GENERAL VIEW OF RELATION OF TRADE TO SOVE-
175
176
177
178
179
§ 1. HISTORICAL CONDITIONS AFFECTING THE COMPOSITION
OF THE "WEALTH OF NATIONS"
185