What Economic Nationalism Means to the South

What Economic Nationalism Means to the South

What Economic Nationalism Means to the South

What Economic Nationalism Means to the South

Excerpt

The chief argument set forth in this pamphlet, while applied primarily to the interests of the people of our ten cotton states, has a national and even international application. Recent developments--especially President Roosevelt's request for power to change tariff rates and the favorable attitude of the Democratic members of Congress toward this request--make it desirable to emphasize the international implications of my argument.

The tariff move of the administration is directed away from the policy of economic nationalism. How far it will take the country ultimately toward a permanent policy of patient and persistent international cooperation will depend, I think, on the extent that the American people come to realize how necessary such a policy is to their welfare. In his tariff message, President Roosevelt said that it has become clear "that a full and permanent domestic recovery depends in part upon a revived and strengthened international trade and that American exports cannot be permanently increased without a corresponding increase in imports." I do not know whether this is yet perfectly clear to a majority of the American people; and it is essential to the success of the policy which the President proposes to inaugurate that this policy and its implications shall be so clear that they will receive whole-hearted support throughout the country.

It will not be possible to maintain a consistent policy of international cooperation unless the American people fully realize the changed status of the United States among the nations. This changed status affects the population as a whole, and not merely those dependent on export commodities. Not only must the American people come to recognize that we shall not restore normal employment and again produce normal crops on a profitable basis until our export markets are regained, but they must understand also, as President Roosevelt points out, "that American exports cannot be permanently increased without a corresponding increase in imports."

Since this pamphlet was written, the Foreign Policy Association and the World Peace Foundation, acting jointly, have constituted a Committee on Commercial Policy and that committee has framed a report. Indeed, it completed its report before President Roosevelt asked Con-

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