This volume is a compilation of studies in United States commercial policy. The studies, except for the last chapter, were selected from a series undertaken by The William L. Clayton Center for International Economic Affairs at The Fletcher School of Law and Diplomacy, Tufts University, with the aid of a grant from The Rockefeller Foundation. Their purpose is to fill a realized need for additional and more specific material in this field for graduate and specialized undergraduate courses.
The studies treat the historic, economic, and political-legal aspects of their subjects with varying emphasis. They assume that the long-run economic gains from freer trade far outweigh the short-run economic losses from adjustments caused by trade, and therefore, that a liberal trade policy is in the over-all national interest and is a desirable objective.
The original studies were not planned as parts of a comprehensive integrated history and analysis of United States commercial policy, but each was intended to stand independently. Consequently, the studies in this volume do not develop the subject in a completely orderly progression nor do they cover the same span of years. However, they are closely related, and with the aid of cross references, they present a useful discussion of the principal subjects of commercial policy. Also, the studies have been edited and updated to take account of recent developments. In this revision, care has been taken to preserve the ideas and treatment of the authors. In some instances, this objective has precluded the addition of or extensive treatment of, new material.
The research and writing of the original studies were under the direction of Harry C. Hawkins, William L. Clayton Professor of International Economic Affairs Emeritus and former director of the Office of Economic Affairs, United States Department of State, and John M. Leddy, Assistant Secretary of the Treasury and, during the writing of these studies, Visiting Professor of International Economic Relations at The Fletcher School.
The authorship of the studies that comprise the chapters of this volume is as follows: Chapter I, "Antecedents of Present CommercialPolicy, 1922-1934"