WILL THE UNITED STATES TAKE PART IN A WORLD ECONOMY?
AMERICA looks ahead to a period of peaceful and profitable participation in international trade. Americans in general would like to be citizens of what Adam Smith called long ago the "Great Republic of Commerce." They are enemies of totalitarian trading methods. They wish to be free to buy and sell in every corner of the globe. Their face is set like flint against the discriminatory trade practices of others, especially when these are likely to be harmful to American interests. At the same time they wish to be protected in the enjoyment of their home market and to escape from the competition of what they are often pleased to call "cheap foreign labor." They remain singularly unimpressed by the fact that high-wage rates and low cost of labor per unit of output often go together, however much this fact may force itself upon the minds of foreign producers who find themselves regularly undersold by the products of highly paid American workers.
As a people we are inclined to feel that if, under the most-favored-nation clause in commercial treaties, everyone is treated equally badly the ends of justice are served, forgetting the homely dictum of Taussig that the essence of most-favored-nation treatment is that there shall be "some favor." Americans are not above benefiting from