"This morning," said the teacher, "we confined ourselves for the sake of clearness to the effects of the profit system upon a nation or community considered as if it were alone in the world and without relations to other communities. There is no way in which such outside relations operated to negative any of the laws of profit which were brought out this morning, but they did operate to extend the effect of those laws in many interesting ways, and without some reference to foreign commerce our review of the profit system would be incomplete.
"In the so-called political economies of our forefathers we read a vast deal about the advantages to a country of having an international trade. It was supposed to be one of the great secrets of national prosperity, and a chief study of the nineteenth
