Morals of Economic Internationalism

Cover Morals of Economic Internationalism
Morals of Economic Internationalism
J a John Atkinson Hobson
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How can it be otherwise, if immediate ability to pay is thecriterion? In ordinary times the machinery of international financedoes tend to distribute surplus stocks according to the needs of thedifferent nations, for the production of the actual goods for exporttrade with which imports are paid for, the true base of credit, iscontinually proceeding. But the war broke this machinery of regularexchange. It cannot be immediately restored. America or Argentinacannot sell their surplus wheat in the ...ordinary way to Poland, Austria, Belgium and other needy countries, because, largely for the very lackof these goods and materials, their industries are not operating, sothat the goods they should produce, upon which credit would be built, are not forthcoming.
This is one of the most terrible of the vicious circles in which thewar has bound the world. The weak nations cannot buy, because they arenot producing goods to sell; they cannot produce, because they cannotbuy. What are the strong nations, those with surplus goods, thetransport, and the credit, going to do about it?


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