In the waning decades of the age of mercantilism, Great Britain intensified her efforts to keep at home the new industrial technology—technicians and machines—that the inventiveness of her people had produced. From his researches in the records of the Board of Trade, which played a major role in coordinating these efforts, Mr. Jeremy shows that as time wore on the policy of prohibiting emigration and exports became more and more internally contradictory and incapable of enforcement despite great ingenuity on the part of those responsible.

Nowhere was the postwar growth of multinational corporations more dramatic than in the petroleum industry. The major oil companies of the western nations were soon banded together in a complex of joint exploration, producing, refining, and marketing organizations. But efforts to advance criminal prosecution of the American companies under the antitrust laws soon ran head-on into overriding considerations of national security. The hardening of the Cold War, complicated by internal political weaknesses in Iran, persuaded both President Truman and President Eisenhower to soft-pedal litigation. In the end, criminal prosecution of joint production enterprises became civil suits against marketing and pricing agreements, which were settled by consent decree. This, according to Professor Kaufman, amounted to attacking “the tail but not the head or body of the energy tiger.”

By early 1933 President Roosevelt's advisors concluded that the United States Government would have to play a direct role in the Cuban economy. That nation, economically dependent upon the North American sugar market and politically dependent through the Platt amendment that gave the United States the right to intervene in its internal affairs, was economically prostrate and on the verge of civil war. The United States proceeded to abandon both the free trade and protectionist doctrines that had divided the President's advisors for a program that structurally integrated United States-Cuban trade and employed federal funds to support cooperative Cuban leaders. All of this, Professor Benjamin believes, foreshadowed the massive foreign trade and lending programs so common to American foreign policy after World War II.

“All books are dead in twenty-five years,” Mr. Justice Holmes wrote to Sir Frederick Pollock. An example of Holmes’ mastery of the art of over-statement, the dictum has its notable exceptions, as even a relatively young discipline such as economic and business history reveals. Professors Scheiber and Salsbury make the case for the permanent impact of one such exception. At the Editor's discretion, communications like the following may be published in the future about other milestones.