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The Great Depression in Britain, 1873–1896: a Reappraisal*

  • A. E. Musson (a1)

It is nearly a quarter century since H. L. Beales produced his notable article on “The Great Depression.” Since then a great deal of work has been done on that period, especially by economists and statisticians, so that it is now possible to make a fuller assessment of the changes in Britain's economic position during those years. Most of this work has been in the form of specialized articles and books covering longer periods, on such subjects as national income, investment, or terms of trade, and there appears to be a need for some attempt at synthesis, especially as the various interpretations put forward are not always in agreement and are sometimes contradictory. It would be impossible, of course, in a mere article, to settle all the theoretical problems suggested by the facts or to resolve all the divergencies of opinion, but it is worth while to draw the evidence and opinions together in an effort to get a general picture.

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1 “‘The Great Depression’ in Industry and Trade,” Economic History Review, V (19341935), 6575.

2 See, for example, the statistical series in the Board of Trade's Memoranda, Statistical Tables and Charts …on British and Foreign Trade and Industrial Conditions, Parl. Papers, 1903, LXVII (Cd. 1761); 1904, LXXXIV (Cd. 2337). These will henceforth be referred to as Memoranda (1903) and Memoranda (1904). See also Cole G. D. H., British Trade and Industry, Past and Future (London: Macmillan, 1932), ch. v.

3 Marshall A., Official Papers (London: Macmillan, 1926), p. 99.

4 Schumpeter J. A., Business Cycles (2 vols.; New York: McGraw-Hill Book Co., 1939), I, 338.

5 Beales, “‘The Great Depression,’” p. 70.

6 See Giffen R., Economic Inquiries and Studies (2 vols.; London: G. Bell & Sons, 1904), passim.

7 Rostow W. W., British Economy of the Nineteenth Century (Oxford: Oxford University Press, 1948), pp. 5859.

8 Smith W. E., The Recent Depression of Trade (London, 1880), pp. 2632; Royal Commission on the Depression of Trade and Industry, Final Report, Pad. Papers, 1886, XXIII ( C 4893), xxi; Memoranda (1903), pp. 209–70, 459-60, 468-69, and Memoranda (1904), pp. 2975; Giffen, Economic Inquiries and Studies, especially Vol. I, ch. v; Wood G. H., “Some Statistics Relating to Working-Class Progress Since 1860,” Journal of the Royal Statistical Society, LXII (1899), 639–66, and “Real Wages and the Standard of Comfort since 1850,” ibid., LXXII (1909), 91-103; Bowley A. L., “Tests of National Progress,” Economic Journal, XIV (1904), 457–65, The Change in the Distribution of the National Income, 1880-1913 (Oxford: Milford, 1920), pp. 1315, and Wages and Income in the United Kingdom Since 1860 (Cambridge: Macmillan, 1937), pp. 2736 and 90-99; Mackenzie W. A., “Changes in the Standard of Living in the United Kingdom, 1860-1914,” Economica, I (1921), 211–30; Cole, British Trade and Industry, p. 84; Layton W. and Crowther G., An Introduction to the Study of Prices (London: Macmillan, 1935), pp. 9597 and Appendix E; Clark C., National Income and Outlay (London: Macmillan, 1937), pp. 228–33; Rostow, British Economy, ch. iv; Prest A. R., “National Income of the United Kingdom, 1870-1946,” Economic Journal, LVIII (1948), 3162.

9 Smith, The Recent Depression, p. 32.

10 Rostow, British Economy, p. 48.

11 For discussions of the usefulness and limitations of these statistics, see Memoranda (1904), PP. 77126; Beveridge W. H., Unemployment: A Problem of Industry (London: Longmans, Green & Co., 1909), ch. ii; Bowley A. L., “The Measurement of Unemployment: An Experiment,” Journ. Roy. Stat. Soc, LXXV (19111912), 791822.

12 Robertson D. H., “New Light on an Old Story,” Economica, n.s., XV (1948), 296–97.

13 Giffen R., “Trade Depression and Low Prices,” Contemporary Review, XLVII (01-06 1885), 800–22.

14 Wells D. A., Recent Economic Changes (London, 1891), p. 115.

15 It formed the main theme of the first edition of Layton's Introduction to the Study of Prices as long ago as 1912. For some recent discussions of this relationship in the United Kingdom during the nineteenth century, see Rostow, British Economy, ch. i, and Brown E. H. Phelps and Ozga S. A., “Economic Growth and the Price Level,” Ec. J., LXV (1955), 118.

16 The Sauerbeck, Economist, and Board of Trade indices are conveniently reproduced in Layton and Crowther, Introduction to the Study of Prices, p. 230.

17 For a useful summary of these, see Wells, Recent Economic Changes, pp. 2026.

18 For contemporary expressions of this point of view, see Giffen, Economic Inquiries, I, chs. iv and v; Sauerbeck A., “Prices of Commodities and the Precious Metals,” fount. Roy. Stat. Soc, XLIX (1886), 581648; and evidence before the Royal Commission on Recent Changes in the Relative Values of the Precious Metals, Part. Papers, 1887, XXII (C. 5099), 1888, XLV (C. 5248 and C. 5512).

19 Ashley W. J., Gold and Prices (London: Longmans, Green & Co., 1912); I. Fisher, The Purchasing Power of Money (New York: The Macmillan Co., 1911), pp. 242–47; Cassel G., The Theory of Social Economy (London: Unwin, 1923), ch. xi; Kitchin J., “Gold Production,” in Royal Institute of International Affairs, The International Cold Problem (Oxford: Oxford University Press, 1931); Hawtrey R. G., The Art of Central Banking (London: Longmans, Green & Co., 1932), pp. 199200, and A Century of the Bank Rate (London: Longmans, Green & Co., 1938), pp. 4648, 65, 90-105; Michell H., “The Gold Standard in the Nineteenth Century,” Canadian Journal of Economics and Political Science, XVII (1951), 369–76.

20 Marshall, Official Papers, p. 128.

21 Hawtrey, Century of Bank Rate, pp. 47 and 65.

22 Robertson, “New Light,” Economica, n.s., XV (1948), 297.

23 Phinney J. T., “Gold Production and the Price Level,” Quarterly Journal of Economics, XLVII (19321933), 647–79. See also Brown Phelps and Ozga, “Economic Growth,” Ec. J., LXV (1955), 58; Higgonet R. P., “Bank Deposits in the United Kingdom, 1870-1914,” Quarterly Journal of Economics, LXXI (1957), 329–67.

24 The Economist, 1885, pp. 687–88; Marshall, Official Papers, chs. i and ii (evidence before R. C. on Depression of Trade and Industry, 1886, and R. C. on Gold and Silver, 1887); Wells, Recent Economic Changes, passim.

25 Keynes J. M., Treatise on Money (2 vols.; London: Macmillan, 1930), II, 164–70.

26 ibid., p. 206.

27 Rostow, British Economy, especially ch. iii. Sec pp. 2: 522 of this article for an examination of Rostow's investment theory.

28 See pp. 210-13 of this article. 2 9 See pp. 218-19 of this article.

30 Layton and Crowther, Introduction to the Study of Prices, ch. viii; Cole, British Trade and Industry, pp. 8992; Clapham J. H., An Economic History of Modern Britain (3 vols.; Cambridge, England: Cambridge University Press, 1938), II, 336–39.

31 Rostow, British Economy, p. 58.

32 Hoffmann W., British Industrial Production, 1700-1950 (Oxford: Blackwell, 1955), pp. 3133.

33 See, for example, Brown E. H. Phelps and Handfield-Jones S. J., “The Climacteric of the 1890's: A Study in the Expanding Economy,” Oxford Economic Papers, n.s., IV (1952), 266307, and Coppock D. J., “The Climacteric of the 1890's: A Critical Note,” The Manchester School, XXIV (1956), 131. Coppock follows Lewis W. A., Economic Survey, 1919-1939 (London: Allen & Unwin, 1949), pp. 7475, in placing the climacteric in the 1870's.

34 Burn D. L., The Economic History of Steelmaking, 1867-1939 (Cambridge: Macmillan, 1940), especially ch. x and pp. 6769 and 296-305; Burnham T. H. and Hoskins G. O., Iron and Steel in Britain, 1870-1930 (London: Allen & Unwin, 1943), especially ch. ix; Clapham, Economic History, II, 51 and 60-61; III, 70, 122, and 145-56; Report [on] the Iron and Steel Trades After the War, Parl. Papers, 1918, XIII (C. 9071), 5, 1825, 39.

35 Jones G. T., Increasing Return (Cambridge, England: Cambridge University Press, 1933), pp. 5051, 141-45, 236-44.

36 See the third edition of The Coal Question (ed. Flux A. W., London: Macmillan, 1906); Clapham, Economic History, II, 99104, and III, 63-64, 69, 124-25, 162-68; Hoffmann, British Industrial Production, pp. 215 and 320; Report of the Royal Commission on the Coal Industry, Parl. Papers, 1925, XIV (Cd. 2600) ch. xi.

37 Chapman S. J., The Lancashire Cotton Industry (Manchester: Sherratt & Hughes, 1904), pp. 3233 and 70-7:; Clapham, Economic History, II, 8081; III, 70, 126, 175-77; Jones, Increasing Return, pp. 5051, 114-19, 210, 212, 218; Report. [on[ the Textile Trades After the War, Parl. Papers, 1918, XIII (Cd. 9070), 5152; Farnie D. A., “The English Cotton Industry, 1850-1896” (unpublished M.A. thesis, Manchester University, 1953), pp. 2127 and 37–40

38 Clapham, Economic History, II, 105–9; III, 124, 129-38, 171-74, 193-94, 313.

39 See especially Kuznets S., “Retardation of Industrial Growth,” Economic Change (London: Heinemann, 1954), who states that a “decline in the rate of increase is a generally observed trait of industrial growth.”

40 Coppock, “Critical Note,” Manchester School, XXIV (1956), 22.

41 Lewis has pointed out that Britain's failure was a “failure to achieve technological leadership in the new trades, especially in steel, in machinery, and, less important, in chemicals.” International Competition in Manufactures,” American Economic Review, XLVII (1957), 582. See p. 219 of this article.

42 [Hilgerdt Folke], Industrialization and Foreign Trade (League of Nations, 1945), p. 132, and Lewis, Economic Survey, p. 74.

43 Coppock, “Critical Note,” Manchester School, XXIV (1956), 2324 (based onWeber B. and Handfield-Jones S. J., “Variations in the Rate of Economic Growth in the U.S.A., 1869-1939,” Oxford Economic Papers, n.s., VI [1954], 127; Lewis W. A. and O'Leary P. J., “Secular Swings in Production and Trade, 1870-1913,” Manchester School, XXIII [1955], 149; and Stolper G., The German Economy, 1870-1940 [London: Allen ], p. 41.) See also Clark C., The Conditions of Economic Progress (London: Macmillan, 1940), ch.

44 Industrialization and Foreign Trade, p. 13.

45 Gordon D. F., “Obsolescence and Technical Change: Comment,” Am. Ec. Rev., XLVI (1956), 650.

46 Clapham, Economic History, II, 122. There is a very good brief discussion of the causes of Britain's relative decline in the article by W. A. Lewis, “International Competition,” cited above (n. 41).

47 Burn, Economic History of Steelmaking, ch. ix.

48 This view has recently been re-emphasized by Frankel M., “Obsolescence and Technical Change in a Maturing Economy,” Am. Ec. Rev., XLV (1955), 296319, and XLVI (1956), 652-56.

49 Gordon, “Obsolescence,” Am. Ec. Rev., XLVI (1956), 646–52.

50 Kuznets, Economic Change (1954), pp. 276–77.

51 Burn, Economic History of Steelmaking, ch. xi; Cairncross A., Home and Foreign Investment, 1870-1911 (Cambridge, England: Cambridge University Press, 1953), ch. v; Lewis, “International Competition,” Am. Ec. Rev., XLVII (1957), 585.

52 Memoranda (1903), pp. 295359, and Memoranda (1904), pp. 407–28.

53 Lewis, “International Competition,” pp. 585–87. Cf. Clapham, Economic History, III, 5253, referring to the great capital export boom after 1905. Rostow, on the other hand, suggests that there was too little foreign investment during the Great Depression. See pp. 215-22 of this article.

54 Cairncross, Home and Foreign Investment, pp. 225–35..

65 Douglas P. H., “An Estimate of the Growth of Capital in the United Kingdom, 1865-1909,” Journal of Economic and Business History, II (1929-1930), 659–84.

56 Lenfant J. H., “Great Britain's Capital Formation, 1865-1914,” Economica, n.s., XVIII (1951). 151–68; Brown Phelps and Handfield-Jones, “Climacteric,” Oxf. Ec. Pap., n.s., IV (1952), 266307; Brown E. H. Phelps and Weber B., “Accumulation, Productivity and Distribution in the British Economy, 1870-1938,” Ec. J., LXIII (1953), 263–88; Cairncross, Home and Foreign Investment, ch. vi.

67 Lenfant, “Great Britain's Capital Formation,” p. 160. Cf. the estimates of Brown Phelps and Weber, “Accumulation,” p. 286, and Cairncross, Home and Foreign Investment, pp. 197201. It must be pointed out, however, that 1870-1874 was a short cyclical boom period, which cannot be fairly compared with an intercyclical twenty-year period. Unfortunately, there are no reliable estimates for the years before 1870.

58 Brown Phelps and Weber, “Accumulation,” pp. 271–80. Hoffmann has put forward a similar explanation, British Industry, p. 33, n. 2.

59 Royal Commission on Depression of Trade and Industry, Final Report, 1886, p. xv.

60 lbid., pp. xiv-xvi; Memoranda (1903), pp. 454–55; Bowley, “Tests of National Progress,” Ec. J., XIV (1904), 457–65, National Income, 1880-1913, pp. 8-10, and Wages and Income. … Since 1860, pp. 90-99; Prest, “National Income,” Ec. J., LVIII (1948), 57.

61 Memoranda (1903), pp. 456–57.

82 R. C. on Depression, Final Report (1886), p. xiv. See also the minority observations appended to the report on p. xxvi.

63 Cairncross, Home and Foreign Investment, pp. 9599.

64 On this last point, see ibid., pp. 197-65.

65 Pezmazoglu J. S., “A Note on the Cyclical Fluctuations of British Home Investment, 1870-1913,” Oxf. Ec. Pap., n.s., III (1951). 3961.

66 Meyer J. R., “An Input-Output Approach to Evaluating the Influence of Exports on British Industrial Production in the Late 19th Century,” Explorations in Entrepreneurial History, VIII (1955-1956), 1234; Coppock, “Critical Note,” Manchester School, XXIV (1956), 2831.

67 R. C. on Depression, Final Report (1886), p. xxiii.

68 Figures obtained from the Statistical Abstracts and from Memoranda (1903) and Memoranda (1904).

69 Schlote W., British Overseas Trade from iyoo to the 1930's (Oxford: Blackwell, 1952), p. 42. See also Imlah A. H., “The Terms of Trade of the United Kingdom, 1798-1913,The Journal of Economic History, X (1950), 170–94. At 1880 prices, exports rose from an annual average of £188.5 millions in 1875-79 t 0 £284.4 millions in 1890-94 (Imlah).

70 Schlote, British Overseas Trade, p. 42. At 1880 prices, net imports grew from an annual average of £311.6 millions in 1875-79 to 471-7 millions in 1890-94 (Imlah).

71 Imlah A. H., “British Balance of Payments and Export of Capital, 1816-1913,” Economic History Review, 2d ser., V (1952), 237–38.

72 Jenks L. H., Migration of British Capital to 1895 (New York: Alfred A. Knopf, 1927), PP. 332–33.

73 Imlah's figures. For other figures of British foreign investment during this period, see Hobson C. K., The Export of Capital (London: Constable, 1914), p. 204; Douglas, “Growth of Capital,” fourn. Ec. Bus. Hist., II (1929-1930), 680; Lenfant, “Great Britain's Capital Formation,” Economica, n.s., XVIII (1951), 160; Cairncross, Home and Foreign Investment, p. 180.

74 Lewis, “International Competition,” Am. Ec. Rev., XLVII (1957), 580.

75 Thomas B., Migration and Economic Growth (Cambridge, England: Cambridge University Press, 1954), p. 122, notes that Britain, after “first sowing the seed in the form of capital exports,” was now “reaping the harvest in imports.”

76 Rostow, British Economy, pp. 68 and 88.

77 Jenks, Migration of British Capital, ch. ix, and Giffen R., Economic Inquiries, I, 101–8.

78 Comparisons of home and overseas investment are to be found in the works by Douglas, Lenfant, Cairncross, and Thomas, previously cited (nn. 51, 55, 56, 75).

79 Imlah's estimates.

80 Rostow, British Economy, pp. 8485.

81 See Cairncross, Home and Foreign Investment, p. 187, and Thomas, Migration and Economic Growth, pp. 9699.

82 Imlah's figures.

83 From the annual figures of Lenfant, “Great Britain's Capital Formation,” Economica, n.s., XVIII (1951), 160.

84 Rostow, British Economy, p. 25.

85 ibid., pp. 102-3.

86 Taussig F. W., International Trade (New York: The Macmillan Co., 1927), pp. 412–13, and The Change in Great Britain's Foreign Trade Terms after 1900,” Ec. J., XXXV (1925), 110;Silverman A. G., “Monthly Index Numbers of British Export and Import Prices, 1880-1913,” Review of Economic Statistics, XII (1930), 139–48, and “Some International Trade Factors for Great Britain, 1880-1913,” ibid., XIII (1931), 114-24; Schlote, British Overseas Trade, p. 155; Imlah, “Terms of Trade,” The Journal of Economic History, X (1950), 170–94; Cairncross, Home and Foreign Investment, pp. 189–92; Meier G. M., “Long-Period Determinants of Britain's Terms of Trade, 1880-1913,” Review of Economic Studies, XX (1952-1953). 530; Kindleberger C. P., “Industrial Europe's Terms of Trade on Current Account, 1870-1953,” Ec. J., LXV (1955), 1935.

87 Rostow, British Economy, pp. 100–3; Cairncross, Home and Foreign Investment, p. 207.

88 Lewis, Economic Survey, p. 74; Clark, National Income and Outlay, pp. 269–71. But cf. Meier, “Long-Period Determinants,” p. 129.

89 Ojala E. M., Agriculture and Economic Progress (London: Oxford University Press, 1952), p. 15:.

90 Silverman, “Monthly Index Numbers,” Rev. Ec. Stat., XII (1930), 147.

91 lbid., p. 148; Rostow W. W., “The Historical Analysis of the Terms of Trade,” Ec. H. R., 2d ser., IV (1951-1952), 6263.

92 Cairncross, Home and Foreign Investment, p. 189; Kindleberger, “Industrial Europe's Terms of Trade,” p. 19. But cf. Meier, “Long-Period Determinants,” p. 115.

93 Layton and Crowther, Introduction to the Study of Prices, p. 90; Cairncross, Home and Foreign Investment, p. 192. See also Ojala, Agriculture and Economic Progress, p. 158, for the improvement in United States agricultural incomes and purchasing power during this period.

94 Cf. the effects of cost-reducing mechanization in British industry in the first half of the nineteenth century. The net barter terms of trade deteriorated, but so great was die increase in output and trade that Britain gained considerably. Ashton T. S., “The Standard of Life of the Workers in England, 1790-1830,” The Journal of Economic History, IX (1949), Supplement, 1938.

95 This view is supported by Meier, “Long-Period Determinants,” p. 129, and Meyer, “An Input-Output Approach,” Explorations VIII (1955-1956), 18.

96 Lewis, Economic Survey, pp. 149–55.

97 Lewis, “World Production, Prices and Trade (1870-1960),” Manchester School, XX (1952), especially p. 126.

98 Lewis, Economic Survey, p. 74.

99 This was true even of industrial Britain by the end of this period. Hirschman A. O., “The Commodity Structure of World Trade,” Q. f. E., LVII (1943), 565–95.

100 Industrialization and Foreign Trade, pp. 14-18 and 157.

101 ibid., p. 16.

102 ibid., pp. 132 and 157.

103 Lenfant, “Great Britain's Capital Formation,” Economica, n.s., XVIII (1951), 162–67.

104 Cairncross, Home and Foreign Investment, pp. 190-92.

105 This view-that foreign investment determines the terms and quantity of foreign trade, rather than vice versa-is supported by Taussig, “Britain's Foreign Trade Terms,” Ec. J., XXXV (1925), 7; Schumpeter, Business Cycles, II, 668; Clark, Conditions of Economic Progress, pp. 15 and 466. See also Rostow, “Historical Analysis,” Ec. H. R., 2d ser., IV (1951-1952), 6367.

106 See p. 217 of this article.

107 Lewis and O'Leary, “Secular Swings,” Manchester School, XXIII (1955), 145.

108 Ibid.

109 Thomas, Migration and Economic Growth, especially ch. vii; Cairncross, Home and Foreign Investment, ch. viii.

110 Industrialization and Foreign Trade, p. 157.

111 ibid., pp. 158-63. See also Memoranda (1903), pp. 7-9, 374-79, 476-91.

112 See p. 223 of this article.

113 Cunningham W., The Rise and Decline of the Free Trade Movement (London: Clay, 1904), pp. 8592. For other works on the growth of foreign competition and protection, see p. 227 of this article.

114 Annual Statements of Trade, Statistical Abstracts, Memoranda (1903), Memoranda (1904). These have been analyzed by Schlote, British Overseas Trade.

115 Memoranda (1903), pp. 18-19. Most European countries, the United States, and Canada were listed as protectionist.

116 ibid., pp. 13-27.

117 Hirschman, “Commodity Structure,” Q.J.E., LVII (1943), 588–91. See also Thomas, Migration and Economic Growth, pp. 121–22.

118 Statistical Abstracts.

119 Clapham, Economic History, III, 63.

120 On this latter point see, for example, the 1886 Royal Commission's Final Report, p. xx, and Gastrell W. S. H., Our Trade in the World in Relation to Foreign Competition, 1885 to 1895 (London, 1897), ch. iii.

121 Schlote, British Overseas Trade, p. 74.

122 Lewis points out that “Britain equipped herself in the first half of the nineteenth century to sell cotton and railway materials, and she thus got into a rut which unfitted her to sell steel and machinery at the end of the century.” International Competition,” Am. Ec. Rev., XLVII (1957). 583. This is an oversimplified exaggeration, but contains a substantial element of truth..

123 Clapham, Economic History, III, 147–48; Burn, Economic History of Steelmaking, pp. 161–82.

124 Memoranda (1903), pp. 368 and 446-47.

125 Caird J., The Landed Interest and the Supply of Food (4th ed.; London, 1880), pp. 56.

126 Lewis, Economic Survey, p. 76.

127 Clapham, Economic History, III, 2.

128 Memoranda (1904), pp. 437–38; Clark, Conditions of Economic Progress, pp. 185, 187, and 190.

129 The most important contemporary evidence is contained in the reports of the Royal Commissions on agriculture, 1882 and 1894-97, and in the Royal Agricultural Society's Journal. For general accounts of agriculture in this period, see Ernie Lord, English Farming, Past and Present (4th ed.; London: Longmans, Green & Co., 1927), ch. xviii, and Clapham, Economic History, II, ch. vii; III, ch. ii.

130 Royal Commission on Agricultural Depression, Final Report, Part. Papers, 1897, XV (C. 8540), 6.

131 Drescher L ., “The Development of Agricultural Production in Great Britain and Ireland from the early Nineteenth Century,” Manchester School, XXIII (1955), 175; Ojala, Agriculture and Economic Progress, p. 210.

132 Rhee H. A., in The Rent of Agricultural Land in England and Wales, 1873-1946 (London: Central Landowners Association, 1949), pp. 2958.

133 Bellerby R. J., Agriculture and Industry: Relative Income (London: Macmillan, 1956), pp. 56 and 62-71.

134 Ojala, Agriculture and Economic Progress, p. 129.

135 R. C. on Depression, Final Report (1886), pp. xvii and xix.

136 Memoranda (1903), pp. 56. See also Schlote, British Overseas Trade, pp. 6668.

137 See, for example, Medley G. W., The Reciprocity Craze (Cobden Club pamphlet; London, 1881); Farrer T. H., Free Trade Versus Fair Trade (London, 1885); Williams E. E., Made in Germany (London, 1896). Later historical studies include Cunningham, Rise and Decline of the Free Trade Movement; Fuchs C. J., Trade Policy of Great Britain and Her Colonies Since 1860 (London: Macmillan, 1905); Ashley P., Modern Tariff History (3d ed.; London: Murray, 1920); Hoffman R. J. S., Great Britain and the German Trade Rivalry, 1875-1914 (Philadelphia: University of Pennsylvania Press, 1933); Brown B. H., The Tariff Reform Movement in Great Britain, 1881-1895 (New York: Columbia University Press, 1943).

138 Hobson C. K., Imperialism (London: Nisbet, 1902); Moon P. T., Imperialism and World Politics (New York: The Macmillan Co., 1926); Jenks, Migration of British Capital, ch. vii; Gallagher J. and Robinson R., “The Imperialism of Free Trade,” Ec. H. R., 2d ser., VI (1953-1954). 115.

139 Memoranda (1903), pp. 417-18 and 427-30.

* I wish to express my appreciation of valuable criticisms and suggestions by H. G. Johnson, D. C. Corner, D. J. Coppock, and T. W. Fletcher, all of Manchester University. Responsibility for the views expressed herein, however, is entirely my own.

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