The generally accepted image of international trade is one in which a number of trading communities... are engaged in striving each to win for itself, and at the expense of the others, the largest possible share of a strictly limited objective—the world market.... So far as world or international trade is rightly presented as a competitive process, that competition takes place not between America, Britain, Germany, but between a number of separate American, British, German, firms. The immediate interests of these firms is not directed along political lines.


The Morals of Economic Irrationalism (1920)


The generally accepted image of international trade is one in which a number of trading communities... are engaged in striving each to win for...

The generally accepted image of international trade is one in which a number of trading communities... are engaged in striving each to win for...

The generally accepted image of international trade is one in which a number of trading communities... are engaged in striving each to win for...

The generally accepted image of international trade is one in which a number of trading communities... are engaged in striving each to win for...