At a time when the proper understanding of certain problems in Political Economy is of more profound moment to the British Empire than perhaps at any other juncture in its history, it is little short of a calamity that issues-the satisfactory determination of which depends upon an unimpassioned and rational study of this subject-should have been swept into the seething vortex of party political controversy.A further difficulty with which any writer is confronted to-day is the vast field over which the subject may be pursued, and the difficulty of deciding what portions of it to deal with, and what portions to avoid.For my own part I have attempted this formidable task only after visiting the United States, Germany, and some of the Colonies chiefly concerned; and, after endeavouring to study, so far as was practicable, the fiscal systems in vogue on the spot. I have endeavoured to write a book which practical men of affairs may find time to read, and which, therefore, has of necessity been a short rather than a long one.I have not attempted to traverse all the ground covered by writers on the "Principles of Political Economy," but merely to deal with certain of these "Principles" as enunciated by various writers of the British laissez-faire school, which have influenced for many years the judgment and administration of politicians in dealing with international trade.The endeavour to trace the effect of certain historic incidents and developments on the fiscal systems of different countries, has led me to the conclusion, that, to suppose the expediency of the fiscal policy of any country turns on an Academic controversy as to the abstract merits of Protection and Free Trade, is misleading.To hold such a view is to misapprehend the nature both of politics and economics. Free Trade is, as a rule, a privilege to the consumer. Protection, on the other hand, has often been held to be a national necessity, and, though less attractive to that hypothetic entity, the consumer uninterested in the industries of his country, is, in certain cases, an advantage and a privilege to the producer. To balance conflicting interests, to determine equitably the allotment of these privileges, so as to obtain the maximum of advantage to the well-being of the State, should be one of the chief arts of Political Economy....