ECONOMIC NATIONALISM

Timaru Herald, Volume CXXXVII, Issue 19783, 26 April 1934, Page 13

ECONOMIC NATIONALISM

DEVELOPMENT SINCE WAR. By Telegraph—Press Association WELLINGTON, April 24. In evidence before the Parliamentary Monetary Committee, Mr D. O. Williams, economist at the Massey College, Palmerston North, said formerly the prosperity of the country had been based on economic internationalism. Until the last two or three years there had never been any question of the elimination <.f markets. Since the war economic nationalism had developed. J International trade was to a large | extent at a discount. The development i of economic nationalism might prove more lethal to the standards of life than blockades of war. Mr Williams added that he was careful not to be dogmatic, and most emphatically added a rider to the effect that if the world were wise it might convert economic nationalism into a weapon of well being. But dangers were there, and it would be unwise to ignore them. By isolating ourselves more, we might get security, but it would be of little value if we got that security on a bread and butter diet. The development of economic | self-sufficiency represented a sub- | stantial reversal of nineteenth century policy, and was likely to be j tenacious. The farming policy of , England was likely to see out the j generation of farmers who had called it into being. If the world was heading that, way, then New Zealand ; would have to face the problems of 1 the influence of that policy on her- I self. One of these was a possible j limitation on New Zealand selling j overseas an expanding volume of j primary products. We might before j long have to face a limit on the j amount of products we could export. | If so, it was inadvisable to produce a surplus which were unsaleable; it I would be better to use capital and labour on things which we now im- 1 ported.