“VICIOUS CIRCLE.”

Waikato Times, Volume 118, Issue 19665, 27 August 1935, Page 9

“VICIOUS CIRCLE.”

ECONOMIC NATIONALISM. LITTLE TO BE GAINED. A matter calling for attention by cooperators was the almost universal adoption of economic nationalism, said the president (Mr C. H. Backhouse) at the annual conference of the New Zealand Co-operative Alliance. “ How much further in this direction will the nations go before it is generally recognised what a vicious circle the whole thing Introduced?" said Mr Backhouse. “ The policy of economic nationalism, provided it is not carried to extremes as is the case to-day, may have some redeeming features. But taking the long view, there is little Lo be gained by adopting a policy that carries all its devotees into a worse dilemma.” In a recent booklet published by the Economic Committee of the League of Nations llie folly of unlimited protectionism had been strikingly and clearly set out. 'flic conclusion of the comj mitlce was that while a certain very small amo'Uiit of agricultural protcei lion might be valuable, it was imperaj live Rial as soon as possible the industrial country should return lo a I system under which they made exi tensive imports of raw materials and | agricultural produce and abandoned , the policies of economic nationalism and national self-sufficiency, which, if persisted in, must lead lo disaster.'