procure certain foreign products without any artificial enhancement of
price.[64] If they are right in coming to this conclusion, it is surely
an incidental advantage of much importance that a policy of Free Trade,
besides being advantageous to the United Kingdom, tends to give an
additional element of stability to the British Empire and to preserve
the peace of the world.

From the dawn of history, uncontrolled commercialism has been one of the
principal causes of misgovernment, and more especially of the
misgovernment of subject races. The early history of the Spaniards in
South and Central America, as well as the more recent history of other
States, testify to the truth of this generalisation. Similarly,
Trade--that is to say exclusive trade--far from tending to promote
peace, has not infrequently been accompanied by aggression, and has
rather tended to promote war. Tariff wars, which are the natural outcome
of the protective system, have been of frequent occurrence, and,
although I am not at all prepared to admit that under no circumstances
is a policy of retaliation justifiable, it is certain that that policy,
carried to excess, has at times endangered European peace. There is
ample proof that the Tariff war between Russia and Germany in 1893, "was
regarded by both responsible parties as likely to lead to a state of
things dangerous to the peace of Europe."[65] Professor Dietzel, in his
very remarkable and exhaustive work on _Retaliatory Duties_, shows very
clearly that the example of Tariff wars is highly contagious. Speaking
of the events which occurred in 1902 and subsequent years, he says:
"Germany set the bad example.... Russia, Austria-Hungary, Roumania,
Switzerland, Portugal, Holland, Servia, followed suit.... An
international arming epidemic broke out. Everywhere, indeed, it was
said: We are not at all desirous of a Tariff war. We are acting only on
the maxim so often proclaimed among us, _Si vis pacem, para bellum_."