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EDITED BY RICHARD T. ELY

INTERNATIONAL COMMERCIAL POLICIES

SOCIAL SCIENCE TEXT-BOOKS

EDITED BY RICHARD T. ELY

OUTLINES OF ECONOMICS (Fourth Edition)

By RICHARD T. ELY, PH.D., LL.D. Revised and enlarged by the AUTHOR and THOMAS S. ADAMS, Ph.D.,

Max O. LORENZ, Ph.D., ALLYN A. YOUNG, PH.D. OUTLINES OF SOCIOLOGY (Revised Edition)

By FRANK W. BLACKMAR, PH.D., and JOHN LEWIS

GILLIN, PH.D. HISTORY OF ECONOMIC THOUGHT (Revised

Edition) By LEWIS H. HANEY, PH.D. BUSINESS ORGANIZATION AND COMBINATION

By LEWIS H. HANEY, PH.D. PROBLEMS OF CHILD WELFARE

By GEORGE B. MANGOLD, PH.D. SOCIAL PROBLEMS

By EZRA T. TOWNE, PH.D.
THE NEW AMERICAN GOVERNMENT (Revised

Edition)
By JAMES T. YOUNG, PH.D.
COMPARATIVE FREE GOVERNMENT

By JESSE MACY, LL.D., and JOHN W. GANNAWAY, M.A. AMERICAN MUNICIPAL PROGRESS

By CHARLES ZUEBLIN APPLIED EUGENICS

By PAUL POPENOE and ROSWELL S. JOHNSON, M.S. AGRICULTURAL ECONOMICS

By HENRY C. TAYLOR, M.S.AGR., Ph.D.
THE LABOR MARKET

By Don D. LESCOHIER, PH.D.
EFFICIENT MARKETING FOR AGRICULTURE

By THEODORE MACKLIN, PH.D.
A HISTORY OF TRADE UNIONISM IN THE
UNITED STATES

By SELIG PERLMAN, PH.D. INTERNATIONAL COMMERCIAL POLICIES

By GEORGE M. FISK, Ph.D., and PAUL S. PEIRCE, PH.D.

COMMERCIAL POLICIES

WITH SPECIAL REFERENCE TO THE

UNITED STATES

A TEXT-BOOK

BY

GEORGE MYGATT FISK, Ph.D.

LATE PROFESSOR OF COMMERCE

UNIVERSITY OF ILLINOIS

AND

PAUL SKEELS PEIRCE, PH.D.

PROFESSOR OF ECONOMICS

OBERLIN COLLEGE

New York

THE MACMILLAN COMPANY

1923

All rights reserved

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PREFACE

THE present volume is based on Fisk's International Commercial Policies which was published in 1907. That book proved very serviceable; but changes in conditions, legislation, and agencies since its appearance have been so extraordinary and present-day interest in the subject is so great, that a thorough revision has seemed highly desirable. Owing to the untimely death of Professor Fisk, such revision has fallen to the hands of another.

The primary aim has been to bring the discussion down to date. The general plan and scope of the original have been retained; but some changes have been made both in emphasis and in arrangement of material, and many chapters have been entirely rewritten.

Among modifications to which attention may be called are: the outline of American tariff legislation during the past sixteen years, together with a brief summary of post-war tendencies in Europe (Chapter IV); and the more extended treatment of export duties (Chapter V), trade prohibitions (Chapter VI), bases of valuation and weight, media of payment, discriminatory duties, dumping regulations, retaliatory duties, and preferential duties (Chapter VII), tariff systems and tariff commissions (Chapter VIII), free ports (Chapter X), commercial treaties (Chapters XI-XII), trade promoting institutions (Chapters XIII-XVI), and merchant marine policies (Chapter XVIII). Bibliographies and suggestive topics and questions at the ends of chapters have been revised, and some of those appended to the earlier chapters have been framed to invite further study of underlying principles of international trade.

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