Principles of Foreign Trade (Classic Reprint)

Excerpt from Principles of Foreign Trade

Assuming that an educational book is authoritative and that its author by training, experience, and study is qualified to instruct or is entitled to express his opinions, the value of the book then depends upon its timeliness and the thoroughness with which it discusses or teaches the particular subject matter.

Regarding the timeliness of this book, little need be said. The growing interest in foreign trade among even the smaller manufacturers and producers of the United States is largely the natural effect of two causes: first, the unprecedented demands of the war which led to an increase of facilities to fill these demands; and second, now that the war is over, the necessity of finding outlets for the increased production brought about by the creation of these facilities.

The author recognizes the possibility of the criticism that much of his advice on the conduct of foreign trade is too "ideal" in its tone, and that to carry out all the plans and suggestions in the ideal way outlined here is impracticable for the business with limited resources. This is perfectly true. In the smaller business, the "rule of thumb" method must of necessity obtain and the existing mechanism be expanded with but little special preparation to embrace the foreign exploitation. Nevertheless, it is always well to have a model, according to which action should be adjusted as nearly as possible.

It may also be said that the aim of the book is not primarily to teach the exporter how to sell abroad his particular goods. This he can readily learn after he has mastered the general principles and grasped the mechanism of the subject, adopting so far as applicable the same methods abroad that have proved successful at home.

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