Quotation of the Day…

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… is a remark made in the House of Representatives on December 19th, 1925, by Cordell Hull (D-TN), as quoted on page 106 of William R. Allen’s March 1953 American Economic Review paper, “The International Trade Philosophy of Cordell Hull, 1907-1933“:

Economic peace offers the greatest assurance of permanent world peace. Artificial trade barriers invariably create bitter trade rivalry, vicious trade practices, and economic wars, which in modern times have been the prelude to actual wars. Commercial power or control means political control and often military control as well. It becomes all important, therefore, to reduce to a minimum those trade discriminations, obstructions, and monopoly combinations, which breed serious antagonisms and strife in the efforts by nations to extend their commercial interest.