The Simple Laws of International Trade
The Empire Club of Canada Addresses (Toronto, Canada), 26 Oct 1944, p. 71-84
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The Simple Laws of International Trade

This address is presented under the following headings: Trade Origins; God As Exchange; International Trade; Profit on International Trade; Effect on Modern Development; Suggested Remedies; Canada's Prospects. Topics addressed include the following. A quick review of trading since its inception. The simplest trading of bartering between individuals. The revolutionary change of a standard of exchange. How individuals accumulated wealth. Business between communities. Gold gradually assuming precedence as a community exchange standard. Balances between countries which caused the actual physical transfer of gold from one country to another. How nations accumulate wealth. Two important changes in international trading due to scientific and engineering developments. On what national profit is based as opposed to individual profit. Examples of national profit, or what the speaker terms "gain." How the new ideas and discoveries of the engineer and chemist, while increasing the world standard of living, extended the number of types of raw materials required to manufacture modern goods. The effect on gain for countries which are not self-supporting in these raw materials. Suggested remedies. The setting up of an international bank with an international standard. Restoring balance between the nations that have, and the nations that do not have, such raw materials. Teaching the fundamentals of economics in the schools. The brilliant future for Canada in the years to come.