The formally democratic nations, that have not retained even a pseudo-dynastic royalty, are not much more fortunately placed in respect of national discrimination in trade and investment.

The American republic will obviously come into the comparison as the type-form of economic policy in a democratic commonwealth.

There is little to choose between the economic policy pursued by such republics as France or America on the one side and their nearest counterparts among the constitutional monarchies on the other.

It is even to be admitted out of hand that the comparison does no credit to democratic institutions as seen at work in these republics.

They are, in fact, somewhat the crudest and most singularly foolish in their economic policy of any peoples in Christendom.