Excerpts: Three paths in foreign trade are open to America. We can go nationalistic, and become highly self-sustaining; we can go internationalistic and try to win back our lost foreign trade; or we can take a course perhaps half-way between. None of these courses is easy, none can be taken heedlessly or spasmodically. Each involves some pain. The question is whether we are willing to suffer a little pain now in order to avoid an infinitely greater pain later on. Because the middle course involves perhaps the least discomfort, I have been inclined to favor that, and to recognize it as our probable choice.
