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 Caucasian peasants weave silk handkerchiefs at a wage that would mean starvation to the silk-weavers of Lyons. Italy sends silks to France; and Lyons, which in 1870-4 exported 460 million francs' worth of silk fabrics, exports now only one-half of that amount. In fact, the time is not far off when Lyons will only send higher class goods and a few novelties as patterns to Germany, Russia, and Japan.

And so it is in all industries. Belgium has no longer the cloth monopoly; cloth is made in Germany, in Russia, in Austria, in the United States. Switzerland and the French Jura have no longer a clockwork monopoly: watches are made everywhere. Scotland no longer refines sugar for Russia: Russian sugar is imported into England. Italy, although neither possessing coal nor iron, makes its own ironclads and engines for her steamers. Chemical industry is no longer an English monopoly; sulphuric acid and soda are made even in the Urals. Steam-engines, made at Winterthur, have acquired everywhere a wide reputation, and at the present moment, Switzerland, that has neither coal nor iron—nothing but excellent technical schools—makes machinery better and cheaper than England. So ends the theory of Exchange.

The tendency of trade, as for all else, is toward decentralization.

Every nation finds it advantageous to combine agriculture with the greatest possible variety of