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 at home. The world was hers to exploit. For nearly fifty years she dominated the European, American, and Indian trade, while the great wars then convulsing society were destroying possible competitive capital and straining consumption to its utmost. The pioneer of the industrial nations, she thus received such a start in the new race for wealth that it is only today the other nations have succeeded in overtaking her. In 1820 the volume of her trade (imports and exports) was 68,000,000 pounds. In 1899 it had increased to 815,000,000 pounds,--an increase of 1200 per cent in the volume of trade.

For nearly one hundred years England has been producing surplus value. She has been producing far more than she consumes, and this excess has