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By Ronald Radosh, Murray N. Rothbard

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Our industries have expanded to such a point that they will burst their jackets if they cannot find a free outlet to the markets of the world . . Our domestic markets no longer suffice. We need foreign markets. . " They also pointed to "America's economic supremacy" (a phrase that Wilson shared with Brooks Adams): ". . if we are not going to stifle economically, we have got to find our way out into the great international exchanges of the world"; the nation's "irresistible energy . . " He stressed three major reforms to meet the new necessities of the time—the downward revision of the tariff, the development of a strong merchant marine ("The nation that wants foreign commerce must have the arms of commerce"), and laws permitting foreign branch banking tied to a commercial-acceptance system (".

T o suggest t h a t t h e things t h a t h a v e h a p p e n e d t o us m u s t be reversed, a n d t h e scroll of time rolled b a c k o n itself," Wilson declared in 1912, ". . would be futile a n d ridiculous. . " 2 1 O n m o r e than o n e occasion d u r i n g t h e c a m p a i g n of 1912, as h e h a d in t h e past, Wilson declared: I a m n o t o n e of those w h o think that competition c a n be established b y law against t h e drift of a w o r l d w i d e e c o n o m i c t e n d e n c y ; neither a m I o n e of those w h o b e lieve that business d o n e u p o n a great scale b y a single organization—call it corporation, o r w h a t y o u will — i s necessarily d a n g e r o u s to t h e liberties, even t h e e c o n o m i c liberties, of a great people like o u r o w n .

But these were not merely the views of a supposedly "early" Wilson, later to be abandoned by the New Freedom Wilson; on the contrary, he carried them most emphatically, along with programmatic proposals, into his presidential campaign of 1912. Wilson's consistent theme, in this respect, during his bid for the presidency, is summarized in his address accepting the Democratic Party's presidential nomination: ". . Our industries have expanded to such a point that they will burst their jackets if they cannot find a free outlet to the markets of the world .

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