Saturday, December 25, 2004 The main advantage of foreign trade is the same as that of any other exchange. It is hardly necessary to review the explanation here: the increased efficiency of labor when it is applied in the way for which each country is best fitted; the liberation of productive forces for the best uses: the development of special branches of industry with increasing returns; the larger scale production with resulting greater use of machinery and with increased chance of invention; the destruction of local monopolies. The moral and intellectual gains of foreign commerce were formerly much emphasized. Commerce is an agent of progress; it stimulates the arts and sciences; it creates bonds of common interest; it gives an understanding of foreign peoples and an appreciation of their merits; it raises a commercial and moral barrier to war; and it furthers the ideal of a world federation, the brotherhood of man. -- Frank A. Fetter, The Principles of Economics [1905]

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FREEDOM BIOGRAPHY: FRANK A. FETTER Frank A. Fetter (1863-1949) by Jeffrey Herberner Ludwig von Mises Institute Frank A. Fetter, 1863-1949 History of Economic Thought Recent Discussion of the Capital Concept by Frank A. Fetter McMaster University The Principles of Economics With Applications to Practical Problems by Frank A. Fetter Ludwig von Mises Institute Fetter Bibliography Ludwig von Mises Institute PREVIOUS BIOGRAPHIES Lord Acton Juan Bautista Alberdi Benjamin M. Anderson Frederic Bastiat Peter Thomas Bauer William Blackstone Eugen von Bohm-Bawerk John Bright James M. Buchanan Pierce Butler John Chamberlain Frank Chodorov Richard Cobden Thomas McIntyre Cooley Jefferson Davis Willis Van Devanter Federick Douglass Ralph Waldo Emerson Adam Ferguson Stephen J. Field John T. Flynn Benjamin Franklin Milton Friedman Garet Garrett Henry George F.A. Harper Friedrich A. Hayek Henry Hazlitt Patrick Henry Auberon Herbert David Hume W.H. Hutt John Jay Thomas Jefferson William Stanley Jevons Israel M. Kirzner Ludwig Lachmann Rose Wilder Lane Robert E. Lee John Locke James Madison Bernard de Mandeville Clarence Manion John Marshall George Mason H.L. Mencken Carl Menger Frank S. Meyer John Stuart Mill Ludwig von Mises Felix Morley John Mosby Albert J. Nock Edmund A. Opitz Thomas Paine Isabel Paterson Ron Paul Francois Quesnay Ayn Rand Leonard E. Read David Ricardo Wilhelm Röpke Murray N. Rothbard Hans & Sophie Scholl Julian Simon Adam Smith Lysander Spooner William Graham Sumner George Sutherland Henry David Thoreau Alexis de Tocqueville Marie-Ésprit Léon Walras George Washington Max Weber Daniel Webster E.G. West Friedrich von Wieser

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