an initial advantage to Americans, and
helps them to overcome the early handicaps. It induces American
manufacturers to think in terms of foreign markets instead of
concentrating their attention upon a protected home market. In the
beginning, it is true, the buying capacity of certain countries, such
as those of South America, was diminished by the shattering of
financial arrangements with Europe. But such a condition is purely
temporary. There will always be a demand for {65} the wheat, corn,
meats, hides and wool of Argentine, for the copper and nitrates of
Chile, for the coffee and rubber of Brazil, for the wool of Uruguay,
for the sugar and cotton of Peru, for the tin of Bolivia, for the beef
and tagua nuts of Venezuela and Colombia. So long as they sell raw
materials, these countries will furnish a demand for finished products.

American manufacturers are to-day determined to secure an increased
share of this expanding market.[8] They are slowly learning that you
cannot push your goods, in South America let us say, unless you learn
to pack your goods, have studied local requirements, are willing to
print catalogues in Spanish and Portuguese, and have your salesmen know
these languages. In the past Americans have been hampered by their
unwillingness or inability to extend long credits, but this drawback is
being removed by the improvement of banking facilities. The
government, moreover, now seeks actively to promote American trade with
foreign countries, and especially with Latin America. A new merchant
marine is expected to give additional facilities to American exporters
and enable them to meet their British and German competitors on more
nearly equal terms. Moreover, the United States is learning that in
the export trade co-operation is desirable, and the {66} Federal Trade
Commission seems about to grant permission to manufacturers to combine
for the conduct of business in foreign countries.[9]

All this does not mean that American manufacturers are completely to
displace their European competitors in South America and other markets.
Competition after the war will be severe, and whatever the course of
wages and employment in Europe, a measure of success for industrial
countries like Great Britain, Germany and Belgium is absolutely
essential to the maintenance of their populations. Desperate efforts
will be made by these nations to re-establish their foreign business.
A great part of South America is