enterprise in a foreign country.

In whatever way the money is lent the result is that the country to
which it is lent is given so much buying power in England and
consequently its demand for English goods is to that extent stimulated.
It does not follow, of course, that the whole amount of money that it
borrows is actually spent in England. It is possible that the Canadian
railway which is raising money in England may spend it by buying steel
rails in Belgium, but in practical fact the net result is that somebody
or other abroad is given a claim on England which finally, by some
roundabout process, takes effect in a demand for English goods and
services. At the same time, when one does admit that international
finance is essential to international commerce and that the
specialization, which is an essential product of commerce, is thereby
quickened, we have to remember that the objections, such as they are,
which can be put forward against the division of labour among
individuals cannot be overlooked altogether when the division of labour
is applied to nations.

Dr. Bowley, in his book on England's foreign trade, puts the matter
dramatically as follows:--

The limit to the indefinite division of labour is to be found in
the social, intellectual, and moral objections to specialization.
It is not pleasant to contemplate England as one vast factory, an
enlarged Manchester, manufacturing in semi-darkness, continual
uproar, and at intense pressure for the rest of the world. Nor
would the Continent of America, divided into square, numbered
fields, and cultivated from a central station by electricity, be
an ennobling spectacle.'[30]

This is a picturesque expression of the objections to the unity of
mankind if carried too far through the process of specialization. While
admitting their force, it is not necessary to admit that the
specialization process need go quite to that length. Even if England
became one vast factory, it need not necessarily follow that it must
work in semi-darkness, continual uproar, or at intense pressure, but it
is all to the good that a specialist of Dr. Bowley's eminence should
call our attention to certain things which have to be guarded against.
On the other hand, we may contend that if England became one vast
factory, it would only do so because it paid it so well to do so, that
that vast factory might be made more in accordance with William Morris's
ide