Commerce and finance practical expressions of the instinct of
self-preservation which is common not only to all men, but to all living
creatures. Early appearance of trading habit in boys. Early examples of
trade. Abraham's purchase of a burying-ground from Ephron the Hittite.
Solomon's trade with Hiram of Tyre. Herodotus, the first historian,
opens his history with an allusion to trade. Trade is based on
specialization, and is at once a cause of unity and of disunion. Its
extension from individuals to communities. Foreign trade stimulated by
variations of value in different communities. Specialization increases
efficiency, but makes the worker a machine, and a speculator on the
chance that others will want what he makes. International trade also
promotes both unity and friction. On the whole, commerce a great
promoter of unity. Likewise finance, or money-dealing. Its origin and
development. London's catholic taste in foreign securities: sometimes
prefers them to the home-made article. Effect of foreign investment on
home production and consumption. Foreign finance and productive
specialization.