Caption: War Publications - WWI Compilation 1923 - Article 47
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* C. The Characteristic Features of the Present Economic 3ystem 1. 2. 3. Privately owned property Freedom of association In business enterprises Business enterprises conducted by (a) Individual proprietors (b) Partnerships (c) Corporations (d) Business enterprises, united into aseociations, trusts, and composite corporations. 4. Individual initiative and enterprises. individual responsibility in business 5. Large and small business enterprises (a) Freely exchanging their products (b) Freely competing for capital, for labor, and for markets. 6. A uniform medium of exchange furnished by the government or controlled by it. A Private Banking System dealing in money and credits. Government control over the various activities of the industrial organization. 7. 8. D. International Commercial Policies 1. As to freedom of trade (a) Free trade countries (b) Restricted trade countries 1. Tariff for revenue 2. Tariff for protection a. Agricultural products to. Manufactured products 3. Preferential tariffs 4. Export duties (c) Foreign trade encouraged 1. Bounties and subsidies (d) Commercial treaties 2. International Commerce (a) Economic advantages 1. Geographical distribution of production 4
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