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Updated: May 8, 2025
He was hated by both sheriff and sutler in days when the latter lived and thrived; he overreached the one, undersold the other, and outwitted both. He befriended every soldier in a scrape, whether the offence were against the majestic letter of the civil law or only the unimportant spirit of the military.
This simple circumstance effectually provides for the dispersion of the human race, and the check of an undue growth in particular communities. The old state can always undersell the young one in manufactures, but it is everlastingly undersold by them in agriculture.
She was to conquer and defend provinces for this Scotch Corporation; and her reward was to be that her merchants were to be undersold, her customers decoyed away, her exchequer beggared. There would be an end to the disputes between the old East India Company and the new East India Company; for both Companies would be ruined alike. The two great springs of revenue would be dried up together.
The Dutch troops were clothed and armed from French manufactories; the frontiers were opened to the introduction of French commodities duty free; and the Dutch manufacturer undersold in his own market.
Where sweatshop labor produces cheap clothing for some manufacturers, the more scrupulous are undersold. One employer cannot, unless he is unusually prosperous, raise the wages of his employees or shorten their hours until his competitors do likewise. Improvement of conditions must take place all along the line or not at all.
Raleigh would naturally want as much sweet wine imported as England could be induced to swallow. So, too, would Elizabeth, who got the duty. Crews would be wanted for the monopolistic ships. They would also be wanted for 'free-trading' vessels, that is, for the ships of the smugglers who underbid, undersold, and tried to overreach the monopolist, who represented law, though not quite justice.
The manufacturer, however, though he had been allowed to keep a shop, and to sell his own goods by retail, could not have undersold the common shopkeeper. Whatever part of his capital he might have placed in his shop, he must have withdrawn it from his manufacture.
There might even be a hope for the cultivator who aimed at the markets of the larger towns; for, if corn returned no profit, yet oil and wine were not yet undersold, and were both of them commodities which would bring better returns than grain to the minute and scrupulous care in which the smaller cultivator excels the owner of a great domain.
For the merchant and the manufacturer, in this new world, will be a sovereign commune; it is a sovereign power that will see its crops undersold, and its manufactures worsted in the market. And all the more dangerous that the sovereign power should be small.
The artificers and manufacturers of such mercantile states, therefore, would immediately be rivalled in the market of those landed nations, and soon after undersold and justled out of it altogether.
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