1. For more on the irrationality of the balance of trade argument, see Robert W. McGee, Trade Deficits and Economic Policy: A Law and Economics Analysis;A Shapiro;J. APPLIED CORP. FIN,1989
2. An earlier proponent of this view was NICHOLAS KALDOR;But this argument goes back to the early days of mercantilism. See THE PHILOSOPHY OF MANUFACTURES: EARLY DEBATES OVER INDUSTRIALIZATION IN THE UNITED STATES,1966
3. For more on this point, see RICHARD B. MCKENZIE, COMPETING VISIONS: THE POLITICAL CONFLICT OVER;AMERICA' S ECONOMIC FUTURE,1985
4. CHARLES DICKENS'S LETTERS TO CHARLES LEVER