MARSHALL, Alfred.

The Pure Theory of Foreign Trade [and] The Pure Theory of Domestic Values.

London, The London School of Economics and Political Science, 1935. 8vo, pp. [iv], 28, 37, [1] blank; with 4 folding plates; ink ownership inscription to the inside front cover; original plain wrappers, edges browned, printed label on upper cover. First edition, second impression of number 1 in the series of reprints of scarce tracts in economic and political science.During the years 1873–7, Marshall laboured over the composition of a volume dealing with problems of international trade. ‘In about 1873 I decided that my first book would be on International Trade, with reference to Protection, etc. on the analytical and realistic sides; but not on the historical. So I began to write, and in 1875 visited [the] U.S.A., chiefly in order to study enlightened Protectionism on the spot. The work was in two parts. The first was to be addressed to the general reader; the second, in smaller type, to academic students exclusively. The second part began with an introductory chapter on my favourite theme – The One in the Many, the Many in the One; and showed how with modifications in detail the pure theory of Foreign Trade was applicable to many industrial and other problems … By June 1877, I had nearly finished a first draft of Part I, and of all of Part II except that last chapter, which I found very troublesome (and which I am quite sure now I shall never write). My work was then broken off … Then I became seriously ill; and in ‘78 or ‘79 Sidgwick asked me to lend him the MSS. Later on he asked my leave to print some chapters for private use in the economic discussion society at Cambridge. I consented. He chose Ch. II, III, V, and VI. I did not know for some time afterwards which he had chosen, and of course the crude draft was printed verbatim without corrections even of the most obvious flaws. This explains (i) their general crudity, (ii) the absense of explanation of their drift, (iii) the want of any reference to the real conditions of foreign trade; they were given – very badly – in Part I, (iv) the fact that Domestic Trade is treated after Foreign Trade’ (Letter to E. R. A. Seligman in April 1900).The final work was never completed: this is Sidgwick’s publication of the four chapters, which must have been issued in very small numbers, Sidgwick meeting the expense himself. The work was initially reprinted by the London School of Economics in 1930; this is a re-issue of that printing.

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