Comma for either/or — dharma, courage. Spelling forgiving — corage finds courage.

    The Continental System: An Economic Interpretation

    Licensing System

    Eli F. Heckscher

    1 min

    The Trianon policy is supplemented by the second great novelty which was introduced during the noteworthy year 1810 in the sphere of the Continental System, namely, the licences. It is true that these in themselves did not form any novelty, even on the part of Napoleon, and, as we know, still less on the part of Great Britain; but on the Continent their importance had been slight, as is shown by the fact that, according to Thiers, the total value of the trade which had been carried on by licences before the Trianon tariff had amounted only to 20,000,000 francs. It was only now that they became a normal and integral part of the Continental System, in close conjunction with the general tendency of the new policy, and thereby contributed, just as much as the new customs regulations, to lead away from the original aim which was still officially maintained. The difference with respect to the Trianon policy in reality lies only in the fact that Napoleon here considered himself to be faithfully copying his adversary.