They had done this without even consulting the ironmasters of any other country. During their period of activity they had drawn into their employment a great number of workers, and had erected a huge productive plant. It is manifestly just that people who do headlong stupid things of this sort should suffer, but in the old days it was quite possible, it was customary, for the real blunderers in such disasters to shift nearly all the consequences of their incapacity. No one thought it wrong for a light-witted "captain of industry" who had led his work-people into overproduction, into the disproportionate manufacture, that is to say, of some particular article, to abandon and dismiss them, nor was there anything to prevent the sudden frantic underselling of some trade rival in order to surprise and destroy his trade, secure his customers for one's own destined needs, and shift a portion of one's punishment upon him. This operation of spasmodic underselling was known as "dumping." The American ironmasters were now dumping on the British market. The British employers were, of course, taking their loss out of their work-people as much as possible, but in addition they were agitating for some legislation that would prevent -- not stupid relative excess in production, but "dumping" -- not the disease, but the consequences of the disease. The necessary knowledge to prevent either dumping or
