Moreover, the governments of the local communities will undoubtedly be able to make some repay ments, perhaps in a good many cases the entire amount advanced. On the basis of past experience a conservative assumption is that it will proceed at the rate of $1. Left to our own devices, in splendid, secure isolation, I fear we should have undermined rapidly our own heritage of liberty and abundance.
Hence is it not likely that the gains of labor organization during the war will produce unfavorable shifts in the investment function and in the schedule of liquidity preference and thus aggravate the problem of main taining full employment and a high standard of living after the war? Bills now before Congress call for somewhat similar developments in the Columbia R iver Basin in the Pacific Northwest, and in the Arkansas R iver Valley. Consumer products direct prestige wwc solutions scam. The distortions indicated by the foregoing statistical approxima tions define the problems which will come to the fore immediately upon the cessation of hostilities. The stagnation of private investment in the thirties is mainly attributable to the persistently small volume of construction. In 1938, the last year before wartime controls of trade, world exports amounted to $13. Of course, insofar as the new facilities are converted, the backlog of postpone ment replacement purchases will be made up.
"* But thinking about international security in terms of "tariffs and cur rencies,... cartels, competition, non-discriminatory trade, for eign-exchange control, " and the like, is "wholly inadequate, " compared to the "more fundamental tasks" of a "positive expan sionist program. Precision with respect to the impact of particular projects cannot be obtained. Because the bulk of individual saving is made by the higher income groups, estate, inheritance, and highly progressive income taxes constitute a relatively small drain on consumption compared with excise taxes on items which loom large in low-income budgets. ArrM PART I THE ISSUE OF FULL EMPLOYMENT CHAPTER I. T H E POSTW AR E C O N O M Y........................................................................................ 9 Atpm A. Tfotwn I I. F U L L EMPLOYMENT AFTER THE W A R.............................................................. 2 7 Pan/ A. Prestige consumer healthcare company. "For the public debt as a whole, however, the transfer problem is the same as for private industry. We cannot afford to use them ineSciently.
No one claims to have complete knowledge in this Reid yet. Those soldiers who had not gotten overseas were discharged largely in December, while the A. F. was disbanded rapidly all through the Srst half of 1919. Yor& #ar#e Cana/ Tra^c (Buffalo, 1929) eM Alan Sweezy. The literature on the subject (e p., the literature emanating from the C/nton JV movement organized by C. Streit in this country) seems to otc 340 P O S T W A R E C O N O M IC PR OBLEMS recently of a good peace, that it was not a single event, but a con tinual process, holds here. Consumer products direct prestige wwc solutions. Indeed, the necessity of a regulating international authority is the logical implication of the current theoretical and "practical" works dealing with recent tendencies in world trade. Neither of these two procedures will be possible in the future unless the trend in economic policy, domestic and international, toward greater and greater interference by the governments—a tendency which has been enormously accelerated since the great depression of the thirties— is radically reversed; and this is not likely to be the case. If a country like the United Kingdom were to accumulate surpluses under the pool-clearing scheme, there would be almost no incentive to increase agricultural imports. How well do these groups feed themselves, for example? If prices are held down with reasonable success, people will be able to spend only about 60 per cent of their incomes (after taxes) for goods. If such countries take a lead in expansion, they may find their domestic "multiplier" disappointingly low and their exchange reserves depleted. It must be taken from grower to processor. The preferential duty reduction tums out as a subsidy by the United States Treasury to the Cuban sugar producers and is to that extent a clear loss for the national economy. The excess of all public expenditures (Federal, state, and local) over receipts averaged close to $500 million per annum. The wage bill of the civilian supplies industry amounts to $27 million, and this industry uses up $18 million of materials produced by the war industry.
334 P O S T W A R E C ON O M IC PR OBLEMS principles of international trade, the national income as a whole will rise after the necessary adjustments have been made. Will the creation of an international organization help to promote such a spirit, even if it did not exist in the first place? Great centralized nations are insuperable obstacles to world integration, political and economic. W e need improved manufacturing equipment to produce more and better goods at lower prices. "Experience shows that the elasticity of demand for import and of the foreign demand for a country's exports is always such that, at one point or another, depreciation can effect a balancing of trade. " However, we have passed the pioneer stage of applying quantitative nutritional requirements to the establishment of agricultural food-production goals. Such studies are stimulating. While the experience to date of the United States Housing Authority probably does not indicate a solution of the problem, that approach should be carefully and sympathetically reexamined. They may change the, distribution of political power in unpredictable ways. Today it includes workmen's compensation (or industrial accidcnt insurance), sickness (or health) insurance, old-age, invalidity, and survivors' insurance (called pensions in Europe), and unemployment insurance. This element constitutes the pivot of the other theory. But a continued rise of the cost of the debt in the face of stable or, even worse, falling incomes will ultimately bring disaster.
"Fair" or "parity prices" are undefined or politically deSned, typically well above economic normals, perhaps on ill-judged historical bases rather than on economic grounds. They are, however, essentially matters of simple common sense.