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It is now common knowl edge that the parts of the Western Hemisphere which are in the temperate zone—the United States, Canada, Argentina, Uruguay, and the southern part of Brazil—are on the whole economically competitive rather than complementary as far as their economic structure is concerned. Also, from a sel6sh point of view of the country or of large groups (e. p., labor) in the country into which immigration is to take place, much more serious objections can be raised against free immigration than against the free importation of goods. Consumer products direct prestige wwc solutions. 226 P O S T W A R E C O N O M I C P R O B L E MS Of even greater importance from the viewpoint of Rscal policy is the fact that through deScit spending a state or locality can affect the level of income within its area only to a limited extent.
XLVII (October, 1939), p. 617, and Howard S. Ellis, "Monetary Policy and Investment, " AweWcan FcowimMC Review, Supplement, Vol. This feeling is genuine even though it has been basely exploited by the Fascists in their propaganda. Even housing repairs need to be based on such plans* There may be warrant for improvements in areas where agriculture is likely to be reorganized on a more extensive basis, but each situation of this sort needs to be thoroughly explored. Unless work is adapted to genuine needs, popular disgust with public work which is clearly of very little direct use may forestall the execution of a program on the requisite scale. The inclusion of raw materials complicates the analysis but does not greatly modify its conclusions. Prestige consumer healthcare products. Rich countries who save more than their domestic investment opportunities absorb would invest in poorer countries where the opportunities for investment at the cur rent yield are greater than the domestic saving. Willingly or otherwise, we shall with our allies police the world and enforce indefinitely such peace as we and they enjoy. Even when the educational task is accomplished, however, the legislatures still may ask what reason there is to believe that the towns could finance their rebuilding anyhow. HAS THIS COUNTRY EXPERIENCED A TREND TOWARD MONOPOLISTIC PRICING Over the past several decades a popular and widely accepted dogma has developed to the effect that economic markets are tending to become more and more monopolistic. If she is excluded (as she was in most Pan-European utopias before the war*) do France and the Low Countries and the Scandinavian countries belong to Europe? The most satisfactory arrangements for protecting the integrity of democratic processes within unions would be for the labor move ment itself to establish a judicial body to which locals might appeal for the removal of "receiverships" and to which individual union members might appeal cases of expulsion, suspension, or fine. The charge for nontransfer purposes may be roughly put at $30 billion. Left to our own devices, in splendid, secure isolation, I fear we should have undermined rapidly our own heritage of liberty and abundance.
The Twentieth Century System is frankly bilateral; the Feis plan tries to rid itself of evident bilateral features by leaving room for the negotiation of balance transfers; pool clearing makes a valiant attempt to avoid bilateralism/ but it is not at all certain that the plan would operate successfully in this connection. If it is lacking, the labor organizations will lose a golden opportunity to raise the standard of living of their members and of workers all over the world. But the "if" leaves two issues open still. Our own experience with wheat, in 4 years of operation under the Agricultural Adjustment Act of 1938, is tragically illuminating. Would this bring universal prosperity? Rivalry in Retail Financial Services. If we could bring about real economic integration and a close-knit structure of world trade, then political 141 142 POST WA R EC ONO M IC PROBLEMS organization on a supranational scale would be easier to attain in the measure necessary for peace and necessary in smaller measure as well. But if the growth had gone on for some time, wealth had accumulated, and the community's propensity to save become adjusted to a high rate of investment expenditure, it is not at all unrealistic to assume that the higher (attempted) rate of saving would have continued for a long time. If the downturn is sudden and severe, the bonds accumulated in the reserves may be dumped on the market, with serious defla tionary effects on the market and on security values.
The housing cycle will not always be in its low phase, so the low rate of construction in the thirties is not conclusive evidence of an enduring state of affairs. But the existence of such groups as these two in almost any country is not the question at issue; we know that they exist in all countries. SOME BASIC CONSIDERATIONS For the peace period proper, one consensus seems in process of crystallization: the normal, over-all objective of individual effort and social policy—local, national, and international—is the persistent if irregular advance in planes of living, for families, communities, states, and mankind, according to their several standards and pref erences except as these may endanger advances elsewhere. There is no need to show that the same is true of any PanAsiatic or eastern Asiatic scheme, with Japan taking the place of Germany. Prestige products and prices. A research and experimental agency endowed with adequate capital, say $50 mil lion, should be set up to solve on a full commercial scale the problem of producing good low-cost dwellings. Trade and finance after the war, it is sometimes thought, either wilt go the way of the thirties, marked by rigid national interferences of an autarchic nature, or will return to the relatively unregulated character of trade in the prosperous twenties. P R O B L E MS OF P L A N N I N G PUBLI C WO R K 193 ary effects upon employment can take place.
Economic Liberalism aims, by setting up the appropriate insti tutions, to maximize the freedom of each individual member of society to satisfy his own desires wherever this does not interfere with the freedom of other individuals. Two extreme schools of thought have drawn opposite conclusions from this. They have to be liquidated, if at all, by a series of distinct measures which naturally meet resistance. This Sgure is worth considering as a benchmark for a postwar year. One may argue that the maldistribution of bar gaining power cannot become very extreme, partly because gains in labor's strength will stimulate counterorganization by employers and partly because the bargaining power of the workers is limited by the unemployment which itself is a result of the bad distribution of bargaining power. However, before the war they engaged roughly 3, 000, 000 of the nation's manufacturing wage earners. At this rate, inventories will expand just half as rapidly as they did in 1941, $0. But it would have to be a very severe depreciation, which would hardly be welcome in either country. " Households supply the total of 90 million hours, and they consume 36 million yards of cloth and 9 million tons of commodities produced by the war industry. The second group of services includes those whose objective is to relieve the acute forms of human distress associated with extreme poverty.