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The trouble with this argu ment is that it considers the frontier an exclusively American phenomenon. Proposals which ignore the basic problems of stability and aim merely to provide temporizing means to 611 the gap in balance of payments on current account are doomed to fail. Prestige products and prices. Out of this failure sprang the breakdown of the world economy and political security. Foreign trade becomes essentially an instrument of conquest and exclusion.

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In the boom of the late twenties, their finances, instead of tempering inflationary pressures, added to the disposable income of 221 222 POS T WAR EC ONOMI C PROBLEMS the community: inflationary borrowing was expanded and prices bid up in large-scale construction activities. Under present conditions, adequate social security can be financed only on a contributory basis, and there are limits to the benefits that can be provided. See National Industrial Conference Board, FCW W C Record, Oct. 5, 1939, K M p. 115. SCIENCE, FOOD, AND LIFE The development of the various physical and biological sciences on which all modem knowledge of nutrition is based is relatively recent. Prestige consumer healthcare brands. On the contrary, a proper allocation of functions will serve to remove from states and localities the onerous burden of problems which they cannot manage, and to enable them to con centrate on the proper administration of functions of a local interest. This discussion omits consideration of population trends, synthetic indus try, and other new sources of demand for agricultural products, the role of better nutrition, and many other relevant aspects of the problem.

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Where such conditions prevail, there is only one way in which an expanded public work program can be undertaken—i. Th, Agriculture, 3% Economic PoKcy. ' During the depression and still more in wartime, the public part of this mixed system has become increasingly important. THE DILEMMA OF OVERVALUED LAND From the economic if not indeed from the social point of view, the most important of the principles of city planning outlined above is the third, the one having to do with elbow room in the interior of the urban community. But it is well, too, to understand what these results do not prove. In each of these cases, the ability of railroad regulation to limit its scope lay in the existence of other unregulated areas within which wage rates and materials prices were broadly determined by market forces. Professor Hansen and his followers would rely chiefly upon an "expansionist program" at home coupled with extensive foreign investments by the United States* Proponents of this policy concede that: "It would be as fatal during peace as it would now be during war to revert to think ing in terms of dominant and dependent powers, of competing cur rency blocs, of discriminatory trade practices, or of restriction of output at the expense of human morale or well-being. Consumer products direct prestige wwc solutions scam. But the terrible experience of Nazi occupation through which these countries have gone in recent years may bring about a profound change in attitude, although nobody can tell for certain whether that will be so or not. And Prof. Slichter finds in the high-wage policies encouraged by the rapidly 6 POSTWAR ECONOMIC PROBLEMS growing trade unionism a possible serious deterrent to private investment. To cope with cyclical variations, it will, in the first place, veto any devaluation below equilibrium designed to expand employment in one country. 224 POSTWAR ECONOMIC PROBLEMS tutions and local charters require annual balancing of the budget, and thereby prohibit the accumulation of reserves. What small nations do, or states and provinces, is not critically important.

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Thus, such control must be most comprehensive, embracing virtually all the economy. Moreover, we have scarcely made a beginning in the direction of achieving stable economic con ditions through various measures that may well stop considerably short of a full regimentation of the economy. The two estimates should be regarded as, in part, alternatives. Stagna tion theory, on the other hand, is far more concerned about the general level of activity itself. While it should promote and facilitate international cooperation in many phases of government, the economic-policy framework of all its activities should he determined principally in the three areas of commcrcial, monetary, and mo nopoly policy. SOME STATISTICAL PROBLEMS The first step in planning public work is to estimate the available supplies of labor and resources of various types, and the national income that could be achieved by full and efficient use of these resources. Our Federal government, conceived as an agency for preserving free trade among the states (which never could have restrained trade seriously in any case), became under the Republi cans essentially an agency for preventing trade with the rest of the world and, more recently, a powerful agency for restraining, and facilitating restraint of, our internal trade. We may take it as axiomatic that within the visible range human wants are insatiable, so that we shall not lack for employment for the reason that there is nothing useful left to be done. FISCAL PERVERSENESS The taxing, borrowing, and spending activities of the state and local governments collectively have been characterized by a fairly consistent perverseness from the standpoint of economically sound fiscal policy. R supplied the votes that kept the industrial Northeast protectionist. 2 Nevertheless, at various points all such relief and readjustment agreements will be influenced by dominating ideas regarding the shape that the postwar world is to take after the transition period. Fashion Marketing - Student Notes - Marketing Concepts -Student Notes Accompanies: Marketing Concepts 1 Directions: Fill in the blanks. The Marketing | Course Hero. 288 P O S T W A R E C O N O M I C P R O B L E MS One of the many outstanding contributions of the National Nutrition Conference was the announcement, by the Committee on Food and Nutrition, of the recommended dietary allowances for people of different ages.

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It is interesting that in some cases preferential duty reductions were actually concealed as export subsidies (which again were clothed in the form of export credits at especially low interest rates). In particular, it now appears that much of the world will for quite a period suffer a fairly chronic shortage of American dollars unless these are made available by substantial loans from the United States to those nations requiring capital, who in turn would be permitted to pay over the dollars to third countries where they will be needed to pay for an excess of imports from the United States. We now understand the effort that wiH be required for victory. Perhaps more impor tant than the actual progress is the education in such planning, which has accompanied the planning effort in the last 5 years. It is enough merely to say that people living on this subsistence level grow old and haggard before they are fifty, and the average expectancy of life may be under forty years. Perceived ad credibility, attitude towards mobile advertising, message appeal, argument quality, incentive, product involvement and interactivity were found to be antecedents of Aad. Besides China and India, the United States is the only major country in the world which does not have a national health insurance law. One is the initiation of a program of heavy public works. The real danger lies in the possibility that we shall lag ever farther behind our true productive potential—that we shall be content with a half loaf instead of insisting upon the whole loaf which can be ours. In reality, once the process becomes cumulative, national income may plunge still lower. The coefficient relating the total rise in income (or employment) resulting from public work to the initial rise. Each union may support the peiteraZ prtTM xp/% of price control, but demand relaxation of control of the prices of particular products in which it is espe cially interested. If in the long run and aside from discriminating prices and rates, the price elasticity of British exports exceeds that of imports—familiar reasoning establishes a fair expectation of precisely these circumstances—the "aid " would take an ironically perverse turn.

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42 POSTWAR ECONOMIC PROBLEMS be the case. Our expenditures in terms of human lives, suRering, and toil, and the hundreds of billions of dollars of outlay, would be vain if, having achieved victory, we were not ready and to take the necessary measures to mold our world of tomorrow in a manner consistent with the objectives of our current struggle. If that development is anticipated, it would be preferable not to insist on too close integration; it might be better to set up a loose federation that would give rise to less friction between the different nations than a unified and central ized type of organization. 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. Moreover, when income drops, consumption is maintained at the expense of savings. Resources iServ^ce LeueZs. If we are to be of the world economically, however, the neces sary steps must be taken against the most bitter opposition of these entrenched minorities. If, however, our economy is stagnating and private enter prise fails to keep our resources fully employed, debt will continue to rise. CHAPTER I I FULL EMPLOYMENT AFTER THE WAR PAUL A. SAMUELSON* As this essay is written, America's most important task is that of winning the present conflict.

It must be recognized, however, that there are certain limitations on how far proRts can be encroached upon, either through wage increases or price decreases, without encountering unfavorable economic repercussions with respect to the cost-price structure. Actually, writers of this group not only have been aware of these developments but have also pointed out that they are likely to aggravate investment difficulties. Public sentiment in these circum stances—which include also a public debt of unprecedented size— might be intolerant of the loan program, particularly if the bottle necks of this new prosperity were less labor of particular sorts than capital for reconverting plant, introducing new processes and products, and making good upon wartime depreciation, all of which some economists believe may involve very large outlays. Their critics, on the other hand, maintain that the opportunities for profitable investment are, and for a long time to come will be, quite adequate to support a high level of income and productive activity. To enact and enforce ordinances requiring the owners of real property within the urbanized area to use it or to permit its use only in accordance with the master plan. 2 The fact remains, however, that there is nothing to assure that the distribution of bargaining power between employers and workers will not produce a large amount of chronic unemploy ment. For the ties—cultural, political, economic —between Great Britain and the Dominions are at least as close as those between her and the continent of Europe. The increase in the imports of the countries carrying on the investment program will enable their suppliers in turn to import more from them, because of higher incomes and a larger volume of available exchange, which of course will add to the original effects of the program upon employ ment and production. Scarcely less unfortunate than a public works pro gram would be another expansion of the WPA. Any regime that may be established will have to court the farm group and to present attractive schemes of agricul tural "planning. " It stands to reason that, especially under conditions of democratic politics, this process weakens the political position of the industrial bourgeoisie, for a numerous stratum of businessmen owning and managing small or medium-sized firms is obviously much less exposed to political attack and in a much better position to withstand it than is a small number of salaried executives and large shareholders, ^ gnite irrespec* I have developed it at length in my CapiiaMam, and De? The scheduled projects presumably constitute the preferred projects for the most part, although the "reserve" may contain projects postponed merely because of their cost or because the need is not pressing at the moment.

TAX CAPACITY The proportion of the economic resources that can be taken by the government depends upon the country's wealth, income, and distribution of income; the nature of the society; the quality of the tax system; the expenditure pattern of the government; and the attitude of the taxpayers toward the spending program. Individualists, in the tradition of nineteenth-century liberalism, may well look askance at schemes for setting up poten tially greater Leviathans, and should themselves urge reliance upon more flexible, less formal organization and upon return to the League of Nations, as essentially a forum for discussion of issues and aiding of grievances, and as a flexible agency for promoting open coopera tive action in world affairs.

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