New-York tribune., 1921-10-06
The World'a Unemplovment

Great Britain's unemployment prob
lem. In France, Italy, Japan and
elsewhere is a painful lack Of Jobs.
Even IN our own favored land special
relief measures are considered. Only
from Germany comes report Of an
increase in industrial activity and
an actual decrease in the number OF
The workless.
The condition which brings so
much anxiety is world wide. 1t fol-
lows that It's causes are also world
wide. Explorations which are local
or national do not suffice. 1t may be
natural, but it is not intelligent, to
fnd the sole fault in the deficiencies
of particular governments. The dis
ease manifestly has deeper seat
What arc the worldwide causes
whose fruitagc is so bitter? In gen.
eral they seem to be two The first
may be said to be the imitation and
deAation policies that practically ell
the winning countries have fol~
lowed. During the war time pubic
opinion would not see that the
weight Of the war Of necessity fell
on those then living-that it vas
in the war years, not later, that
men and women were withdrawn
from their vocations and sent on
other business; that in the war
years, not later, occurred the de-
struction Of the tools Of production.
The delusion that the burden, in
part at least, could be shifted to the
future found universal acceptance.
So by an enlargement Of paper cur
rencies or by the marketing Of war
bonds came an enormous increase in
the volume OF credit instruments.
This intensified price changes, and
when there are rapid price changes
the rise or fall is never equal. Some
employments are less affected than
others. A flow of workers from the
favored to the disfavored callings
occurs, the delicate adjustments Of
modern society are deranged, and
workers, when they would return to
their old jobs, find they do not exist.
Not satisfied with the damage done
by Initiation, governments, about the
time when there was some promise
of adjustment to the new level,
whirled prices down as they had been
previously whirled up. The period Of
price instability, something which
makes normal business impossible,
was thus prolonged. One Of the rca-
sons Germany is relatively better off
probably is that she has not Dictated.
But even more evil in effect than
bad finance has been psychological
disease that assailed the world soon
after the signing of the arrnistice
Taking advantage Of the general
confusion of thought, doctrinaires.
whose zeal as agitators is eQualed
by their ignorance Of economics,
caught the attention Of the world,
They spread the idea that in some
way it was possible for the world to
have things without first producing
them.
A new social system was to achieve
a miracle and to have more while
creating less. Men we're melted to
diminish the amount of their work
So furious was the attack on employ
ers that the circumstance that in the
main they arc mere managing agents
was obscured. Ii became almost dis
graceful to hire. The program of the
British Labor party has much to do
with causing the present uncomfcrt-
ableness in Britain, and the reactions
Of this program have reached US.
To meet emergencies special meas
ures are, OF course, required, even
though they are not economically
sound. But to effect any real and en-
during bctterment it is essential to
apply very old ideas. The price level
cannot be further unstsbiIjzed except
at further cost. Moreover, it must
be recognized as all irrepealable
truth that employers will not and
can not hire unless allowed to earn
profits.
Each Of US can do his bit toward
improving conditions by contributing
to breaking down the terrorism of
uncertainty which has enveloped
business. Each of rs at least can
get out Of his head the notion that
It is feasible to do less and have
more. When the psychological dis
case ceases to be epidemic plenty of
men Of courage will come forward to
lead and to hire.