The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-02-09
Planning or Perditinn

There is little doubt that the international bank
ers in the United States have exaggerated the rela-
tive Importance of foreign political and economic con-
dtions the task of rehabtating prosperity in our
country.
Such things high wages, continuous employment
or unemployment insurance, public works and the like
which will recreate demand psychology and power
on the part of American workers. are more relevant
than Germanys power to pay her short-term notes
Yet there is no doubt that the economy of every
state deeply involved in the financial industrial and
commercial conditions of the world at large There
FORE national industrial planning should be dovetailed
with world planning.
One of the sanest proposals for world planning
which has to public attention is that by Lewis
L. Lorwn in the Survey Graphic He summarizes his
principles and program in the following fashion:
81. The growing economic unity of the world calls
for new sense of world solidarity based upon equal
opportunity for all nations Every attempt therefore,
to perpeuate the division of the nations of the world
into victors and vanquished expoiters and exploited
becomes crime against human welfare.
"2. AS national political sovereignty must be and
is being modified to allow for the growth of interna-
tional political action, also must national economic
policy shaped and directed with view to it's effects
on world economy.
90. The destruction wrought by the World war is
loss which country alone can be expected to re-
pair without danger to the peace of the world and
must be borne by the whole world.
a. The debtor-creditor relations of the world have
becomes aggravated hopelessly result of repara-
TONS unbalanced production decline in prices and the
banking policies of certain countries in such way as
to call for strong measures of immediate relief and
for long-range action on large scale.
IS. Further economic advance must be based on
hard work. collective efficiency and public thrift and
also on the maintenance as much as possible of pres
standards of living in the advanced countries and
eveling up of standards and an increase of mass
purchasing power in the less developed countries of
the world.
"a world prosperity plan for the next five years
based on these principles calls:
Il. For general fve-year moratorium on all war
debts and reparation payments Such moratorium
would leave the question of the final settlement of
debts and reparations open but the presumption would
be in favor of final cancellation, if effects of the
moratorium warranted it,
80 For a series of international loans carried out
through cooperation of the chief lending countries
and devised in such way to promote productive
resources in the most promising of the world
and to stimulate and increase world purchasing power
"Such series of loans should also offer opportunity
to effect and modify commercial policies through
dition that tariff truce be observed or that tariff
schedules specially detrimental to trade be modified
49, For series Of international agreements for
the division and control of the world market by pro-
ducers OF raw commodities and of manufactured goods
Clearly the chances of success improve as the de-
moralzed price condition in the world market be-
comes more menacing and as the need for combining
international export agreements with financial agree
ments for industrial purposes is realized clearly
"A. To help in working out these large plans and
10 give them coordination it is suggested that
political world planning board be established, either
as part of the machinery of the League of Nations
or independent body of experts to study world
resources and opportunities for their exploitation in
the interests of general world expansion Such board
might work conjunction with representative body
from the bank OF international settlements and similar
institutions likely to develop in the near futurf