The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-01-17
Liberal Viewpoint
BY DIR. HARRY ELMER BARNES


DOCKS which enable the nan-on-the-street
- to understand our leading monetary and
economic problems will be particularly helpful
during the coming months and the present seS-
sion of congress
Mr.. Brant starts off his book dollars and
Sense Questions and Answers in Finance BY
Irving Brant. John Day Company. $3.50 with
the following very relevant observation with re-
spect to its Justification: "It would be consid-
cred strange if American newspapers printed
all news about France in the French language,
all news about Russia in the Russian language,
and all japanese news in Japanese ideographS.
Yet they are doing something just like that.
They are publishing financial news, which
today is the most absorbing topic before the
country, in the financial language, and appar-
emily expect 1t to be understood This book is
a translation from the financial into the Amer
lean language If the newspaper story explains
that the bank in which you lost your money was
weakened by the disappearance of its primary
reserve this book tells you that it ran out of
ready cash.
Mr.. Brant succeeds very well in his effort to
put the facts of the contemporary industrial
and financial situation in popular language. He
uses the form of question and answer and covers
every major issue in contemporary American
economic life. Much scope is given, of course,
to Mr. Brant's own personal views But this
is an advantage, since they are almost invari
ably sound, progressive and well buttreSSed by
the facts If several million copies of this book
could be distributed it would probably do more
to help along the new deal than all the NRA
paradeS
Whatever one thinks of any particular ver-
sion of the democracy movement, it is GER
tain that any adequate program of economic
reform must reckon sensibly with the facts
which the technocrats brought forward.
MIR. TAYLOR has done exactly this in one
IVA of the most fundamental and useful books
which has been written on the underlying prob
lens of our day (Commonsense About Machines
and Unemployment. BY Morris P Taylor. John
c. Sinston Co. $3.50. He shows that the
core of our economic difficulty lies in the fact
that the new and more efficient machinery
which enables man to make more goods does
not on that account automatically give him adj
ditional buying power to consume more goods.
We have got into our present mess by con-
centrating attention upon producing goods
rather than considering how they might be
consumed. We were saved from unemployment
and depression for time primarily because of
the rapid expansion of markets, new inven-
tons, marked population growth and the pene-
tration of frontier countries.
These factors have now well nigh ceased
to operate. The only way to insure prosperity
in the future is to increase wages and reduce
hours in proportion to the advance of mechan-
iZation.
Mr.. Taylor makes it very clear that the recent
concentration of income in the hands of a
few rich men is fundamentally opposed to that
increase of mass purchasing power which is
absolutely indispensable to any recovery under
capitalism.
The book is clear and popularity written and
must be regarded as one of the most valuable
and sane contributions to the assessment Of our
current economic ills
Mr.. Schweitzer has written power I'll polemlc
against imitation as method of solving our
economic evils Sacrifice or Chaos? BY r. r.
Schweitzer. Printcraft Publishing Company. so.
While his book is an extreme presentation of
a partisan point of view it may be recommended
heartily to those who see in imitation the sole
or primary way out of the depression. He ex-
poses its weaknesses and fallacies with great
skill.
VIE recommends, however, the arbitrary re-
l. L duction of debts by rs per cent, thus in
part assuring by governmental first what the
infiationists desire to achieve through fiscal
measures. Mr.. Schweitzer'S constructive pro-
gram is less impressive than his keen dissection
of the extreme imitation program
One of the most important items which we
must not lose sight of in any discussion OF re-
covery is the enormous debt burden in the
United States. Our total national wealth has
been estimated as between 100000 900, 600
$500 900, 100000. This means that an alarm
ingly large proportion of the assets of the
country are pledged against burdens assumed
in the past. Unless some fundamental read
justment is made even the NRA will not suffice
to restore prosperity.
Mr. Jones' a distinguished engineer, has
given us a very scientific study of the debt prob
lem in relation to production debt and Pro-
duction The Operating Characteristics OF Our
Industrial Economy. BY BaSsett Jones. The
John Day Company. So. He shows that the
debt burden was met up to about 1910 from the
gains of production, but that since this time
debt payments have been met in greater pro-
portion from capital reserves and equities He
declares that in any sound economy the debt
burden must not be allowed to get out of safe
relationship to the volume and growth of pro-
duction.
If prosperity returns under the NRA, more
careful attention will need to be given to eco
nomical and efficient industrial purchasing by
manufacturing concerns. Professor Lewis has
produced thorough and competent manual on
this subject Industrial Purchasing. BY Howard
T. Lewis. Prentice-Hall, Inc. $50. 1t suggests
no change in our contemporary economic sys-
tenn. but rests content with analyIng efficient
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