Evening star., 1945-08-23
Our Economic Position

Secretary of State Byrnes made a
statement the other day that is
worth pondering. It was made be-
fore the Senate Banking Committee
in support of full-employment leg
islation, but its application is of
far wider import than that. For
irrespective of whether it consti-
tutes a good argument for such a
bill, its special value is that it sums
up, in admirably clear and succinct
language, Americas unique and pro-
foundly significant economic posi-
ton in relation to the rest of the
world. The heart of it is in these
words:
The prodigious accomplishment of
our farms and our factories during
the war has made it abundantly
clear that this country has emerged
as the greatest single factor in the
economy of the world. With but
small fraction of the worlds popu-
lation, we possess half of its indus
trial capacity. With only small
share of our output entering into
international trade, we were, even
before the war, the greatest export
ing nation and the second largest
importer. If our factories
should fall idle, countries that had
been producing for our market
would suffer sudden contraction
of demand If we should suddenly
cease our foreign lending, countries
that had been buying from us would
suffer a sudden shortage of eX-
change. Their trade would fall off
and their employment would decline.
This is the danger that must
be averted if our hopes for peace
and plenty are not to fail The
example we set will certainly affect,
and may even determine, the direc-
ton of the worlds political and eco
nomic development.
1t requires no extraordinary mix
ture of Imagination and common
sense to understand what such a
position means for the United States.
Economically. no less than militarily.
we are far and away the mightiest
nation on the face of the earth.
We number mere 1875 100000 out
of global population of two billion
or more; yet so per cent of the
worlds productive machine is in our
hands, and we are first among the
exporting countries and second
among the importers We emerged
from the last war as one of the great
powers; we emerge from this war
as the power-incomparably strong
er, as of today, than any other.
Never in history has the interna-
tional balance been quite like this:
never in history has our own
strength made it so imperative as it
is now that we act with sense of
enlightened responsibility, not only
toward ourselves, but toward all
mankind.
Not everything depends on us, of
course. Other nations have their
responsibilities, too. Other nations
by their external and internal poll
cies. can make or break themselves.
and the peace as well, regardless of
what we do. But because of our ex-
ceptional power we are peculiarly
important to the sensitive. interde-
pendent life of the world, so that
almost every act of ours-such as
the termination of lend is
bound to have repercussions in far
off places across the seas.
Greatness has price. The price
is the assumption of responsibility.
AS Secretary Byrnes suggests, self
interest demands that we be more
international minded than ever
from now on. It is a bit difficult
to comprehend how really strong
we are. but the comprehension is
essential, and we must act in keep
ing with it. AS far as world peace
and prosperity are concerned, no
power has as vital a role to play
as America.