The Regulation of Industry

The Regulation of Industry

The Regulation of Industry

The Regulation of Industry

Excerpt

The present book is an endeavor to bring together the scattered threads of a bewildering array of problems and factual material into a somewhat general presentation of the regulation of private enterprise in the United States. The over-all framework. of institutional arrangements, the organizational forms of business, the economic characteristics of modern industry, and the administrative experience and problems of making a private enterprise economy fulfill its functions are the foci of attention. The specific issues of special fields such as transportation, public utilities, labor, etc., have not been included because, in the opinion of the author, to be understood properly they need much more extended treatment than can be given in a single volume of this nature. Furthermore, if one assumes a basically private enterprise economy, public policy regarding such fields must be fitted into that structure. This necessitates an understanding of how such an economy works in the setting of a particular country and of the adjustments which, as shown by experience, have to be made between the interests of private enterprise and those of public welfare.

Any study of the regulation of industry must give consideration to the political and social environment in which the regulation takes place. This is particularly true in troubled times like the present, when the economic and social values of capitalism and private enterprise are under serious challenge. The magnitude of the problems of reconstruction today are such as to threaten the continuance of any structure that survived the war. Yet, if the ideals and objectives for which the war was fought are to be achieved, our economic order and the methods of managing and guiding it that have grown up through the past must continue to develop upon the foundations which that past has provided. Whether this is possible and whether the procedures we have developed over the years of our industrial growth will continue to form the basis for the future may be a matter of debate. They will have no chance of survival . . .

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