Recovery, the Second Effort

Recovery, the Second Effort

Recovery, the Second Effort

Recovery, the Second Effort

Excerpt

Thirteen years after the war we seem to be back in the chaos that immediately followed it. The road to real recovery is more tortuous and more arduous than we had thought; but it is not beyond finding and following.

This book is an attempt at a general map of the difficult country over which we have now to find our way, showing the obstructions by which it is encumbered, and, so far as possible, the practicable routes through it. Sectional maps, with a scientific wealth and precision of detail to which this cannot pretend, are plentiful. But they do not indicate the general direction of our goal; and, made by specialists, they often need specialists to read them. We shall try to see the regions, there described separately and in detail, as a whole and in their due relation to one another, with the routes clearer for the omission of all features of the landscape which lie off the path of the traveler.

And we must know our main direction or we can never choose our path in any particular region. A general conception of policy must dominate every specialized solution. Less than ever can we now isolate our problems. Man's activities in every sphere react upon one another more rapidly, more directly, and more intimately than in any previous age. A shortage or misuse of gold, the rash extension or the sudden arrest of credit, will change the fortunes of the remotest factory or farm. But money and credit and the whole framework of finance within which economic . . .

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