The arguments and conclusions of the preceding chapters briefly summarised
(The references to chapters are to those chapters in which the main part, but not always the whole, of the argument summarised is contained.)
Chapter II.—That any sound economic policymust be based on the recognition that, in face of the growth of industrialisation of other countries, it is highly improbable that Great Britain can ever regain her old position of supremacy in overseas commerce, or rely, to the extent to which she has relied in the past, on a rapidly expanding trade in exported manufactures, on a scale sufficient to justify or make possible a return to the prewar forms of specialisation upon a relatively narrow range of manufacturing industries, organised largely for the export market;
And that, accordingly, it is necessary to promote, by conscious State action, a different distribution of our national industrial resources, based more largely on production for use at home, and to take definite steps for the expansion of purchasing power in the home market.
Chapter III.—That by far the most pressing economic and social problem of the day is unemployment, and that any Government ought to be judged mainly by its success or failure in dealing with this problem. That the first essential step towards dealing with it is that we should make up our minds to use the labour of those for whom the present industrial system cannot find employment, and to maintain them, as we must, not in