Harper's Pictorial Library of the World War, Volume XII : $b The Great Results of the War
History
Harper's Pictorial Library of the World War, Volume XII : $b The Great Results of the War
League of Nations; Treaty of Versailles (1919 June 28); World War, 1914-1918; World War, 1914-1918 -- Economic aspects; World War, 1914-1918 -- Finance
The important effort, as seen by the _Economist_, was to back up the
armies at the front by a policy of self-sacrifice at home, and it spoke
in drastic terms of the constant evidence of profiteering among certain
classes in England. The contrast in the attitudes of those at the front
and those active in business life is set forth in the following words:
"One of the most curious and interesting psychological facts of
the war is the manner in which one man goes to the front and
becomes a hero and a _preux chevalier_, while another, just
like him in training and blood and outlook, stays at home and
works for spoils, whether in wages or profits, resenting
taxation, grumbling about his food, and seeming to think that
this war for justice was invented to increase his wealth and
comfort."
PRICE CONTROL IN UNITED STATES
Although price control is a measure disapproved of by economists,
experience has shown that for certain products, such as wheat and
flour, it produced good results. In the case of bituminous coal,
Professor Anderson of Harvard said that it had probably done much harm
and little good, because the cut in price was too drastic. One good
feature of the price control system was the ability to apply it to draft
labor from non-essential industries to the production of munitions and
necessities of life. It was possible to do this by refusing coal,
copper, steel and freight cars to the non-essential industries. How the
Food Administration came to be a general price fixing body is explained
in the following article by a member of the Food Administration:
WHEAT AT $2.20 A BUSHEL
"There are many evidences that price fixing has come to lodge
itself as an unwelcome factor in the program of the Food
Administration. Price fixing came to be a fact even while
avoided as a theory, and eventually it has become necessary to
face it, if not to accept it, even as a theory. What are the
evidences that price fixing is essentially involved in the
program of the Food Administration? One piece of evidence lies
in the fact that when once you have fixed the price of one
commodity the condition is bound to be reflected in other
commodities. In fixing the price of wheat Congress fixed as
well, though not so explicitly, the price of corn, and hogs,
and sugar beets. The determining and administering of these
prices it left to the Food Administration.
Public-domain text, read in full here on John Shaqi.
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