Indianapolis Times, Indianapolis, Marion County, 15 June 1944 — Page 7
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to have progressively closer economic relations, is a com-
sources and industries, what we call state socialism. The problem is well illustrated in the question of what is to become of the big industries of France, which the Germans have taken from their former private owners. It is likely that a large portion of this French production will become state-owned.
British Trend Clear
The trend in Great Britain is increasingly clear. Lord Woolton has just rendered an official report for the British Conservative party which would take Great Britain far along the path of government control of industry. The plain facts are that Europe and Great Britain are moving as they are in economic thinking because of an insistent demand on the part of those millions of men who labor but do not direct. They demand that they shall be protected against the hazards and unpredictable destruction of human values involved in the violent fluctuations of modern industrial life, We are facing the same situation here in the United States. And the full employment which has been created by war will make the demand for protection against post-war unemployment increasingly insistent. Already, looking to the future, men are asking: must we have war to have jobs? There is no doubt that the pressure of state-controlled economies in all of the countries with which we must trade and live will in multiple, intricate and subtle ways inevitably affect our own society. But because of our youth as a nation, our great geographical area, our natural resources, together with the enormous potency of our belief in the possibilities of the individual, our answer to the problems of demobilization will not be the complete controls of
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e ‘that the best efforts of private’ industry, even supplemented by such intelligent co-operation, will not always be enough. In addition the federal government must exercise a counter-cyclical influence against depression in order to preserve a reasonably high level of employment. Some of the obviously necessary measures to this end are: Direction of the capital market to encourage a flow of new capital when depression threatens and to discourage it in the face of a boom; the undertaking of legitimate government projects at government expense, but by private contract, the moment depres sion sets in—projects, for instance, that will improve the health and welfare of the people, create new markets, new purchasing power; broad social insurances which will both protect the individual and help to stabilize consumer industries and agriculture,
Cites ‘Obvious’ Remedies
But our basic answer to the problems of a demobilization economy, and one for which we are peculiarly fitted by temperament and natural circumstances, lies in our great productive ability. Our industry has performed a miracle
of production in the goods of war. It waits eagerly to perform the same miracle in the goods of peace. The new automobiles, the new houses, new planes, new plastics, television, new uses for farm crops, new discoveries born of war research, all clamor to be developed. And the markets of the world will be waiting for them— that is if we do our full part to help stabilize the world. If our industry, however, is to develop its possibilities of postwar production to the best advantage of all, it must have certain releases and certain safeguards. Capital is necessary— risk capital that is ready to take a chance on the future. Because we have failed while we fight to pay for the war to the full extent of our ability through an adequate tax program, it is going to be impossible to have any early general reduction of taxes when the war is over. But there should be a drastic revision of the tax laws to encourage risk capital for new investment and new ventures.
New Methods Needed
Also, in order that industry may function venturesomely, new and effective methods must be found for counteracting and controlling the tendency toward monopoly and monopolistic prices. They are the trojan horse of the free enterprise system and in essence a protective device by men and industries who want to escape the hazards and penalties which are the counterpart of the opportunities the system offers. Under such releases, under such safeguards, our genius for production will go a long way toward solving the problems of a demobilization economy, There will be employment; there will be good wages; there will be goods to buy. There will be better living for all. Add to this government's part in the picture and the sincere cooperation of industry, labor and government to distribute the strains and you have the American answer to the problem of a demobilization economy. The Republican party cannot
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