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American Affairs Is a Quarterly Journal of Thought and Opinion Amerwan s±jjairs A Quarterly Journal of Free Opinion JANUARY, 1946 Winter Number Vol. VIII, No. 1 Principal Contents Review and Comment 1 Winds of Opinion 4 The Rising Price of Laurels Virgil Jordan 7 The Loan to Great Britain Garet Garrelt 8 The Socialization of England A Digest 14 Detroit Letter A Correspondent 19 The Law That Was To End Strikes L. Lamprey 20 Washington Notes Mabel R. Deakins 23 Innocents under the Gun Walter Gordon Merritt 25 The Mind of Science From the Record 29 Taxes for Revenue Are Obsolete Beardsley Rural 35 Bank Structure of USSR Official Paper 39 Disillusionment of a Socialist D. R. Davies 43 Books G.G. 45 Russia The Nature Cure Gaunt Prophecy John Rustgard 51 The Gentlewoman from Illinois Jessie Swnner 53 Our Changing Balance Sheet William E. Wrather 56 The Atomic Competitor Clark Goodman 59 Stalking Lend-lease Rep. Albert J. Engel 61 Canada's Trade Jam with Britain 62 Why We Can't Buy Full Employment Bradford B. Smith 65 Russia and Germany. The Colmer Committee 70 Index to Volume VII Notes on Contributors The Rising Price of Laurels. Dr. Virgil Jordan is president of the National Industrial Conference Board. The Law That Was To End Strikes. Louise Lamprey is an historian of the old New England school; author of "Building an Empire," "Days of the Pioneers." Innocents under the Gun. Walter Gordon Merritt is a writing lawyer with a special interest in the law and philosophy of labor relations. Taxes for Revenue Are Obsolete. Beardsley Ruml, Chairman of the Federal Reserve Bank of New York, is an audacious thinker in the new world of social fiscal policy. Gaunt Prophecy. John Rustgard's writings are increasingly brief and now almost entirely confined to private circulation. See note at the end of his article. The Gentlewoman from Illinois. A speech by Jessie Sumner is an uncomfortable event in the House of Representatives. Why We Can't Buy Full Employment. Bradford B. Smith is one of the brilliant young economists on the conservative side. American Affairs is a quarterly journal of thought and opinion. In that character it is obliged to touch many subjects that by nature are contro- versial. Its pages are intentionally open to views and ideas that provoke debate. By printing them the National Industrial Conference Board does not endorse them: it undertakes only to acknowledge the integrity of the contributors and the good faith of their work. Published Quarterly by'National Industrial Conference Board, Inc. Editorial Office, U7 Park Avenue, New York 17, N. Y. Cable address, NICBOARD, New York. Subscriptions, $2.50 per year postpaid. Single Copies 75 cents. Multiple Subscriptions available to Associates of the National Industrial Conference Board for mailing to more than 25 separate addresses, $1.50 per year. American Affaiairs GARET GARRETT, Editor Copyright, 191>6t by JANUARY, 1946 National Industrial Conference Board, Inc. VOL. VIII, No. 1 pay the national peacetime payroll will be less than Review and Comment the wartime payroll, which means that there will be By the Editor a shrinking payroll, and a shrinking payroll is defla- HE CURRENT spectacle in the economic hip- tionary. Therefore, there must be the same wage Tpodrome is a tableau of frozen acrobatics. It for fewer hours worked in order that the peacetime may be there for some time or it may end suddenly. take-home pay shall be comparable to what the A figure in tarnished tinsel representing Collective wartime take-home pay was. How much this would Bargaining is held aloft by Wage Price Policy, whose increase the wage cost of peacetime goods is a mat- muscles are taut and seem about to snap from the ter in dispute; but be it much or little, it must not strain of standing in a forked position with a bare be added to prices, for fear of inflation. If a higher foothold on each of two contrary-minded animals. wage cost cannot be added to prices, what will be- One animal is Deflation and the other is Inflation. come of it? It must be absorbed by the employer; They are tied together by their tails, and their mus- he must pay it out of profit. From this it follows— cles, too, are tense as they lean in opposite direc- if one is obliged to make sense of it at all—first, that tions with all their weight. This amazing pyramid the price level with which we came out of the war, is balanced on Price Level, which is a tight rope with all its distortions and internal strains, is eco- across what appears to be a terrible chasm. The nomically sacred and must neither rise nor fall; and thrill of it for the audience lies in the fact that the secondly, that profit is a quantity deducted from pose must hold and nothing can move until some- labor's share in the product. Large profits, there- thing happens—and nobody knows what will hap- fore, are derived at the expense of the wage earner pen. Collective Bargaining is in great danger, cer- and limit the size of the payroll. tainly, and would be unable to save herself, but she is limp, perhaps unconscious. The only sounds are from Wage Price Policy, who keeps exhorting those who are chasing a pig around and around the edge A LTHOUGH we have lived for a long time with a of the chasm—and from the pig. The pig is Profit; Ji\ profit and loss economy, being in fact founded and the meaning of this part of the spectacle belongs upon it, it seems that we know very little really to superstition. It is believed that if the pig can be about the nature and meaning of profit. The fact is caught and sacrificed, one of the contrary animals that wages are not paid out of profit. Wages and may be appeased and relax a little, which will give profit both are paid out of production. Wages are the chasm time to fill up in a miraculous manner, horizontal. Profits move vertically, up and down, according to the prophecy of the court Economist. and are subject to sudden variations. This is be- The idea about the pig is that his squeals are propa- cause wages come first. You have to pay wages or ganda, that he is too fat, and that in any case he go out of business at once, whereas, if there is no is immortal, so that although he may be sacrificed profit after wages, you may go on doing business, at and eaten up, still he will live, perhaps not privately least for a while, in the red. In any industry at a in the flesh any more but in spirit as an everlasting given time there will be some enterprisers working social possession. in the red, some making a moderate profit, and a few making very handsome profit—all 'producing and selling competitive things at competitive prices, and all paying the same wages. In any industry ANALYSIS of the tableau is as follows. The there are high-cost producers and low-cost pro- JLV first of the two contrary propositions, tied to- ducers, and again, all paying the same wages. The gether by their tails, is that wage rates must rise, low-cost producer is the one who makes the profit. else there will be deflation; the second is that prices He is the one who continually cheapens the cost of must stand still, else there will be inflation. The human satisfactions. His profit is from superior argument as to wages is that unless the hourly method, management and technology. Even so, the rate is raised to compensate for the loss of overtime profit, especially if it is very large, is a liability, AMERICAN AFFAIRS because in a free economy someone else sooner c: ago. Compared with the very best factory then, the later will beat his method and his technology and very worst assembly line today is heaven for a man take his profit, unless, of course, in order to keep it who must work for wages. Labor did not create he is always beating himself. Nevertheless, in every that assembly line. Labor itself did not create the industry-wide wage dispute, as now in the automo- conditions under which men now work for wages. tive industry and in steel, it is the profit of the Who did?" The labor leader took his count and low-cost producer that is cited to prove that higher came up saying: "All right, all right. But the assem- wages can be paid. This you can understand. No bly line you think so well of is there now, and that one will insist that in a wage dispute all the argu- is where we begin." ments shall be rational. But when the Government embraces the same fallacy and imparts it to the public, economic truth is in trouble. This is the fTlHE IMPROVEMENT in the conditions under same government that has been very vocal in its A which men work was paid for—how? It was anxiety about the future of small business, but you paid for out of what is called profit. But it was could hardly conceive a policy more likely to exter- profit only in the sense that it was money that minate the small enterpriser, or one more certain might have been dispersed either as dividends or to concentrate the nation's production in fewer wages, or as both, and wasn't. It went back to the hands, than that of charging higher wage cost to job instead, to create a more favorable environment profit.
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