,! ,KEYNESIAN ,9T]NATIONAL ,PEOPLE 3 ,AU?OR 3 ,PAUL ,MATTICK ,TEXT 3 ,PUBLI%$3 9 ,CONTEMPOR>Y ,ISSUES #h1 ,SPR+ #aiea ,TRANSCRIPTION3 ,ADAM ,BUICK ,H,T,M,L-M>KUP3 ,JONAS ,HOLMGR5 ,I ,ANTICIPAT+ ,AM]ICA'S ROLE 9 ! WAKE ( ! FIR/ WORLD W>1 ,PRESID5T ,WILSON 5C\RAG$ HIS FELL[-CITIZ5S 9 #aiaf BY SAY+ ?AT 'WE MU/ PLAY A GREAT P>T 9 ! WORLD :E!R WE *OSE IT OR NOT4 ,WE HAVE GOT TO F9ANCE ! WORLD 9 SOME IMPORTANT DEGREES & ?OSE :O F9ANCE ! WORLD MU/ UND]/& IT & RULE IT ) !IR SPIRITS & ) !IR M9DS'4 ,! SIMPLE MESSAGE HE HAD TO BR+1 HE ADD$1 WAS M]ELY ?IS3 'LIFT Y\R EYES TO ! HORIZON ( BUS9ESS4'.<#a.> ,HIS ANTICIPATIONS W]E FULFILL$ BEYOND ALL EXPECTATIONS4 ,! W> DE/ROY$ ,EUROPE'S DOM9AT+ POSITION )9 ! WORLD ECONOMY & ! ,UNIT$ ,/ATES TURN$ FROM A DEBTOR 9TO A CR$ITOR NATION4 ,AM]ICA'S RISE TO SUPREMACY CONT9U$ UN9T]RUPT$LY1 & \T ( ! SECOND WORLD W> %E EM]G$ AS ! WORLD'S SOLE CR$ITOR4 ,BUT ?\< H] 'EYES >E /ILL LIFT$ TO ! HORIZON ( BUS9ESS'1 & ?\< 9 BUS9ESS T]MS ,AM]ICA 9DE$ RULES ! WORLD1 ITS PR(ITABILITY IS QUE/IONABLE & ITS FUTURE 9SECURE4 ,) ! '5D' ( ! SECOND WORLD W> & 9 VIEW ( ! VA/ DEVA/ATION ( BO? ,EUROPE & ,ASIA1 ! REVIVAL ( ! DI/URB$ WORLD ECONOMY BECAME ,AM]ICA'S RESPONSIBILITY4 ,H[EV]1 ,UNIT$ ,/ATES AID TO ! \TSIDE WORLD WAS /ILL CONCEIV$ 9 BUS9ESS T]MS4 ,DESPITE ,AM]ICA'S P]SI/5T FAVORABLE BALANCE-(-TRADE ?R\<\T ! 9T]-W> YE>S1 IT WAS /ILL HELD POSSIBLE ?AT AN 9T]NATIONAL TRADE EQUILIBRIUM C\LD BE REE/ABLI%$ ?R\< 9T]NATIONAL L5D+ & 9VE/M5TS4 ,9 ,ALV9 ,H4 ,HANS5'S OP9IONS ( #a#i#d#e1 = 9/ANCE1 UNCEAS+ ,AM]ICAN LOANS W\LD NOT ONLY SECURE FULL EMPLOYM5T AT HOME BUT MAY LEAD TO SU* A G5]AL EXPANSION ( CAPITAL AS TO ALL[ = REPAYM5TS & 9T]E/4 ',IF WE MANAGE \R [N AFFAIRS REASONABLY WELL1' HE WROTE1 'IF WE 5T] 9TO 9T]NATIONAL COOP]ATION ON 9T]NATIONAL MONET>Y & F9ANCIAL >RANGEM5TS1 & IF ! =EIGN LOANS >E 9VE/$ 9 PRODUCTIVE & USEFUL PROJECTS1 !N IT IS REASONABLE TO SUPPOSE ?AT OV] A LONG-RUN P]IOD ! 9T]E/S & AMORTIZATION *>GES CAN BE PAID4 ,!Y WILL BE RELATIVELY SMALL 9 PROPORTION TO TOTAL 9T]NATIONAL TRANSACTIONS & CAN QUITE EASILY BE MANAG$ 9 A REASONABLY /ABLE & PROSP]\S WORLD4'.<#b.> ,?IS *E]FUL /ATEM5T BAS$ ITSELF ON ! UNREALI/IC HOPE ?AT '! RISE ( ,RUSSIA ON ONE SIDE ( ! GLOBE & ! ECONOMIC & MILIT>Y P[] ( ! ,UNIT$ ,/ATES ON ! O!R1 444 PRES5TS A NEW BASIS = WORLD SECURITY & PEACE'1.<#c.> & ON ! PROJECTION ( ,KEYNES' UNPROV5 MONET>Y !ORY ( CAPITAL EXPANSION FROM ! NATIONAL TO ! 9T]NATIONAL SCALE4 ,! ILLUSION ( A CONT9U$ ,AM]ICAN-,RUSSIAN COOP]ATION )9 ! FRAMEWORK ( ! ,UNIT$ ,NATIONS WAS SOON %ATT]$1 H[EV]2 NOT A LA/+ PEACE BUT ! 'COLD W>' FOLL[$ ! DEFEAT ( ! ,AXIS P[]S4 ,NOT ! DESIR$ 9TEGRATION ( ! WORLD ECONOMY BUT 9ESCAPABLE P[] POLITICS DET]M9$ ,AM]ICA'S L5D+ POLICY1 ! \TRI%ALL ,PLAN AID4 ,IT IS HOP$1 ( C\RSE1 ?AT !SE 'EM]G5CY /EPS' WILL 9CID5TALLY HELP /R5G!N ! NECESS>Y TR5D T[>DS A WORLD-TRADE EQUILIBRIUM1 & ?AT ! SEEM+LY UNPR(ITABLE SUBSIDIES ( TO-DAY MAY YET BECOME TO-MORR['S PR(ITABLE BUS9ESS4 ,BUT ?US F>1 !Y HAVE L$ ONLY TO NEW 'EM]G5CY /EPS' 9 A CONSI/5TLY DIS9TEGRAT+ WORLD ECONOMY4 ,TE/IFY+ 9 BEHALF ( ! ,EUROPEAN ,RECOV]Y ,PROGRAM1 ,SECRET>Y ( ,/ATE ,DEAN ,A*ESON PO9T$ \T1 ?AT 9 ORD] TO MA9TA9 ! VOLUME ( ,AM]ICAN EXPORTS :I* ! FREE WORLD NE$S1 IT W\LD BE NECESS>Y TO ALL[ = ,EUROPEAN IMPORTS1 TO 9VE/ ,AM]ICAN CAPITAL1 TO GRANT LOANS1 & TO CONT9UE TO GIVE GIFTS4 ',IT IS 9 ! C>RY+ \T ( SU* A POLICY1 & 9 \R DET]M9ATION 444 TO DO IT H[EV] LONG IT TAKES & :ATEV] IT REQUIRES ( US1' HE CONCLUD$1 '?AT ! FRU/RATION ( ! ,KREML9'S DESIGN = WORLD DOM9ION LIES4'.<#d.> ,( ! WAYS M5TION$ TO MA9TA9 ! REQUIR$ VOLUME ( ,AM]ICAN EXPORTS1 ONLY ! LA/ IS ( IMM$IATE SIGNIFICANCE4 ,?IS WAS MADE CLE> BY ,PAUL ,G4 ,H(FMAN1 :O /AT$1 ?AT 'BY #aiec ! ,M>%ALL-PLAN C\NTRIES WILL B>ELY HAVE !IR NOSES ABOVE WAT]' & ?AT 'NO SUB/ANTIAL IMPROVEM5T CAN BE EXPECT$ = ! NEXT DECADE'4 ,HE FELT1 '?AT IT WILL TAKE FIFTY YE>S = ,EUROPE TO COME BACK TO :]E %E CAN BUY & PAY = :AT !Y NE$ FROM US & S]VICE ALREADY EXI/+ LOANS'4 ,TO ASK ,EUROPE TO ACCEPT AID 9 ! =M ( ADDITIONAL REPAYABLE LOANS1 HE CONSID]$ AN 'IMMORAL ACT'1 AS SU* LOANS C\LD NEV] BE COLLECT$4 ,F> FROM DESPAIR1 H[EV]1 ,PAUL ,H(FMAN PO9T$ \T1 ?AT ! SECOND WORLD W> 'WILL HAVE CO/ ! ,UNIT$ ,/ATES @s#a TRILLION #c BILLION BE=E IT IS F9ALLY PAID ='1 9 VIEW ( :I* ! ,M>%ALL AID EXP5DITURE NECESS>Y TO AVOID ANO!R W>1 'WILL TURN \T TO BE ! GREATE/ B>GA9 ! ,AM]ICAN PEOPLE EV] HAD4'.<#e.> ,! POLITICAL & ECONOMIC RELATIONS BETWE5 ! ,AM]ICAN & ! ,EUROPEAN ,CONT95T1 REPRES5T ONLY ONE ASPECT ( ! P[] PROBLEMS BESETT+ ! WORLD4 ,!RE IS ! QUE/ION ( ,ASIA1 ( ! BACKW>D C\NTRIES 9 G5]AL1 ) :I* ,UNIT$ ,/ATES POLICY MU/ CONC]N ITSELF4 ,H]E1 H[EV]1 ,AM]ICA HAS MET ) LITTLE OR NO SUCCESS4 ,NO ,M>%ALL ,PLAN WELDS ! ,EA/]N NATIONS TO ! ,UNIT$ ,/ATES1 NO ,PACIFIC PACT MAT*ES ! ,ATLANTIC PACT4 ,LOANS & DIRECT AID C\LD NOT /EM ! 'LIB]ATION' MOVEM5TS :I* T]M9ATE 9 ! ,RUSSIAN P[] BLOC4 ,APP>5TLY1 ! W> 9 ! ,PACIFIC YIELD$ NO?+2 ! :OLE ( ,ASIA1 EV5 MORE ?AN ! RE/ ( ,EUROPE1 REMA9S CONTE/$ GR\ND OV] :I* NEW W>S WILL PROBABLY BE F\S1 ,PRESID5T ,TRUMAN (F]$ YET ANO!R 'B>GA9' TO ! ,AM]ICAN PEOPLE BY 9ITIAT+ ! SO-CALL$ ',PO9T ,F\R' PROGRAM = TE*NICAL ASSI/ANCE & G5]AL AID TO ECONOMICALLY UND]-DEVELOP$ C\NTRIES4 ,BE+ ,PRESID5T1 H[EV]1 & !RE=E BUDGET-CONSCI\S1 ,MR4 ,TRUMAN \TL9$ HIS PROGRAM 9 A LIMIT$ =M & 9 BUS9ESS-LIKE FA%ION4 ,SUSPECT$ ( H>BOR+ 'SOCIALI/ T5D5CIES'1 HE /RESS$ ! NE$ = ! \TFL[ ( PRIVATE 9VE/M5TS B5EFICIAL TO BACKW>D NATIONS4 ,TO ACCEL]ATE SU* 5DEAVORS1 HE RECOMM5D$ ?AT ! ',EXPORT-,IMPORT ,BANK BE AU?ORIZ$ TO GU>ANTEE ,UNIT$ ,/ATES PRIVATE CAPITAL 444 AGA9/ ! RISKS PECULI> TO ?OSE 9VE/M5TS'1 SU* AS ! 'DANG]S ( 9CONV]TIBILITY'1 & ! 'DANG]S ( EXPROPRIATION'4 ,AL?\< ,MR4 ,TRUMAN MADE IT CLE> '?AT ! DEVELOPM5T ( UND]-DEVELOP$ ECONOMIC >EAS IS ( MAJOR IMPORTANCE 9 \R =EIGN POLICY'1 HE =E/ALL$ ALL POSSIBLE ACCUSATION ( FO/]+ 'DOLL> DIPLOMACY' BY SUGGE/+ ! CLOSE/ COOP]ATION BETWE5 ! ,UNIT$ ,/ATES1 ! ,9T]NATIONAL ,BANK = ,RECON/RUCTION & ,DEVELOPM5T1 & ! ,UNIT$ ,NATIONS ,ORGANIZATION 9 ! EXECUTION ( ! PROGRAM4 ,! ,ADM9I/RATION'S ',PO9T ,F\R' PROPOSALS W]E CRITICIZ$ BECAUSE ( !IR N>R[NESS & /+9ESS4 ,?IS IS NO FIELD = PRIVATE 9VE/M5TS1 IT WAS SAID1 AS ! CONDITIONS 9 ,EUROPE & ,ASIA DO NOT ATTRACT PRIVATE CAPITAL DESPITE ALL GU>ANTEES4 ,! :OLE PROJECT WAS TOO 9SIGNIFICANT TO AFFECT ! MIS]ABLE LIV+ CONDITIONS 9 BACKW>D >EAS4 ,IT %\LD BE 5L>G$1 %\LD 5COMPASS MORE T]RITORY & RELEASE GREAT] ACTIVITY2 IT %\LD BE GOV]NM5T-F9ANC$1 & C>RI$ \T 9 A TRUE SPIRIT ( 9T]NATIONALITY4 ,JAMES ,P4 ,W>BURG1 = 9/ANCE1 SAW 9 ! ,ADM9I/RATION'S PROPOSALS JU/ ANO!R EXAMPLE ( ,AM]ICA'S 'B>GA9-BASEM5T DIPLOMACY'1 9 :I* ! 'IMMATURITY' ( H] =EIGN POLICY MANIFE/S ITSELF4 ,HE PLEAD$ = ! EXT5SION ( ! ',PO9T ,F\R' PROGRAM F> BEYOND ! CONSID]ATIONS ( ITS ORIG9ATORS1 & = ITS 9TEGRATION ) ! ,M>%ALL ,PLAN1 SO AS TO YIELD A BROAD] PLAN ( WORLD-WIDE RECON/RUCTION & DEVELOPM5T4 ,BECAUSE ,AM]ICA HAS AT PRES5T 'AB\T TW5TY BILLION DOLL>S A YE> ( EXCESS PRODUCTIVE CAPACITY TO USE 9 ! IMPLEM5TATION ( H] =EIGN POLICY'1 ,W>BURG SUGGE/$ A HUGE PROGRAM ( CAPITAL EXPORTS DESIGN$ TO 'BUILD UP ! PUR*AS+ P[] ( ! O!R NATIONS ( ! WORLD TO A PO9T :]E1 EV5TUALLY 444 ! DANG]\S GAP 9 ,AM]ICA'S BALANCE ( PAYM5TS WILL BE ELIM9AT$'4.<#f.> ,=EIGN AID1 9 ,MR4 ,W>BURG'S OP9ION1 MU/ BE MORE ?AN 'M]ELY ANO!R 9/RUM5T 9 ! EXI/+ NEGATIVE P[] /RUGGLE'4 ,9 ! WORDS ( ! ,PRESID5T1 IT MU/ REALLY 'HELP ! FREE PEOPLES ( ! WORLD1 ?R\< !IR [N EF=TS1 TO PRODUCE MORE FOOD1 MORE CLO?+1 MORE MAT]IALS = H\S+1 & MORE ME*ANICAL P[] TO LI ,ONLY ?US WILL !Y BE 5ABL$ TO COMBAT 'FALSE DOCTR9ES' & TO DEF5D ! DEMOCRATIC WAY ( LIFE4 ,\T ( O!R CONSID]ATIONS BUT 9 ! SAME VE91 ,S5ATOR ,BR9E ,MC,MAHON1 9 SPEAK+ ON ! PROBLEMS ( ! HYDROG5 BOMB1 SUGGE/$ A YE>LY EXP5DITURE ( T5 BILLION DOLL>S = FIVE YE>S1 = ! ',PO9T ,F\R PROPOSALS1 ! DEVELOPM5T ( ATOMIC 5]GY EV]Y:]E = PEACE1 & G5]AL ECONOMIC AID & HELP TO ALL C\NTRIES1 9CLUD+ ,RUSSIA'4 ,BY SU* A POLICY1 HE SAID1 'WE W\LD HAVE PROBABLY SAV$ MANK9D FROM DE/RUCTION BY FIRE1 & WE W\LD HAVE PAV$ ! WAY T[>D A NEW ]A ( UNIMAG9$ ABUNDANCE = ALL M51 BAS$ UPON ATOMIC 5]GY CON/RUCTIVELY H>NESS$'4.<#h.> ,ON ! O!R SIDE ( ! ,ATLANTIC1 ON ! RECEIV+-5D SO TO SPEAK1 AN EV5 GREAT] OPTIMISM SUPPORTS ! SP5D+ POLICY4 ,NOT ?9K+ 9 T]MS ( W>1 & ASSUM+ A FULL ,EUROPEAN RECOV]Y ?R\< ,AM]ICAN HELP1 ,IREL&'S =EIGN M9I/] ,SEAN ,MAC,BRIDE1 = 9/ANCE1 5VISION$ A COM+ SITUATION 9 :I* BO? ,EUROPE & ,AM]ICA1 9 ORD] TO MA9TA9 FULL EMPLOYM5T1 WILL BE =C$ TO DIS5CUMB] !MSELVES ( *RONIC OV]PRODUCTION BY WAY ( SOME =M ( PEACE-TIME L5D-LEASE & ! P]IODIC CANCELLATION ( 9T]NATIONAL CR$IT BALANCES4 ,HE PROPOSES ! S5D+ ( ALL SURPLUSES TO ! WORLD'S UND]-DEVELOP$ >EAS2 A PROJECT TO BE F9ANC$ BY A GIGANTIC ,AM]ICAN-,EUROPEAN JO9T 9VE/M5T POOL4 ',SURPLUS \TPUT1' HE SAID1 '%\LD NEV] BE CONSID]$ A PROBLEM AS LONG AS PEOPLE 9 ANY P>T ( ! WORLD >E UND]F$ & LIV+ 9 SUBNORMAL CONDITIONS1 UNTIL1 AS ,KEYNES HAS BE5 QUOT$ AS SAY+ 0! LA/ ,HOTT5TOT [NS A ,ROLLS-,ROYCE C>04.<#i.> ,I,I ,! UNREALI/IC ?9K+ H]E REC\NT$1 :I* TRIES TO MAKE AN ECONOMIC VIRTUE \T ( ! POLITICAL NECESSITY TO SUPPORT & /ABILIZE ! NON-BOL%EVIK WORLD1 CAN S]VE AS NO MORE ?AN AN APOLOGY = ! CURR5T SUBSIDIZ+ PRACTICES4 ,AL?\< !Y >E SUPPLEM5T$ H]E & !RE BY DIRECT MILIT>Y AID1 F9ANCIAL MEANS ( CONTROL >E /ILL ( MAJOR IMPORTANCE TO ! ,WE/]N NATIONS4 ,AU?ORIT>IAN ME?ODS ( CONTROL >E AVAILABLE ONLY TO A LIMIT$ DEGREE UND] ! EXCEPTIONAL CIRCUM/ANCES ( OCCUPATION & W>4 ,O!RWISE1 AS ,DEAN ,A*ESON HAS PO9T$ \T1 ',WE DO NOT 9T5D1 NOR WI%1 9 FACT WE DO NOT KN[ H[1 TO CREATE SATELLITES'4.<#a.> ,! /RICT POLITICAL 9TEGRATION ?AT *>ACT]IZES ! ,RUSSIAN RELATION%IP TO H] SATELLITES1 :]E ! LATT]'S GOV]NM5TS >E M]ELY EXT5SIONS ( ! ,MOSC[ GOV]NM5T1 PRESUPPOSES A TOTALIT>IAN \TLOOK1 T]RORI/IC ME?ODS ( CONTROL1 & DET]M9ATION T[>DS A COMPLETE 9TEGRATION ( ! V>I\S ECONOMIES 9TO ! C5TRALI/ICALLY-DIRECT$ ,RUSSIAN AUT>*Y4 ,ALL ?AT ! ,UNIT$ ,/ATES CAN AT PRES5T DO 9 CONTROLL+ O!R GOV]NM5TS1 OR 9 9FLU5C+ !IR POLICIES1 IS TO (F] OR TO D5Y FUR!R MAT]IAL & F9ANCIAL AID4 ,DEGREES ( COLLABORATION & CONTROL >E ?US DET]M9$ BY ! V>I\S NATIONAL NE$S & !IR URG5CIES1 & BY ! MEANS AVAILABLE = =EIGN AID4 ,:ILE ! NE$S ( ! NATIONS >E UNLIMIT$1 ! MAT]IAL & F9ANCIAL MEANS >E NOT4 ,?IS IS ONE ( ! REASONS :Y ,AM]ICAN AID F9DS MANY OBJECTORS1 :O TRY EI!R TO CANCEL IT1 OR TO CUT ! UNAVOIDABLE EXP5DITURES D[N TO A M9IMUM4 ,! >GUM5TS AGA9/ EXT5SIVE =EIGN AID >E BAS$ ON ! COMPETITIVE OR MONOPOLI/IC NE$S ( SOME 9DU/RIES1 ON ! TRADITIONAL IDEOLOGY ( A BALANC$ BUDGET1 ON ! DEM& = L[] TAXES AS AN 9C5TIVE = PRIVATE 9VE/M5T1 ON ! FE> ( A /RONG GOV]NM5T VIS-A-VIS ! BUS9ESS 9T]E/S1 ON ! ILLUSION ( A POSSIBLE RETREAT 9TO A NEW 'ISOLATIONISM'1 & (T5 M]ELY ON ! AV]SION TO PLAY ,SANTA ,CLAUS ON O!R ?AN ! ,*RI/MAS DAYS4 ,!SE >GUM5TS 9DICATE ACTUAL & IMAG9$ DISCREPANCIES BETWE5 'SOCIAL' & 'PRIVATE' 9T]E/S OR1 RA!R1 BETWE5 ! BUS9ESS 9T]E/S & ! NATIONAL NE$S AS 9T]PRET$ BY ! GOV]NM5T4 ,TO COMPROMISE ! V>Y+ 9T]E/S IS SUPPOS$LY ! FUNCTION ( DEMOCRATIC GOV]NM5T1 OR VICE V]SA ! COMPROMISE IS ?\I\S PRESSURE GR\PS AT ANY P>TICUL> TIME4 ,/ILL1 ! MANN] 9 :I* ! 'G5]AL L9E' IS MA9TA9$1 IS TO SOME EXT5T DEP5D5T UPON ! *ANG+ =TUNES 9 ! 9T]NAL POLITICAL /RUGGLES1 :I* RESULT AT TIMES 9 CONTRADICTORY DECISIONS4 ,) REG>D TO =EIGN POLICY1 TO BE SURE1 ! GOV]NM5T ALREADY 5JOYS A L>GE DEGREE ( 9DEP5D5CE1 5ABL+ IT TO FOLL[ AN ELECT$ C\RSE ( ACTION TO ITS 5D4 ,BUT IT DOES NOT POSSESS ! UNHAMP]$ AU?ORIT>IAN MANOEUVREABILITY GIV5 TO ! ,RUSSIAN ADV]S>Y4 ,IT MU/ /ILL ASK = FUNDS1 & ITS DEM& MAY NOT BE GRANT$4 ,ASSUM+ !N ?AT ,AM]ICA'S EXP5DABLE FUNDS W]E AS L>GE AS !Y >E ?\TIFICIALITY ( ! QUE/ION 'TO UP5D OR NOT TO SP5D = WORLD SECURITY & PEACE'1 IS BR\E QUITE 9SIGNIFICANT :5 COMP>$ ) ACTUAL HUMAN NE$S 9 ! UND]-DEVELOP$ >EAS ( ! WORLD4 ,!Y >E EV5 SMALL :5 COMP>$ ) ! ACTUAL NE$S 9 ,EUROPE & ,AM]ICA4 ,!RE W\LD NOT BE MU* SURPLUS \TPUT 9 ! ,UNIT$ ,/ATES = SOME TIME TO COME IF ! NE$S ( ! L[-PAID SECTIONS ( ! POPULATION W]E GIV5 CONSID]ATION1 IF SLUMS W]E ABOLI%$ & WORK+ CONDITIONS HUMANIZ$4 ,:ATEV] SURPLUS PRODUCTION !RE IS1 DOES NOT SUFFICE TO MITIGATE TO ANY NOTICEABLE EXT5T ! NE>-/>VATION OR ACTUAL FAM9E CONDITIONS UND] :I* ! BULK ( HUMANITY EXI/S4 ,BUT EV5 IF ! SURPLUS \TPUT C\LD BE RAIS$ SO AS TO BECOME AN EFFECTIVE WEAPON AGA9/ ! POV]TY ?AT 5DANG]S ! PEACE1 IT CANNOT BE EXPECT$ ?AT A '%>E-!-WEAL? PLAN'1 :ILE REJECT$ AT HOME1 W\LD F9D APPLICATION ON ! 9T]NATIONAL SC5E4 ,HELP IS (F]$1 !RE=E1 ONLY TO ?OSE 'WILL+ TO HELP !MSELVES'1 ?AT IS1 TO NATIONS CAPABLE ( DEVELOPM5T & READY TO SUPPORT A 'FREE' WORLD ECONOMY4 ,TO 9ITIATE !IR CAPITAL =MATION &1 EV5TUALLY1 TO P>TAKE 9 ! RESULT+ REW>DS1 >E ! ECONOMIC REASONS ADVANC$ 9 SUPPORT ( ! POLITICAL CONSID]ATIONS ( ! =EIGN AID PROGRAM4 ,! ALLEVIATION ( HUMAN MIS]Y IS SE5 AS ! BYPRODUCT ( A L>G] \TPUT & A GREAT] PRODUCTIVITY 9 ! BACKW>D REGIONS2 ! PUMP-PRIM+ POLICY ( ! DEPRESSION YE>S IS TO BE APPLI$ 9T]NATIONALLY4 ,BUT NOT ) ! OPTIMISM & AB&ON ( ! E>LI] NATIONAL S*EMES ( GOV]NM5T-F9ANC+1 :I* HAD BE5 BAS$ UPON ITS ASSUM$ 'MULTIPLI] EFFECT' ON CONSUM] SP5D+4 ,AL?\< PUMP-PRIM+ 9 UND]-DEVELOP$ NATIONS REQUIRES NOT ONLY MONET>Y MEANS BUT ALSO TE*NICAL ASSI/ANCE1 ,DEAN ,A*ESON MADE BOLD TO SAY ?AT '! REM>KABLE ?+ AB\T ?IS K9D ( HELP IS ?AT Y\ CAN GET BIG RESULTS BY MAK+ A COMP>ATIVELY SMALL \TLAY ( DOLL>S = ! S]VICES ( SKILL$ PEOPLE'4.<#a#a.> ,EV5 BE=E ANY TYPE ( HELP WAS ACTUALLY MOBILIZ$1 HE ASSUR$ ! ,AM]ICAN PEOPLE ?AT ,AM]ICAN AID W\LD NOT BUILD L>GE MILLS1 M9ES & FACTORIES1 BUT W\LD M]ELY SUPPORT AN $UCATIONAL PROGRAM DESIGN$ TO TEA* ! PEOPLE 9 ! UND]-DEVELOP$ REGIONS TO DO ?+S = !MSELVES4 ,?IS =M ( AID1 ( C\RSE1 IS NOT A PRACTICAL SOLUTION = ! PROBLEMS BESETT+ ! BACKW>D NATIONS 9 'T]MS ( FOOD1 %ELT]1 & A DEC5T LIVELIHOOD'1 BUT SOLVES AT MO/ ! EMPLOYM5T PROBLEMS ( SOME ,AM]ICANS HUNT+ = JOBS ABROAD4 ,& EV5 ?IS IS QUE/IONABLE1 AS ! TE*NICAL 'KN[-H[' )\T ! TE*NICAL ':]E)AL' IS QUITE SUP]FLU\S4 ,I,I,I ,! MEAG] SUGGE/IONS ( ,GOV]NM5T1 ,CONGRESS1 & ,S5ATE ) REG>D TO ,AM]ICAN AID UND] ',PO9T ,F\R' JU/IFY ! ACCUSATIONS ( 9S9C]ITY & LACK ( UND]/&+ BR\%ALL ,PLAN4 ,!IR [N 'G5]OSITY'1 H[EV]1 IS AS 9APPLICABLE AS ! 'REALI/IC' GOV]NM5T-PROGRAM IS MEAN+LESS4 ,9 ! FIR/ PLACE1 !RE IS ! DIFFICULTY ( RAIS+ ! FUNDS NECESS>Y TO F9ANCE ! PEACE ( ! WORLD 9 AN ECONOMY 9 :I* NO ONE1 & NO 9/ITUTION1 HAS AT ANY TIME SUP]FLU\S FUNDS1 :]E AT ALL TIMES ALL FIG] %>E ( ! NATIONAL 9COME :ATEV] ITS SIZE4 ,BUT ASIDE FROM ?IS1 ! IMM$IATE PRESSURES ( ! PREVAIL+ P[] /RUGGLES )9 ! NATION1 AMONG ! NATIONS1 & BETWE5 ! TWO DOM9AT+ P[] BLOCS1 EXCLUDE ! ADOPTION ( A WORLD-WIDE WELF>E PROGRAM = ! ABATEM5T ( ! SOCIAL & IMP]IALI/ FRICTIONS ?AT DRIVE ! WORLD T[>DS W>4 ,5GL&'S PROSP]ITY1 = 9/ANCE1 DEP5DS UPON OV]SEAS SUPPLIES ( ESS5TIAL FOOD/UFFS & RAW MAT]IALS4 ,5GAG$ 9 AN ATTEMPT TO REGA9 H] =M] EX*ANGE POSITION1 %E CAN H>DLY %>E ! 5?USIASM = ! 9DU/RIAL DEVELOPM5T ( ! BACKW>D >EAS4 ,9 FACT1 %E CANNOT HELP BUT SABOTAGE SU* 5DEAVORS1 S9CE 'ANYONE FAMILI> ) ! PRES5T COMPELL+ DESIRES ( UND]-DEVELOP$ PRIM>Y PRODUC+ C\NTRIES TO 9DU/RIALIZE & TO TURN TO ! DOME/IC PRODUCTION ( MANUFACTUR]S WILL REALIZE ! SPECIAL DANG]S :I* N[ CONFRONT ! BALANCE ( PAYM5TS ( A C\NTRY 9 ,5GL&'S POSITION4'.<#a#b.> ,A REAL CONC]N = ! BACKW>D NATIONS W\LD BE /RANGE1 ,9DE$1 AT A TIME :5 ! HIE TURN$ 9TO UND]-DEVELOP$ >EAS ) A GREAT AM\NT ( UNEMPLOY$ 'KN[-H['4 ,AT ! FIR/ SIGN ( A REVIVAL ( ,JAPAN'S 9DU/RY '! COTTON MANUFACTUR]S ( ,GREAT ,BRITA9 444 CALL$ UPON ,AM]ICAN MILL OP]ATORS TO JO9 9 AN EF=T TO LIMIT ,JAPAN'S ACTIVITIES 444 ,AM]ICAN %IPP+ OP]ATORS1 FE>+ ! EFFECTS ( A RESURG5T ,JAPANESE M]*ANT M>9E >E = PREV5T+ ! REOP5+ ( WORLD %IPP+ TO ,JAPANESE VESSELS4'.<#a#c.> ,& ?IS NOT)/&+ ! ALLEG$ PREOCCUPATION ) ! 9CREASE ( WORLD PRODUCTION & ) ! EXT5SION ( WORLD TRADE1 & NOT)/&+ ,JAPAN'S DAMAG$ & WORN-\T 9DU/RIAL EQUIPM5T1 H] PAUCITY ( NATURAL RES\RCES1 H] #h MILLION POPULATION 9 A DECREAS$ >EA1 UNABLE TO FE$ !MSELVES SAVE BY 9CREAS+ 9DU/RIAL EXPORTS4 ,?IS ATTITUDE CONTRADICTS ! CURR5T PROPAG&A = A G5]AL BETT]M5T ( LIV+ /&>DS4 ,IT MADE NO S5SE TO ,S5ATOR ,MC,C>RAN1 = 9/ANCE1 :O WOND]$ AB\T ! 'S5SELESS POLICY ( DE/RUCTION ( ,G]MAN 9DU/RIAL FACILITIES' & ! '5=C$ P>ALYZES' ( ! ,G]MAN ECONOMY4 ',DE/ROY+ /EEL PLANTS 9 ,WE/]N ,G]MANY1' HE SAID1 '& !N US+ ,AM]ICAN DOLL>S TO ]ECT !M ELSE:]E IS %ORTSI ,AS WE HAVE LE>N$ FROM ,DEAN ,A*ESON1 H[EV]1 '/EEL PLANTS' >E NOT 9 ! ',PO9T ,F\R' PROGRAM1 SO ?AT 'ELSE:]E' CAN ONLY MEAN ! ,WE/]N NATIONS ALLI$ TO ! OV]ALL /RATEGY ( ! 'COLD W>'4 ,! ,AM]ICAN-,RUSSIAN P[] CONFLICT COMMITS ! ,UNIT$ ,/ATES TO ! ATTEMPT TO SECURE ! CONT9UATION ( ,WE/]N ,EUROPE 9 ITS PRES5T SOCIO-ECONOMIC =M4 ,?IS IMPLIES ! PROPP+-UP ( ! ,WE/-,EUROPEAN NATIONS & ! SUPPORT ( !IR POLICIES VIS-A-VIS VANQUI%$ ,G]MANY4 ,IT IMPLIES BO? ! ,MORG5?AU ,PLAN & ! ,M>%ALL ,PLAN4 ,AS ,G]MANY CANNOT BE REVIV$ )\T ALT]+ ! EXI/+ P[] RELATION%IPS1 ALL REVISIONS ( ! ,MORG5?AU ,PLAN REQUIR$ A RELATIVELY GREAT] /R5G!N+ ( ! ,ATLANTIC-PACT NATIONS4 ,BUT NO REAL ,EUROPEAN REVIVAL IS POSSIBLE )9 ! SETT+ ( ! 'COLD W>' & )\T A FULL REG5]ATION ( ! ,G]MAN ECONOMY4 ,AM]ICAN AID TO ,WE/]N ,EUROPE CAN !RE=E NOT BE T]M9AT$1 DESPITE ! TIME-LIMIT SET TO ! ,M>%ALL ,PLAN4 ,?IS IS ! DILEMMA ( A VICTORY :I* DE/ROY$ ONE ASPIRANT = WORLD RULE ONLY TO RAISE ANO!R4 ,( ALL ,AM]ICAN AID 9 ! PO/W> YE>S AB\T #i P] C5T1 W5T TO ,WE/]N ,EUROPE4 ,) ! ACC5TUATION ( ! CONFLICT BETWE5 ! ',EA/' & ! ',WE/'1 LITTLE AID WILL BE GIV5 ! BACKW>D >EAS4 ,?IS MIS]L9ESS F9DS ITS REASON NOT ONLY 9 ! NE$ TO CONC5TRATE UPON ! URG5CIES ( ! MOM5T1 BUT ALSO 9 ! DIFFICULTY ( FITT+ ! BACKW>D REGIONS 9TO ! ,AM]ICAN /RATEGY4 ,9 ! DIVID$ WORLD ( TO-DAY1 !RE IS NO 9DEP5D5T WAY = ! UND]-DEVELOP$ NATIONS TO P>TAKE 9 WORLD AFFAIRS4 ,!Y MU/ L9E UP ) EI!R ONE OR ! O!R ( ! P[] BLOCS4 ,!Y CANNOT *OOSE FREELY BETWE5 COMPET+ SOCIAL SY/EMS1 BUT >E SUBJECT$ TO 9T]NAL & EXT]NAL PRESSURES (T5 9EXPRESSIBLE 9 T]MS ( DOLL>S & C5TS4 ,IT WILL !RE=E NOT DO1 TO ASK ! ,*9ESE 'PEOPLE' TO COMP>E ! ,RUSSIAN CR$IT ( 'NO MORE ?AN @s#d#e11 P] YE>' )0 ! ,AM]ICAN 'GRANT--NOT LOAN--( @s#d11 444 9 ! S+LE YE> ( #a#i#d#h'1.<#a#e.> 9 ORD] TO CONV9CE !M ( ! UNREASONABL5ESS ( !IR *OICE ( ALLIES4 ,IT IS NOT ,RUSSIAN ECONOMIC AID ?AT TURN$ ,*9A 'COMMUNI/'1 BUT ! ,RUSSIAN SUCCESS 9 ! LA/ W>4 ,!RE SIMPLY IS NO O!R P[] 9 ,*9A'S PROXIMITY ABLE TO C\NT]BALANCE ,RUSSIA'S NEW 9FLU5CE 9 ,ASIA4 ,NEI!R WILL IT DO TO PO9T TO ! 'LACK ( ANY SIGN ( A GREAT PROGRAM ( 9DU/RIALIZATION' & TO SURMISE ?AT ,RUSSIAN POLICY 9T5DS 'TO MAKE ,*9A'S ECONOMY MORE 0COLONIAL0 ?AN BE=E1 SO ?AT IT CAN PROVIDE FOOD/UFFS & RAW MAT]IALS = ! NEW 9DU/RIAL >EA ( ,SIB]IA4'.<#a#f.> ,= :E!R ?IS IS SO OR NOT IS QUITE BESIDE ! PO9T1 AS IT IS N[ ,RUSSIA'S TURN 9 ,ASIA4 ,& ,RUSSIAN IMP]IALISM 9CORPORATES ! ,ASIATIC 'LIB]ATION' MOVEM5TS1 & ! ATTEMPTS TO 'REVOLUTIONIZE' !IR ECONOMIC LIFE ALONG /ATE-CAPITALI/ PATT]NS4 ,! TURMOIL 9 ! 'AWAK5+' BACKW>D REGIONS CANNOT BE 5D$ BY AID+ !IR DEVELOPM5T1 AS IT IS ?IS DEVELOPM5T :I* CAUSES ! F]M5T4 ,A *ANG$ WORLD SITUATION PREV5TS ?IS DEVELOPM5T FROM FOLL[+ ! DIRECTION ( ! LAISSEZ FAIRE IDEOLOGY4 ,9 ALL ,WE/]N NATIONS GOV]NM5T CONTROL OV] ! ECONOMY1 & OV] SOCIAL LIFE 9 G5]AL1 HAS BE5 /EADILY 9CREAS+4 ,?IS HAS LONG BE5 A FACT 9 ,RUSSIA1 & IT IS NE>+ COMPLETION 9 H] SATELLITES4 ,EV5 ! ,AM]ICAN ECONOMY OP]ATES MORE UPON GOV]NM5T ?AN UPON PRIVATE CAPITAL4 ,UND] SU* CONDITIONS1 ,*9A'S DEVELOPM5T1 = EXAMPLE1 C\LD ONLY LEAD TO ! COMPLETION ( ! TOTALIT>IAN /RUCTURE PREP>$ BY ! ,KUOM9TANG4 ,BY SUPPORT+ ?IS TYPE ( DEVELOPM5T1 AS ,JOHN ,K+ ,FAIRBANK WRITES1 ',RUSSIA IS /ILL TURN+ TO H] 5DS ! POT5TIALITIES ( REVOLUTION 9 BACKW>D >EAS'4 ,AS ! FIR/ PR]EQUISITE = A SUCCESSFUL P[] COMPETITION 9 ,ASIA1 HE SUGGE/S 'A CONT9U$ EVOLUTION>Y DEVELOPM5T 9 ! ,UNIT$ ,/ATES'1 ! CONT5T ( :I*1 H[EV]1 HE DOES NOT REVEAL4 ,BUT ?IS MY/]I\S 'EVOLUTION' IS TO 5ABLE ,AM]ICA 'TO RETA9 LEAD]%IP 9 ! WORLD-WIDE /RUGGLE = 9DIVIDUAL POLITICAL LIB]TY :ILE AT ! SAME TIME AID+ O!R PEOPLES 9 POOR] CIRCUM/ANCES TO DEVELOP :ATEV] DEGREES ( COLLECTIVI/ OR SOCIALI/ ECONOMY !Y NE$ TO MEET !IR PROBLEMS'4.<#a#g.> ,BUT :Y /OP !RE8 ,:Y NOT 9CLUDE ! 'PEOPLE 9 POOR] CIRCUM/ANCES' :O >E 9 ,EUROPE1 OR EV5 9 ! ,UNIT$ ,/ATES8 ,H[EV]1 AS LITTLE AS ,RUSSIA IS 9CL9$ TO SUPPORT PRIVATE PROP]TY 9 ! ,UNIT$ ,/ATES1 JU/ AS LITTLE C\LD ,AM]ICA BE 9T]E/$ 9 ! DEVELOPM5T ( /ATE-CAPITALI/ SY/EMS ABROAD4 ,9 ! SECOND WORLD W>1 TO BE SURE1 TOTALIT>IAN & DEMOCRATIC NATIONS F\IAN P[]S1 & EV5 TO-DAY ,AM]ICAN & ,BRITI% LOANS REA* ,YUGOSLAVIA4 ,BUT SU* ALLIANCES DO NOT AFFECT ! DIFF]5CES BETWE5 ! COMPET+ SOCIAL SY/EMS1 EV5 ?\< ! IMP]IALI/ DIVISION BETWE5 AU?ORIT>IAN & DEMOCRATIC REGIMES IS REFLECT$ 9 ALL ! LIB]ALI/IC NATIONS AS ! PROBLEM ( /ATE-CONTROL & NATIONALIZATION4 ,:AT 9 SOME C\NTRIES /ILL APPE>S AS A CONFLICT BETWE5 GOV]NM5T & BUS9ESS1 MANIFE/S ITSELF ON ! WORLD-WIDE SCALE AS AN OPPOSITION BETWE5 'COMMUNISM' & CAPITALISM4 ,/ILL1 ! OPPOSITION IS REAL & CANNOT BE RESOLV$ BY WAY ( >GUM5T4 ,PR(ESSOR ,FAIRBANK'S IMPROVEM5T UPON ! PROPAG&A-SLOGAN ( ! PEACEFUL SIDE-BY-SIDE EXI/5CE ( CAPITALISM & SOCIALISM IS EV5 LESS REALI/IC ?AN ! ORIG9AL4 ,IT OV]LOOKS1 MOREOV]1 ! FACT ?AT ! TOTALIT>IAN /ATE ) ALL ITS COLLECTIVIZATION IS NOT A SOCIALI/ SOCIETY1 & IT IGNORES ! OBVI\S DYNAMICS ( ! PREVAIL+ SOCIAL SY/EMS1 :E!R BAS$ ON PRIVATE-PROP]TY OR /ATE-[N]%IP1 :I* T5D 9 ! DIRECTION ( A C5TRALIZ$ WORLD ECONOMY4 ,NOT)/&+ !SE C5TRALIZ+ T5D5CIES1 NOBODY1 ( C\RSE1 OBJECTS TO ! DEVELOPM5T ( ANY P>T ( ! WORLD '9 PR9CIPLE'4 ,BUT IT MU/ NOT UNFAVORABLY AFFECT ! VE/$ 9T]E/S ( TO-DAY1 IT MU/ NOT DECREASE ! PR(ITABILITY ( ! EXI/+ CAPITAL1 NOR DIM9I% ! POLITICAL P[] ( ! DOM9AT+ /ATES4 ,IF POSSIBLE1 IT MU/ BE A CONTROLL$ DEVELOPM5T1 SUIT$ TO ! ECONOMIC1 POLITICAL & /RATEGICAL NE$S ( ! GREAT P[]S4 ,?US CONDITION$1 ! 'PR9CIPLE' IS VIOLAT$ MORE (T5 ?AN NOT1 & =EIGN DEVELOPM5T1 9 PRACTICE1 IS FUR!R$ BY ADVANC$ NATIONS ONLY TO ! EXT5T TO :I* IT 5HANCES ! 9T]E/S ( ! LATT]4 ,! EMPHASIS1 TO BE SURE1 IS N[ ON P[]2 YET1 P[] = ITS [N SAKE IS NEI!R A CAPITALI/ IDEAL NOR A SOLUTION = ! PREVAIL+ SOCIAL & ECONOMIC PROBLEMS4 ,IT IS US$ SO AS TO LEAD TO A RETURN ( WORLD CONDITIONS1 9 :I* NO?+ MATT]S BUT PR(ITABILITY1 SE5 AS ! M$IUM = A B\NDLESS CAPITAL =MATION ON :I* ! G5]AL WELF>E PRESUMABLY DEP5DS4 ,FROM ! PO9T ( VIEW ( P[] POLITICS1 H[EV]1 IT APPE>S MORE PRACTICABLE TO RETA9 ! /R5G? ( ! ,WE/-,EUROPEAN NATIONS ?AN TO CREATE NEW ALLIES = ,AM]ICA 9 ! BACKW>D REGIONS2 QUITE ASIDE FROM ! QUE/ION :E!R OR NOT ! UND]-DEVELOP$ C\NTRIES W\LD BE WILL+ TO ACCEPT ?IS HONOR4 ,TO TURN !SE >EAS 9TO =MIDABLE OB/ACLES 9 ! WAY ( ,RUSSIAN IMP]IALISM W\LD REQUIRE F> GREAT] SUPPLIES ?AN ?OSE NE$$ TO BOL/] ! ,ATLANTIC DEF5SES4 ,MOREOV]1 ! BACKW>D NATIONS (F] FEW] GU>ANTEES ?AT ,AM]ICAN AID WILL NOT BE TURN$ AGA9/ ,AM]ICAN 9T]E/S4 ,?AT ,WE/]N ,EUROPE HAS PRIORITY 9 ,AM]ICAN /RATEGY IS CLE> ALSO TO ! ,EUROPEANS1 = O!RWISE ,5GL& W\LD NOT BE ABLE TO SUGGE/ ?AT ,AM]ICAN AID TO ,S\?-,EA/ ,ASIA %\LD BE ACCOMPANI$ BY A PROPORTIONATE R$UCTION ( ! ,BRITI% DEBTS 9 ?AT >EA1 ?AT IS1 BE TURN$ 9TO AID TO ,BRITA94 ,O!RWISE !Y W\LD NOT PRES5T ! SOLID ANTI-,RUSSIAN FRONT ( TO-DAY1 OR C>RY ON !IR [N COLONIAL POLICIES 9 CONTRADICTION TO ! PROMISES ( ',PO9T ,F\R'4 ,AT ANY RATE1 ! DI/RIBUTION ( ,AM]ICAN SURPLUS PRODUCTION ALL OV] ! GLOBE W\LD SPREAD IT 9EFFECTUALLY ?94 ,AM]ICAN-,RUSSIAN RELATIONS HAVE REA*$ A PO9T ( DET]IORATION1 :]E ALL POLICY IS GE>$ TO ! EV5TUALITY ( W>4 ,AT SU* A TIME1 :5 'A MASS+ ( ,RUSSIAN TROOPS ON ! ,YUGOSLAV BORD]1 OR ANY:]E ELSE 9 ,EUROPE1 C\LD ADD ?REE TO F\R BILLION DOLL>S TO ! C\NTRY'S PRES5T BUDGET'1.<#a#h.> ONE CANNOT EXPECT MU* SYMPA?Y = ! LONG-RUN NE$S ( ! WORLD ECONOMY AS A :OLE4 ,P>TICUL>LY NOT 9 FACE ( A GOV]NM5T BUDGET ALREADY EXCE$+ #db BILLION DOLL>S1 & 9 VIEW ( ! =?COM+ ADDITIONAL EXP5DITURES SET BY ! /OCKPIL+ ( CRITICAL RAW MAT]IALS1 ! DEVELOPM5T ( NEW & EV] CO/LI] WEAPONS1 & ! G5]AL 9CREASE ( A TYPE ( PRODUCTION 'CONSUMABLE' ONLY BY W>4 ,9DE$1 9 ! WORLD AS IT IS TO-DAY1 A CONSID]ATION ( ! LONG-RUN NE$S ( ! WORLD CAN LEAD TO A DESIRE = W>1 9 ORD] TO REMOVE ! OB/ACLES TO ?IS 5D1 IF ONLY TO /OP A DEVELOPM5T :I* ?REAT5S TO TURN MO/ ( ! WORLD'S LABOR 9TO ,SISYPHUS-LABOR4 ,I,V ,IT IS 9 ORD] TO ESCAPE ! 9EXTRICABLE CONSEQU5CES ( A CONSI/5T P[] POLICY1 ?AT ! SUGGE/IONS = A GLOBAL ,M>%ALL ,PLAN >E MADE4 ,IT SEEMS MORE RATIONAL TO PAY = ! AVOIDANCE ( W> ?AN TO PAY & DIE 9 ACTUAL W>F>E4 ,& IF ! W> %\LD COME NEV]!LESS1 ! ALLIES :O %ALL HAVE BE5 WON BY SU* A POLICY W\LD /ILL 5HANCE ! CAUSE ( ! ,UNIT$ ,/ATES4 ,?IS SEEMS ESPECIALLY PLAUSIBLE TO ?OSE :O ?9K ?AT HELP EXT5D$ TO ! \TSIDE WORLD WILL ULTIMATELY B5EFIT ,AM]ICA'S ECONOMY AS WELL1 & :O FEEL SURE ?AT AN UN9T]RUPT$ G5]AL 9CREASE ( PRODUCTION WILL PR(IT ALL NATIONS & MAY BE 9/RUM5TAL 9 ! PACIFICATION ( ! WORLD4 ,! !ORETICAL BACKGR\ND = ?IS TR5D ( ?\D ,KEYNES' !ORIES ( ! DEPRESSION YE>S4 ,ECONOMIC /AGNATION1 L>GE-SCALE UNEMPLOYM5T1 & ! ECLIPSE ( 9T]NATIONAL TRADE HAD L$ ,KEYNES TO ! CONCLUSION1 ?AT ! CLASSICAL !ORY ( A SELF-ADJU/+ M>KET ME*ANISM CAN WORK ONLY UND] SPECIAL CIRCUM/ANCES :I*1 H[EV]1 NO LONG] EXI/4 ,HE HELD ?AT 9 A 'MATURE' CAPITALI/ SY/EM AN ECONOMIC EQUILIBRIUM ) FULL EMPLOYM5T NE$S = ITS REALIZATION GOV]NM5T 9T]F]5CES :I* W\LD FUR!R ! 9VE/M5T ( CAPITAL4 ,!Y W]E TO OV]COME A SO-CALL$ 'LIQUIDITY PREF]5CE' ON ! P>T ( ! CAPITALI/S1 :O1 BESET BY FE> ( A DECL9+ PR(ITABILITY1 W]E ?\Y POLICIES :I* L[]$ ! RATE ( 9T]E/4 ,ECONOMIC ACTIVITY C\LD BE BOL/]$ BY FISCAL POLICIES1 MANIPULAT+ GOV]NM5T REV5UES & EXP5DITURES SO AS TO COMP5SATE = *ANGES 9 PRIVATE DEM&4 ,L>GE PUBLIC WORKS C\LD 9ITIATE AN ALL-R\ND ADVANCE ( ECONOMIC 5T]PRISE &1 F9ALLY1 A WISELY PLANN$ /ATE-CONTROLL$ 9VE/M5T POLICY W\LD POSSIBLY 5D DEPRESSIONS ALTOGE!R4 ,! SIMULTANE\S PURSUIT ( !SE POLICIES BY ALL C\NTRIES W\LD 9CREASE BO? ! LEVEL ( DOME/IC EMPLOYM5T & ! VOLUME ( 9T]NATIONAL TRADE4 ,?IS 9VOLV$ AB&ONM5T ( A FIX$ GOLD /&>D & A RETURN TO SOME PROTECTIONI/ PRACTICES1 BUT ,KEYNES WAS CONV9C$ ?AT ! DISC>D+ ( ! TRADITIONAL RULES ( 9T]NATIONAL TRADE NE$ NOT LEAD TO AN 9JURI\S COMPETITION = A FAVORABLE BALANCE-(-TRADE4 ,IT W\LD RA!R (F] ! EXI/+ EQUILIBRIUM T5D5CIES AN OPPORTUNITY TO OP]ATE UND] CONDITIONS ( EXPANSION 9/EAD ( CONDITIONS ( CONTRACTION4 ,KEYNES ?\Y 9FLATION & DEFICIT-F9ANC+ W\LD 5ABLE ! GOV]NM5T TO RESUME1 9CREASE1 & REGULATE PRODUCTION4 ,) ! ECONOMY AGA9 9 FULL SW+1 ! DEFICIT C\LD BE RECOV]$ & ! MONEY /ABILIZ$4 ,& ! ,KEYNESIAN !ORIES F\ND APPLICATION DUR+ ! DEPRESSION & EV] S9CE4 ,?OSE :O OPPOSE ?IS !ORY ( 'SP5D+' PO9T TO AN 9ESCAPABLE & F9ALLY UNBE>ABLE 9T]E/ BURD5 9 ! WAKE ( AN 9CREAS+ GOV]NM5T DEBT1 :I*1 BY HAMP]+ PRIVATE 5T]PRISE1 WILL UNDO ! TEMPOR>Y GA9S ) A V5GEANCE4 ,AGA9/ ?IS1 IT IS SAID ?AT A C]TA9 PROPORTIONATE DEVELOPM5T BETWE5 ! NATIONAL 9COME & ! NATIONAL DEBT1 W\LD R5D] ! LATT] H>MLESS4 ,IT IS ALSO >GU$1 ?AT AN 9T]NAL DEBT CANNOT REALLY BE CONSID]$ A DEBT1 AS ! MONEY TAK5 \T ( ! SY/EM IS AGA9 RETURN$ TO IT2 ?AT FROM A 'SOCIAL PO9T ( VIEW' ! :OLE PROC$URE MAY BE LOOK$ UPON AS A M]E MATT] ( BOOK-KEEP+4 ,!ORETICALLY IT IS NOT DIFFICULT TO PROJECT ?IS POSITION FROM ! NATIONAL TO ! 9T]NATIONAL SC5E4 ,& ?IS PROJECTION IS MADE EASY BY ! ACTUAL DEP5D5CE ( ! ,WE/]N WORLD UPON ! ,AM]ICAN ECONOMY1 & BY ! DIVISION ( ! WORLD 9TO TWO COMPET+ SOCIO-ECONOMIC SY/EMS4 ,IF IT IS TRUE ?AT ! NATIONS ( ! ,WE/]N WORLD /& OR FALL TOGE!R1 !Y MAY V]Y WELL BE CONSID]$ AN 5TITY4 ,IF ! ,WE/]N WORLD IS NOT SU* 9 FACT1 A DEVELOPM5T 9 ?IS DIRECTION W\LD NO D\BT BE FUR!R$ BY ! ADOPTION ( A 'SOCIAL PO9T ( VIEW' :I* TRANSC5DS ! N>R[ NATIONAL 9T]E/S4 ,A SLACK5+ ECONOMY1 ACCORD+ TO ,KEYNES1 MAY BE REVIV$ BY FO/]+ EI!R ! '9DUCEM5T TO 9VE/' OR ! 'PROP5SITY TO CONSUME'1 OR ELSE BY ATT5D+ TO BO? SIMULTANE\SLY4 ,HE FAVOR$ AN EMPHASIS UPON ! '9DUCEM5T TO 9VE/'1 AS HE F\ND EV5 ! 'MATURE' SOCIETY %ORT ON PRODUCTIVE CAPITAL4 ,!RE >E O!RS1 ( C\RSE1 :O W\LD LIKE TO EMPHASIZE ! 'PROP5SITY TO CONSUME' BUT DO NOT KN[ H[ TO GO AB\T IT4 ,! ONLY K9D ( 'CONSUMPTION' :I* HAS ?US F> BE5 FAVOR$1 WAS ! DE/RUCTIVE CONSUMPTION ( W>4 ,?IS MAKES ! 'MATURE' SOCIETY SOME:AT LESS MATURE & F9DS ! WORLD 9 /ILL GREAT] NE$ ( ADDITIONAL CAPITAL4 ,KEYNES SAW ! DILEMMA1 BUT 9 FACE ( L>GE-SCALE UNEMPLOYM5T1 HE ?\?QUAKES1 EV5 W>S MAY S]VE TO 9CREASE WEAL?1' HE SAID1 'IF ! $UCATION ( \R /ATESM5 ON ! PR9CIPLES ( ! CLASSICAL ECONOMICS /&S 9 ! WAY TO ANY?+ BETT]4'.<#a#i.> ,& W>1 9CLUD+ DEFICIT-F9ANC+ ON AN UNPREC$5T$ SCALE1 DID GIVE AN 5ORM\S IMPETUS TO ! EXPANSION ( ! ,AM]ICAN ECONOMY4 ,( C\RSE1 SOME O!R C\NTRIES DID NOT DO AS WELL1 & /ILL O!RS W]E R$UC$ TO RUBBLE 9 ! PROCESS1 BUT = ,AM]ICA W> DID '5RI* ! COMMUNITY'4 ,N[1 H[EV]1 AN OLD PROBLEM >OSE ANEW3 :AT TO DO ) ! ADDITIONAL PRODUCTIVE CAPACITY ACQUIR$ DUR+ ! W>8 ,EV5 BE=E ! W>1 'EFFECTIVE DEM&' HAD NOT BE5 L>GE 5\< TO ASSURE FULL EMPLOYM5T4 ,TO MANY PEOPLE1 ! ANSW] TO ?IS PROBLEM IS QUITE SIMPLE2 ALL ?AT IS NECESS>Y = A FULL UTILIZATION ( ,AM]ICA'S PRODUCTIVE CAPACITIES1 !Y ?9K1 IS TO CREATE 'EFFECTIVE DEM&' = PEACEFUL PURPOSES1 JU/ AS IT HAD BE5 CREAT$ = PURPOSES ( W>4 ,SOME1 LIKE ,?URMAN ,>NOLD1 ?9K ?AT ! DE/RUCTION ( ,EUROPE HAS SOLV$ ! PROBLEM ALREADY4 ',DUR+ ! DEPRESSION1' HE SAID1 'WE GOT NO:]E4 ,! GREAT LACK WAS ! ABS5CE ( EFFECTIVE DEM& = \R PRODUCTION4 ,LATELY !SE DEM&S HAVE BE5 CREAT$ \T ( %E] NECESSITY1 & ,I ?9K WE >E 9 A DAWN ( ! GREATE/ 9DU/RIAL ]A ?IS C\NTRY HAS EV] HAD4'.<#b.> ,:5 QUE/ION$1 ':E!R HE REALLY ?9KS ?AT 9 ORD] TO HAVE PROSP]ITY WE >E 9 NE$ ( ! DE/RUCTION ( W>'1 ,>NOLD ANSW]$3 ',( C\RSE DE/RUCTION IS SOMETIMES NECESS>Y4 ,:5 ,HITL] A*IEV$ P[]1 ! DE/RUCTION SEEM$ NECESS>Y444 ,N[ IT IS NECESS>Y TO MEET ! ?REAT ( ,RUSSIA 444 & P]HAPS A C]TA9 AM\NT ( DE/RUCTION OR DISLOCATION MAY ACCOMPANY ! ?REAT1 BUT IT IS NECESS>Y TO DO IT4 ,& :AT HAS HAPP5$ BECAUSE ( ?AT NECESSITY8 ,WE HAVE GOTT5 ON \R TOES & WE >E GO+ PLACES4'.<#b#a.> ,AS ! IDEAS ( ! ,M>%ALL-PLANN]S ADMITT$LY DO NOT SPR+ FROM A NEWLY->IS5 S5SE ( 9T]NATIONAL SOLID>ITY1 BUT FROM ! CONSID]ATION ( WAYS & MEANS TO /OP ,RUSSIAN EXPANSIONISM1 IT IS CLE> ?AT !Y ASSUME ?AT JU/ AS 9 ! CASE ( ! DE/RUCTIVE DEM&S ( W>1 ! MOM5T>ILY 'UNECONOMICAL' DISP]SION ( ,AM]ICAN SURPLUS-PRODUCTION MAY LEAD 9 ! 5D TO AN 'EFFECTIVE DEM&' ALL[+ ! ,AM]ICAN ECONOMY TO OP]ATE AT FULL CAPACITY EV5 UND] CONDITIONS ( PEACE4 ,BEH9D ?IS REASON+ LIES ! CONVICTION1 ?AT ,AM]ICAN PRODUCTION NE$S AN 'EFFECTIVE DEM&' L>G] ?AN ?AT BR\IES ( ! ,AM]ICAN ECONOMY2 ?AT = ! LATT] TO FL\RI%1 ! WORLD MU/ BE READY & WILL+ TO BUY H] PRODUCTS4 ,IT MU/ BE A WORLD ( 'OP5 DOORS'1 ( FREE COMPETITION1 9 :I* ! ,UNIT$ ,/ATES C\LD NOT FAIL TO SUCCE$ BECAUSE ( H] DOM9ANT POSITION 9 PRODUCTION4 ,H[EV]1 ! GREAT] ! OPTIMISM ) REG>D TO MOD]N PRODUCTIVE CAPABILITIES1 ! MORE PESSIMI/IC ! \TLOOK ) REG>D TO 'EFFECTIVE DEM&'4 ,IT IS WIDELY FE>$1 ?AT ! 5D ( ,M>%ALL ,PLAN AID WILL BE A CATA/ROPHE = BO? ,EUROPE & ! ,UNIT$ ,/ATES4 ,=EIGN AID1 IT IS HELD1 PROVID$ A 'M>KET' = ,AM]ICAN GOODS O!RWISE UNSALEABLE4 ,! ,EUROPEAN REVIVAL IS BAS$ ON PRODUCTION = EXPORTS1 :I* ! ,UNIT$ ,/ATES CANNOT ACCEPT1 & ! BACKW>D NATIONS CANNOT AF=D4 ,DESPITE ITS VA/ DEVA/ATION1 ,WE/]N ,EUROPE SUFF]S ALREADY FROM AN UNM>KETABLE SURPLUS ( /EEL1 COAL1 & O!R 9DU/RIAL COMMODITIES4 ,BECAUSE !RE IS NO DEM& = ,EUROPEAN GOODS 9 ,AM]ICA1 !RE IS NO 'EFFECTIVE DEM&' = ,AM]ICAN GOODS 9 ,EUROPE4 ,TO BETT] !IR BALANCE-(-TRADE1 ! ,EUROPEAN NATIONS CUT OR FREEZE !IR WAGES1 R$UCE !IR IMPORTS1 & DRIVE = GREAT] EXPORTS1 REG>DLESS ( ! NE$S AT HOME OR ! REP]CUSSIONS 9 O!R C\NTRIES4 ,! G5]AL DRIVE = GREAT] PRODUCTION1 IT IS FE>$1 WILL 5D 9 A NEW & WORLD-WIDE DEPRESSION4 ',UNLESS WE CAN ADJU/ HUMAN SOCIETY SO ?AT ! TWO DANG]S--REVOLT AGA9/ POV]TY & UNM>KETABLE SURPLUSES--CANCEL EA* O!R \T1' SAID ,LORD ,BOYD ,ORR1 '\R CIVILIZATION CANNOT SURVIVE EV5 IF ANO!R ATOM BOMB IS NEV] DROPP$4'.<#b#b.> ,:ILE !RE IS A LACK ( 'EFFECTIVE DEM&'1 !RE IS1 ( C\RSE1 A GREAT NE$ ( FOOD1 COAL1 /EEL1 & ALL K9DS ( COMMODITIES4 ,DESPITE ,M>%ALL ,AID1 & DESPITE ! 'SURPLUSES' ( ! REVIV$ ,EUROPEAN ECONOMY1 H] PEOPLE LACK ADEQUATE FOOD1 LACK COAL TO HEAT !IR DWELL+S1 LACK /EEL TO REBUILD !IR BOMB-TORN CITIES4 ,9 ,AM]ICA1 TOO1 9 SPITE ( H] SURPLUS-PRODUCTION1 A L>GE M9ORITY LIVES 9 DIRE NE$ & A MAJORITY HOPES TO BETT] ITSELF4 ,! USE ( ! ACTUAL & ! POT5TIAL SURPLUSES W\LD1 9DE$1 REQUIRE ! ADOPTION ( AN 9T]NATIONALLY-ORI5T$ 'SOCIAL PO9T ( VIEW'4 ,BUT1 !N1 ! 'SURPLUSES' W\LD BE RECOGNIZ$ = :AT !Y >E1 A GROTESQUE & MISLEAD+ MASK ( WELL-BE+ UPON ! EMACIAT$ FACE ( UNC\NTABLE UN/ILL$ WANTS4 ,! WORLD W\LD /& REVEAL$ AS ONE ( GREAT %ORTAGES1 G5]ALLY 9 NE$ ( SOCIAL & 9DU/RIAL EMANCIPATION1 SO AS TO LID NATIONS4 ,TO HAVE AN IMM$IATE EFFECT1 A 'SOCIAL PO9T ( VIEW' C\LD F9D REALIZATION ONLY 9 ! FREE %>+ ( ! WORLD'S SURPLUSES1 BAS$ ON URG5CIES ( NE$4 ,9 ! LONG RUN1 IT W\LD HAVE TO LEAD TO ! RE-ORGANIZATION ( ! WORLD ECONOMY & ! RE-DIVISION ( ITS LABOR T[>D A WORLD-WIDE COOP]ATION T5D+ TO 5D ! ECONOMIC & POLITICAL PHASES ( HUMAN MIS]Y4 ,AT ?IS TIME1 H[EV]1 ! 'SOCIAL PO9T ( VIEW' IS CONF9$ TO ! PLAYFUL SPECULATIONS ( ECONOMIC !ORI/S1 & EV5 H]E1 IT IS A SOCIAL PO9T ( VIEW ) LIMITATIONS4 ,9 ITS PRES5T =M1 IT IS A PO9T ( VIEW LEAD+ TO A CONSCI\S SE>* = WAYS & MEANS TO MA9TA9 ! SOCIAL /ATUS QUO4 ,TO ! ECONOMI/S1 ?IS MEANS FIR/ ( ALL GU>ANTEE+ FULL EMPLOYM5T OR1 AT ANY RATE1 H9D]+ ! RISE ( L>GE-SCALE UNEMPLOYM5T4 ,BETWE5 ! TW9-EVILS ( UNEMPLOYM5T & OV]-PRODUCTION1 IT IS ! LATT] :I* SEEMS TO MANY PEOPLE ! LESS] ONE4 ,IT IS 9 ANY CASE EASI] TO GET RID ( SURPLUS COMMODITIES ?AN ( A SURPLUS POPULATION1 :I*1 FUR!RMORE1 MAY BE NE$$ AGA9 = A SUDD5 EXPANSION ( 9DU/RIAL ACTIVITY4 ,H[EV]1 AS WAGES >E 'CO/S ( PRODUCTION'1 ! MA9T5ANCE ( PR(ITABILITY ( ! PRODUC+ 5T]PRISES EXCLUDES ! DI/RIBUTION ( ! SURPLUS PRODUCT VIA ! WAGE SY/EM4 ,?IS SY/EM ITSELF EXCLUDES 'FREE DI/RIBUTION' TO ! NE$Y LAY]S ( SOCIETY ON ANY SIGNIFICANT SCALE1 = UND] ! WAGE-SY/EM PEOPLE WORK ONLY IF !Y MU/4 ,UND] CONDITIONS ( A DECL9+ 9T]NATIONAL TRADE1 ! PHYSICAL *>ACT] ( ! SURPLUS PRODUCT MAY EXCLUDE ITS CONSUMPTION ALTOGE!R1 OR OV]-PRODUCTION MAY EXI/ 9 ALL FIELDS ( PRODUCTION SIMULTANE\SLY4 ,BECAUSE ( !SE & O!R REASONS1 ! HOPE TO RID SOCIETY ( ITS OV]-PRODUCTION ?R\< =EIGN AID IS IRRESI/IBLE1 AS ?IS SEEMS TO LEAVE ! SOCIAL & ECONOMIC CONDITIONS AT HOME L>GELY UNDI/URB$4 ,BUT NOT = LONG4 ,IT IS NOT DIFFICULT TO PROPAG&IZE ! WORK+ POPULATION TO PRODUCE = =EIGN AID1 AS !Y HAVE V]Y LITTLE SAY 9 SU* MATT]S ANYWAY4 ,BUT IT IS LESS EASY1 & B\ND TO BECOME IMPOSSIBLE1 TO CONV9CE ! 5T]PR5EURS & BUS9ESSM5 ?AT %>+ ,AM]ICA'S WEAL? ) O!R NATIONS WILL S]VE !IR [N 5DS TOO4 ,AL?\< A =EIGN AID PROGRAM ALL[S = A L>G] PRODUCTION ?AN W\LD BE POSSIBLE )\T IT1 ! GOV]NM5T 'BUYS' ! SURPLUS COMMODITIES ) FUNDS EXTRACT$ FROM ! COMMUNITY4 ,& ?\< 9 ?IS WAY IT HELPS SOME CORPORATIONS :I* C\LD NOT FUNCTION )\T A /EADY DEM&1 IT HELPS !M AT ! EXP5SE ( O!RS :I* >E /ILL ABLE TO FUNCTION 9DEP5D5TLY4 ,TO ! LATT]1 =EIGN AID MEANS M]ELY A GREAT] TAX-BURD51 R$UC+ !IR 9COMES & LIMIT+ !IR EXPANSION1 ?US 5DANG]+ !IR V]Y EXI/5CE4 ,!Y >E OPPOS$ TO IT 9 ! S5SE 9 :I* !Y >E OPPOS$ TO PUBLIC WORK PROGRAMS1 :I* ALSO AFFECT SOME 9T]E/S FAVORABLY & O!RS UNFAVORABLY4 ,!Y PREF] LESS ?AN FULL EMPLOYM5T1 :I* BR+S ) IT A READI] ACCEPTANCE ( AN 9CREAS$ PRODUCTIVITY BY /ATION>Y1 OR SL[] RIS+1 WAGES4 ,!Y FAVOR ! CONDITIONS ?AT MAKE = AN 9CREASE ( ! M>KET-DEM& ?R\< L[] CO/S4 ,& 9 SO F> AS !Y >E ABLE TO ASS]T !MSELVES1 !Y WILL LIMIT ! =EIGN AID PROGRAM4 ,AS A MEANS TO SECURE FULL EMPLOYM5T AT HOME1 ! =EIGN AID PROGRAM RAISES A QUE/ION ( EXP$I5CY2 :E!R TO CUT D[N PRODUCTION & FE$ ! UNEMPLOY$1 OR TO KEEP EMPLOYM5T UP BY SUPPORT+ =EIGN GOV]NM5TS & BUS9ESSES4 ,=EIGN AID W\LD H]E BE A TYPE ( HIDD5 UNEMPLOYM5T1 AN EXP5SIVE =M ( WORK-RELIEF4 ,& ! >GUM5TS = & AGA9/ PUBLIC WORK PROGRAMS W\LD COV] ?OSE ON ! QUE/ION ( =EIGN AID4 ,H[EV]1 JU/ AS A CONT9U\S 9CREASE ( PUBLIC WORKS W\LD DI/URB PRIVATE 5T]PRISE1 S9CE IT LIMITS ITS SPH]E ( ACTION & HAMP]S ITS EXPANSION1 SO W\LD A CON/ANT \T-FL[ ( SURPLUS PRODUCTION F9ANC$ BY PUBLIC FUNDS1 = ?IS1 TOO1 SETS BORD]S TO BUS9ESS EXT5SION & LEADS FROM /AGNATION TO DECAY4 ,IT W\LD AM\NT TO A REV]SAL ( ! HI!RTO PRACTIC$ POLICY ( PRIVATE WEAL? CONC5TRATION1 :I* W\LD VIOLATE ALL ! RULES ?AT SU/A9 ! PREVAIL+ SOCIETY4 ,IT C\LD 5D ONLY 9 ! DREAD$ NATIONALIZ$ ECONOMY1 :I* IT SET \T TO PREV5T4 ,IT MAY1 P]HAPS1 >RE/ ! GR[? ( 'SOCIALISM' 9 O!R NATIONS1 BUT ONLY TO FUR!R IT 9 ! ,UNIT$ ,/ATES4 ,SELF-DEFEAT+ AS A P]MAN5T & L>GE-SCALE POLICY1 IT WILL BE EMPLOY$ ONLY AS AN 9/RUM5T ( P[] POLITICS DESIGN$ TO SECURE ! FREE CAPITALI/ WORLD4--,! ,HOTT5TOTS WILL HAVE TO GET ALONG )\T A ,ROLLS-,ROYCE4 ,NOTES3 .<#a.> ,WILSON ,PAP]S1 ,VOL4 ,I,V1 PP4 #b#b#i-#b#c#c4 .<#b.> ,AM]ICA'S ,ROLE 9 ! ,WORLD ,ECONOMY1 ,P5GU9 $1 P4 #a#c#f4 .<#c.> ,IBID41 P4 #e .<#d.> ,! ,NEW ,YORK ,TIMES1 #b#bND ,FEBRU>Y1 #a#i#e4 .<#e.> ,IBID4 .<#f.> ,PO9T-,F\R3 ,\R ,*ANCE TO ,A*IEVE ,FRE$OM FROM ,FE>4 ,NEW ,YORK1 #a#i#d#i1 P4 #c#f4 .<#g.> ,9AUGURAL ,ADDRESS1 ,JANU>Y1 #a#i#d#i4 .<#h.> ,! ,NEW ,YORK ,TIMES1 #cRD ,FEBRU>Y1 #a#i#e4 .<#i.> ,! ,/ATI/1 ,LONDON1 #a? ,DECEMB]1 #a#i#d#i4 .<#a.> ,! ,NEW ,YORK ,TIMES1 #a#g? ,M>*1 #a#i#e4 .<#a#a.> ,! ,NEW ,YORK ,TIMES1 #c#a/ ,M>*1 #a#i#e4 .<#a#b.> ,J4 ,E4 ,MEADE1 ,PLANN+ & ! ,PRICE ,ME*ANISM1 ,NEW ,YORK1 #a#i#d#i1 P4 #a#a#a4 .<#a#c.> ,! ,ORI5TAL ,ECONOMI/1 ,TOKYO1 #b#a/ ,MAY1 #a#i#d#i4 .<#a#d.> ,! ,NEW ,YORK ,TIMES1 #h? ,APRIL1 #a#i#e4 .<#a#e.> ,DEAN ,A*ESON 9 AN ,ADDRESS ON ,U4,S4 POLICY 9 ,ASIA BE=E ! ,COMMONWEAL? ,CLUB ( ,CALI=NIA4 7,! ,NEW ,YORK ,TIMES1 #a#f? ,M>*1 #a#i#e47 .<#a#f.> ,IBID4 .<#a#g.> ,! ,UNIT$ ,/ATES & ,*9A1 ,H>V>D ,UNIV]SITY ,PRESS1 #a#i#d#h1 P4 #c#c#i4 .<#a#h.> ,FRANK ,PACE1 ,JR41 ,DIRECTOR ( ! ,BUDGET1 9 A SPEE* BE=E ! ,AM]ICAN ,RETAIL ,F$]ATION4 7,! ,NEW ,YORK ,TIMES1 #d? ,APRIL1 #a#i#e47 .<#a#i.> ,! ,G5]AL ,!ORY ( ,EMPLOYM5T1 ,9T]E/1 & ,MONEY1 ,NEW ,YORK1 #a#i#c#f1 P4 #a#b#i4 .<#b.> ,PROCE$+S ( A ,CONF]5CE SPONSOR$ BY ',! ,ECONOMIC & ,BUS9ESS ,F\NDATION'1 ,NEW ,WILM+TON1 ,PA41 #b? ,DECEMB]1 #a#i#d#h1 P4 #a#h4 .<#b#a.> ,IBID41 P4 #b#a4 .<#b#b.> ,! ,NEW ,YORK ,TIMES1 #a/ ,MAY1 #a#i#e4 ,FROM 3 ,M>XI/S4ORG4 ,*RONOLOGY 3 ,M>* #b1 #bba 3 ,! ,KEYNESIAN ,9T]NATIONAL -- ,ADD$4 ,JANU>Y #h1 #bbb 3 ,! ,KEYNESIAN ,9T]NATIONAL -- ,UPDAT$4 FILE G5]AT$ FROM 3 HTTP3_/_/REVOLTLIB4COM_/