THE FALSE FEAR OF GLUT
[To the Editor of THE SPECTATOR.] SIR,—I should have thought that the world would be enabled to make " the best use of its heritage and of the gifts of science," not so much, as Mr. Hartley Withers suggests, by the freer exchange of goods across the frontiers, financed by an extension of the pernicious practice of international moneylending ; but rather by a reform of the monetary system which enabled the citizens of every country to buy, at a price fair to sellers, all that they desired of what their industries could produce and import, regardless of the amount of paid labour required for the production of goods. A system which enabled imports to be treated as assets adding to the money-income of every citizen would also render tariffs unnecessary. Increased wealth, i.e., goods and services, in our non-barter community, does not necessarily enable us " to demand goods furnished to our. order:" It is increased money in a form free to buy goods and issued in a way that does not increase prices or taxes that enables us to extend our demand, and this happy state of affairs is only " a terribly long way off " because the Chancellor of thp Exchequer seems determined to prevent the simple and obvious reform which would establish a working equality between purchasing power and the maximum potential output of desired goods and services.—Yours very truly,
Previous page
