5 NOVEMBER 1921, Page 2

The Anglo-Italian Review for November contains an extremely interesting. article

entitled " Deflation or Reconstruction ? " The article is in form a review of an article by Senator Einaudi, the Italian economist in the Corriere della Sera. Signor Einaudi has advocated for Italy the policy of a gradual falling of prices spread over many years by means of resumption of work and increasing production and wealth in contradistinction to a policy of tight money and violent deflation. The writer in the Anglo-Italian Review recalls the reconstruction policy of the United. States after. the Civil War. The policy of America at that time has not been sufficiently remembered, for it is certainly a very pertinentpiece of evidence in all discussions about finance and trade after a great war.