IN DEFENCE OF CAPITALISM By James H. R. Cronwell and
Hugo E. Czerwonky
This work (Scribners, 12s. 6d.) is a lengthy exposition of a scheme to prevent depressions by a system of currency control. That achieved, certain gross abuses in the present system, income and inheritance taxes, trade unions, high tariffs, &c., can be abolished. Demo- cracy and capitalism will flourish to- gether in a society whose revenue will be raised by taxation of finished con- sumer goods. The rules of scientific money are designed to adjust the supply of money to the needs of a goods-pro- ducing society. Messrs. Cronwell and Czerwonky have a poor opinion of classical economics and attribute views to the old masters, Adam Smith, Ricardo, John Stuart Mill and Marshall, that exaggerate the naivety of those obsolete thinkers. Like many or most unorthodox currency reformers, our authors have a fondness for metaphor which is not reassuring. Mr. Czer- wonky is an engineer and advertising man. Mr. Cronwell was a banker and the' blurb tells us " he was largely responsible for the sale of the Dodge Brothers Corporation for over 16o million dollars." This achievement is well remembered by spectators of the Coolidge boom. It is not stated on the blurb that Mr. Cronwell is the husband of the former Miss Doris Duke, one of the richest young women in the world.
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