THE FUNCTION OF INDUSTRY
[To the Editor of THE SPECTATOR.]
notice in the article on the Liberal Party Programme the statement that what is wanted by the country is a deter- mined policy directed to the drastic reconstruction of the great industries in a manner which will enable them to, com- pete with the foreigner and bring back labour to the factories.
Surely this betrays a common but mistaken view as to.the true purpose of industry, which is to proyide the citizens of this country with all desired goods and services which can Le either produced at home or imported from abroad ? All that we require from the foreigner, as far as industry is con- cerned, is imports, and, seeing that the quantity of these at present coming in is so great that we are trying to restrict them by tariffs, why demand "drastic reconstruction " as though industry, as at present organized, could not supply our needs in this direction ? Competition with the foreigner is surely the legitimate aim of athletics, not industry, as under the auspices of the former it can be conducted in a spirit of friendly rivalry instead of in one of cut-throat com- petition ending in war.
And if the other main function of industry be to provide jobs (rather than real wealth) the drastic reconstruction needed is obviously the destruction of all Machinery and a rear .n to handicrafts. It is not, however, industry that needs drastic reconstruction, but the monetary system which does not permit us to buy all that we can produce and import, and forces us to try and send away for sale in some foreign market a greater value of real wealth in goods than we receive in exchange. This, if it be " sound finance," is equally obviously the economics of Bedlam.—I am, Sir, &c.,
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