4. Foreign Trade and Investment

The role of foreign trade and investment in promoting full employinent is the subject of references listed here. The Bretton Woods agreements and their relation to foreign trade and full employment are included in the references.

Beveridge, William H. Full employment in a free society. New York, W. W. Norton, 1945. 429 p. HD5767.B42 1945

Conclusion: Any plan for uncontrolled multilateral trading between any group of countries can be permanent and work smoothly only if each of the countries accept three conditions: (1) of pursuing an internal policy of full employment suited to its special circumstances; (2) of taking or assenting to all the measures necessary to balance its accounts with the rest of the world, and avoiding want of balance, whether by way of excess or deficiency; (3) of displaying reasonable continuity and stability in its foreign economic policy, in respect particularly of the control of trade by teriffs, quotas, or other means. Restoration of the widest possible measure of multilateral trading on the 3 conditions named above should be the prime objective of British policy. Boulding, Kenneth E. The economics of peace. New York, Prentice-Hall, 1945. 278 p. HB171.B63

Contents: Discusses the importance of, and problems involved in, restoring international trade.

Buchanan, Norman S. International investment: Some post-war problems and issues. Canadian journal of economics and political science (Toronto), May 1944, v. 10: 139–149. H1.C3

Contents: Reviews the need and benefits of international investment, and sets out the problems involved in repayment. Facts about international trade. Planning (London), March 24, 1944, no. 219. 24 p. HC251.P5

Conclusion: Exports are essentially a means of obtaining imports and should not be considered primarily as a means to create home employment. Halasi, Albert. Bretton Woods and full employment. New York, American labor conference. (Summary in Commercial and financial chronicle (N. Y.), Mar. 29, 1945, v. 161: 1376, 1395. HG1.C2.)

Conclusion: Secs real advantages to full employment in the adoption of the Bretton Woods agreements.

The contribution of the Bretton Woods agreements to full employment. International post-war problems (N. Y.), Jan. 1945, v. 2: 78-SS.

Contents: Contributions which the International monetary fund and the International bank for reconstruction and development can make to full employment. Conclusion: They will help by assisting member countries suffering structural or cyclical changes in foreign trade, and also by promoting friendly relations under which one country will not attempt to dump its problems on its neighbor.

Survey of recent American literature on post-war economic security. International post-war problems, December 1943, v. 1: 120-138.

Contents: Literature of foreign trade, especially financing of foreign trade, is reviewed. Conclusion: Steady and expanding foreign trade is an important condition of full employment and improved living standards, and in many countries may even be the decisive factor. Important for the continuity and development of foreign trade are: (1) avoiding depressions, (2) increasing productive efficiency, (3) making adjustments smoother, (4) foreign loans and investments, (5) an international monetary standard, (6) suppression or limitation of tariffs and other trade barriers. See especially p. 130–133.

Hansen, Alvin H. America's role in the world economy. New York, W. W. Norton, 1945. 197 p. HC58.H3

Conclusion: If we can achieve through a compensatory and developmental fiscal program adequate markets for all we are able to produce, then we need no longer fear imports. When businessmen are confronted with good markets for their products and jobs are available to all who seek work, then it will be clear to everyone that goods imported from abroad are a net gain to our real income and our consumption standards. With full employment (1) it will be much easier to reduce tariff barriers and quantitative restrictions on imports, (2) subsidization of exports will not be tolerated, (3) emphasis will be placed on imports rather than exports.

Bretton Woods or economic warfare. New republic (N. Y.), Mar. 5, 1945, v. 112: 328-330. AP2.N624

Contents: Discussion of the International monetary fund of Bretton Woods, and how it can contribute to full employment. Conclusion: The International monetary fund will help bring about stability in the value of the consumer's dollar, full employment and improving techniques in all countries, rapid development in the backward countries, orderly adjustment to changes that may occur in the international position of any country so as to prevent such general break-downs as occured under a rigid international gold standard. Isolationism or Bretton Woods. New republic (N. Y.),

Feb. 26, 1945, v. 112: 284-286.

AP2.N624 Conclusion: A good and effectively functioning international economy in the post-war world requires full employment in the advanced industrial countries and development and industrialization in backward countries. Full employment in the great industrial countries will be promoted by a process of development and industrialization in backward countries. Referring to Bretton Woods, "we cannot get the large-scale reconstruction and development projects going without government guarantee. And those that broadly concern all nations must be undertaken by an international institution in which each member assumes a share in the risk."

Harris, Seymour E. The price of prosperity. II. Employment and export trade. New republic (N. Y.), Jan. 22, 1945, v. 112:

111-114.

AP2.N624

Contents: Possible contribution to employment of our export trade and reasons for its decline in the 1930's. Conclusion: High level of exports is essential for high level of employment. In full employment economy exports could rise $8 billion over the level of the '30s, another $8 billion would be added in later cycles of spending. On these assumptions, exports would account for about th of our national income and perhaps 7,000,000 jobs; 3,000,000 jobs is a more likely result.

Mallery, Otto T. A practical approach to a world trade board. American academy of political and social science, Philadelphia. Annals, July 1944, v. 234: 84-90.

H1.A4

Contents: Describes the procedure for setting up a world trade board. Points out that only through greater exports can the U. S. standard of living rise, and only if we help others raise their standard of living can we raise our own.

Morgenthau, Henry, Jr. Bretton Woods and international cooperation. Foreign affairs (N. Y.), Jan. 1945, v. 23: 182–194. D1.F6

Conclusion: Achievement of the goals of high levels of employment and rising standards of living will be greatly facilitated by the promise of international monetary stability held forth by the Bretton Woods agreements, just as the achievement of international monetary stability will be facilitated by a high level of prosperity in the U. S.

SELECTED READINGS IN EMPLOYMENT

Murray, Philip. C. I. O. re-employment plan, Washington, C. I. O. Department of research and education, 1945, 29 p.

Conclusion: We must develop new foreign markets, we our heavy-goods capacity to rebuild war-torn Europe and industrialize China, India, and Latin America; the government must extend credit guarantees to exporters of heavy goods because of the risks involved. Our economy must be adjusted over the long run so that imports equal exports, Sec especially p. 21-24.

Nathan, Robert R. Mobilizing for abundance, New York, Whittlesey house, 1944. 228 p. IIC106.4.N32

Conclusion: We should plan for substantial excess of exports over imports for many years in order to promote prosperity and peace abroad, and stimulate economic activity at home. Modifications of a revolutionary nature in our tariff policy are needed. The government should lend, or guarantee loans, for financing foreign trade.

National planning association. Committee on international policy. America's new opportunities in world trade. Washington, the Association, 1944. 79 p. (Planning pamphlets Nos. 37-38.) HC101.N35, Nos. 37-38

Contents: Reviews reasons why we should expand our imports and foreign loans and investments, and suggests program to effect them. Conclusion: Selective tariff reduction along lines of national interest is needed. We should support the proposed international bank for reconstruction and development, expand the functions of the Export-Import Bank, and create a foreign investiment commission to coordinate information and supervise American investments, take part in establishing an international exchange stabilization mechanism, etc.

Prosperity-How to get it-How to keep it. New republic (N. Y.), Nov. 27, 1944 (Special section), v. 111: 707-726. AP2.N624

Contents: Summarizes the effect of foreign trade, both export and import. Conclusion: Exports cannot guarantee full employment. A sound American economy is a prerequisite to finding American markets. Foreign nations cannot purchase from us unless we buy or make loans to them. It is unlikely that we shall let imports come in or reduce tariffs in the face of large domestic unemployment. We must take a part in industrialization of China and Latin America, and otherwise cooperate internationally. See especially p. 713-715, 724.

Ruml, Beardsley, and H. Christian Sonne. Fiscal and monetary policy. Washington, National planning association, July 1944. 42 p. (Planning pamphlets No. 35.) HC101.N352 No. 35

Conclusion: Foreign investments will help us attain de iced levels of employment. All investments should be listed with a government agency, Our dependence on raw materials will increase; we should have a policy of no increase in tariffs to be followed by gradual reductions as high levels of employment are reached.

Salant, William A. Foreign trade policy in the business cycle. In Public policy, ed. by C. J. Friedrich, and Edward S. Mason. Cambridge, Mass., Harvard university, Graduate school of public administration, 1941, p. 208-231. JA51.P8

Contents: Discusses relation of international trade to domestic prosperity under conditions of partial and fluctuating employment. Smith, Bernard B., and John A. Kouwenhoven. That export boom may cost us another war. Harper's (N. Y.), Feb. 1945, v. 190: AP2.H3

203-208.

Contents: Discussion of the danger to world peace and stability of an export boom by the U. S., brought about in an attempt to provide domestic

employment, particularly if resistance to imports continues. Conclusion: Only by importing more can we export more, in the final analysis. But an increase in imports is politically impossible in the United States today. A sound foreign trade policy can never win political support in the U. S. until the fear of large-scale unemployment is removed. Only when the American people are assured that they will not be unemployed will they be willing to accept a reversal of our high-tariff policy. Only then will it be possible to appeal to their long-term interests as consumers by demonstrating that high tariffs on imported goods mean high prices for domestic products. Stead, William H. Democracy against unemployment; an analysis of the major problem of post-war planning. New York, Harper & Bros., 1942. 280 p. HD5706.SS

Conclusion: Full utilization of productive resources demands a maximization of international trade possibilities. We need "a workable world-wide economic and political organization committed to democratic principles of control and the promotion of the welfare of the average individual. While we strive for such a long-run solution, we must hold fast to important existing economic relationships with Britain, the Far East and the Americas. One essential requirement is that the [future] world organization have power to control international trade in all its aspects. The welfare of all of the peoples of the earth depends on freedom of trade and on the planned development of economic resources." See especially p. 222–238, 258. Sternberg, Fritz. The United States in the future world economy. Social research (Albany, N. Y.), Sept. 1944, v. 11:285-304. H1.S53

Conclusion: Capital exports of a dimension that exceeds all past experience may become a basic condition to full employment.

Taylor, Amos E. Economic adjustments from war to peace. U. S. Department of commerce, Washington. Foreign commerce weekly, Mar. 3, 1945, v. 18: 3+. HC1.R1987. (Also in Commercial and financial chronicle (N. Y.), Mar. 1, 1945, v. 161: 930+. HG1. C2.)

Contents: Briefly reviews importance of foreign trade to the domestic economy. Conclusion: Policies to stimulate full employment must be consistent with policies aiming to develop and maintain foreign markets. Wallace, Henry A. Statement. In U. S. Congress. Senate. Committee on commerce. Administration of certain lending agencies of the Federal Government. Hearings, 79th Congress, 1st session on S. 375, January 24 and 25, 1945. Washington, Govt. print. off., 1945. 144 p. HG3729.U5A5 1945a Conclusion: Some parts of our production demand a high level of foreign trade to be efficient and prosperous. We must take steps to see that international trade and investment is resumed promptly on a sound basis, e. g., reciprocal trade agreements, Bretton Woods agreements, etc. We can treble our pre-war foreign trade, and thereby increase jobs by perhaps 3 million. See especially p. 77-78, 100-103.

5. Place of Agriculture

This very incomplete listing gives a few references to the role of agriculture in full-employment programs.

Council of state governments. Post-war problems of agriculture. Chicago, the Council, 1941. 67 p. Mimeographed.

HD1765.1944.C6

Contents: A collection of papers by different persons on the post-war problems of agriculture containing some suggestions and warnings.

SELECTED READINGS IN EMPLOYMENT

Patman, Wright. Full employment and the farmer. Daily congressional record, March 21, 1945: 2608-2611.

Contents: Pointing out importance of postwar full employment for the farmer, by means of quotations of agricultural leaders and statistical analysis by the Department of Agriculture.

Patton, James G. Address. In Congress of industrial organizations. Political action committee. Full employment; proceedings of the Conference on full employment. New York, January 15, 1944. p. 75-82. HC106.4.C536

Conclusions: National Farmers Union proposes: Action now to insure full employment in the reconversion and peace periods. Statement by Congress that family-type farming is the basic pattern of American agriculture. Farm labor wages should be on a parity with wages for comparable skill in industry. Corresponding increases in farm production costs should be counterbalanced by cutting distribution profits. An R. F. C. for family-farm operators. Assistance in financing and supervision of farm cooperatives. Government financing and other assistance in building at least 3,500,000 new farm homes. Electrification of 4,000,000 farms. Integrated program of soil conservation, erosion control, irrigation, and reforestation. Network of farm-to-market roads. Building of a good rural school system.

Some problems of post-war agriculture. In New York University. Institute on post-war reconstruction. Post-war economic society. Addresses delivered at the Third Series of Conferences 1944. p. 257-287. HC101.N532

Contents: Presents principles of a sound agriculture and Farmers' Union program for post-war agriculture. Conclusion: Prevent inflation by real stabilization of wartime economy, set up annual production goals for all agricultural commodities, use farin credit agencies to maintain family-type farms, federal crop insurance, retire submarginal land, enforce conservation practices, provide decent rural housing, electrification, health, medical, and hospitalization services, social security and education, adopt fiscal policy aimed specifically at full employment, eliminate taxes on consumption, plan public works program.

U. S. National resources planning board. Demobilization and readjustment. Report of the Conference on post-war readjustment of civilian and military personnel. Washington, Govt. print. off., June 1943. 106 p. HD5724.C682 1943

Contents: Reviews the opportunities in agriculture as a relief for unemployment. Conclusion: Agriculture should not be looked on as the dumping ground for the industrial unemployed.

D. Labor

This heading is designed as a place to collect items on the effect of hours of labor, wages paid, etc., on the attainment of full employment. Other factors relating to labor and collected here include questions of placement, training, unemployment compensation, and the special problems of veterans, women and minors, racial minorities, and the physically handicapped.

The subheads used are the following:

1. Hours of Labor.

2. Wages and Earnings.

3. Placement, Training, etc.

4. Unemployment Compensation.

5. Special Problems of Veterans.

6. Special Problems of Women and Minors.

7. Special Problems of Racial Minorities.

8. Special Problems of the Physically Handicapped.