World Disorder and Reconstruction: an Epitome of the Economic Situation

Abstract

MR. BLAKE'S attempt in brief compress to trace the causes of the crisis, to outline the present situation and to assess the conditions and prospects of revival derives its greatest value from the sense of perspective in which it is written. Here is one more writer whose analysis leads him to stress the importance of the effort to persuade governments and peoples to see their present trials not only in their individual incidence but also as part of a great universal disorder, and the grave dangers attending the adoption of merely insular expedients which intensify difficulties beyond their borders. Mr. Blake has resisted any temptation to outline an easy way out of our troubles. He emphasises instead the elementary, if not fragmentary, character of our investigations of monetary phenomena. Much of the statistical knowledge upon which action has to be taken is rather a record of past movements than an accurate reflection of existing tendencies. Nor are authorities everywhere in control of monetary mechanism which can fully reflect their intentions, and it is necessary for stability that all the major control banks should be in continuous and effective co-operation. Effective co-ordination requires the establishment of an international control bank of which the rudiments may be found in the Bank of International Settlements. World Disorder and Reconstruction: an Epitome of the Economic Situation. By Hubert Blake. Pp. 186. (London: George Allen and Unwin, Ltd., 1932.) 6s. net.