American Monetary Policy Research Articles

Recovery: the Second Effort

THE first edition of this book has already been reviewed in these columns. To the seventh and cheap edition, Sir Arthur Salter contributes a prefatory note, reviewing events from January 1931 until the present time, in which he appraises such efforts at constructive action and wise leadership as have been witnessed on the international stage. American monetary policy, the Lausanne Agreement, the conversion operations in Great Britain and France are examples in point which lead him to a more optimistic view and to regard a period of partial recovery as having set in. In the worsened sphere of commercial policy, the Far Eastern crisis, the Disarmament Conference and the World Economic Conference he sees dangers and opportunities which underline his emphasis on the need for collective and far-sighted action. No scientific worker concerned with the preservation of the rich heritage of Western civilisation can neglect this book or be indifferent to its challenge to support and assist in the formulation of constructive reform in every main sphere of economic activity and in appropriate deliberate and concerted action.