The British Way to Recovery

The British Way to Recovery: Plans and Policies in Great Britain, Australia, and Canada

HERBERT HEATON
Copyright Date: 1934
Edition: NED - New edition
Pages: 192
https://www.jstor.org/stable/10.5749/j.ctttscpf
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  • Book Info
    The British Way to Recovery
    Book Description:

    The British Way to Recovery was first published in 1934. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions. An answer to President Roosevelt’s question – “Did England let nature take its course?” This book is rich in parallels between problems faced very early in the British nations and those that arose somewhat later in the United States. Six of the eight chapters deal with England, her search for solutions, and the outcome of her experiments, providing an illuminating background for similar American policies. A chapter apiece is given to Australia, “first in and first out” of the depression, and to Canada, whose geographical and political nearness makes her recovery program of particular interest to the United States. Professor Heaton enjoys the distinction of having lived and worked in each of the countries of which he writes. He was born a Yorkshireman, was educated at the Universities of Leeds and Birmingham, and taught economics at Birmingham. In Australia he lectured on economics and history at the Universities of Tasmania and Adelaide. Then he went to Queen’s University, Canada, from which he came to the University of Minnesota.

    eISBN: 978-1-4529-3785-4
    Subjects: Economics

Table of Contents

  1. Front Matter
    (pp. i-vi)
  2. Table of Contents
    (pp. vii-viii)
  3. CHAPTER ONE THE BRITISH OLD DEAL
    (pp. 1-18)

    Early in august, 1931, i called in new york on the secretary of a foundation that had given me a fellowship for a year’s research work in England. He was worried by the contents of a cable which had just arrived, for it reported that another fellow, then in Germany, had lost all his money through the collapse of the Darmstadt Bank, and had nothing left for his return ticket. “How are you carrying your money?” I was asked. “Dollars and pounds,” I replied, and it was unanimously agreed that I was perfectly safe, for nothing evil could happen to...

  4. CHAPTER TWO BRITAINʼS PROBLEM
    (pp. 19-30)

    In the previous chapter we saw that recovery involves the regaining of something that has been lost in the depression, or the gaining of some compensating occupation for capital and labor to take its place. Viewed in this light, Britain’s problem is that of regaining the ground lost, especially in her export markets, since 1929, and of replacing some of that loss by expanding production for the home market. Since 1929 world trade has fallen about 30 per cent in volume and nearly 70 per cent in value. This collapse inflicted terrible damage on all countries that depend largely on...

  5. CHAPTER THREE EARLY SEARCHES FOR SOLUTIONS
    (pp. 31-48)

    If Britain’s recovery problem goes back to the end of the war, her search for solutions began long before 1931, and some of her efforts since that year have carried on policies formulated in the twenties. Britain had its depressed industries, as America had its farm problem, and in each country the air was thick with plans.

    These were of two kinds. The first sought salvation through the removal of external obstacles by international cooperation. Trade would revive of its own accord if only the economic folly of the reparations claims could be cast aside, if currency muddles were straightened...

  6. CHAPTER FOUR THE BRITISH NEW DEAL
    (pp. 49-77)

    The crowded years since August, 1931, destroy any belief that the British government has been letting nature take its course in lifting the country out of depression. We have seen that Britain need not do certain things, since they were done already, and that she could not do certain others. But there were still many tasks her rulers felt they must tackle, in the fields of currency and credit, of commercial policy, of national finance, of production and distribution, and of labor problems. There has been relief, reform, regulation, reorganization, protection, subsidies, and at some points an extension of state...

  7. CHAPTER FIVE THE REDISCOVERY OF THE FARMER
    (pp. 78-99)

    Free trade left all forms of enterprise — agriculture, industry, mining, and shipping — to work out their own salvation. When it was first enthroned as a policy that work was easy, even for the farmer, since the agricultural exploitation of the new world and the development of cheap ocean transport had scarcely begun in earnest. But the golden age of English agriculture came to an end in the seventies, when the flood of cheap grain, meat, and dairy produce began to flow in from Russia and the distant continents.

    Continental farmers met this invasion from the new world by...

  8. CHAPTER SIX BATTLES, BARGAINS, BOATS, AND BUILDINGS
    (pp. 100-123)

    When the new commercial policy was presented to parliament early in 1932 seven virtues were claimed for it. It would “transfer to our own factories and our own fields work which is now done elsewhere”; in preceding chapters we have seen the extent to which this has been done. But at the same time it would be used to maintain and expand exports. There would be increased imperial preferences, there would be reciprocal treaties, and there would be threats of retaliation against countries which discriminated against British wares. The story of the preferences has been told. That of the other...

  9. CHAPTER SEVEN AUSTRALIA: “FIRST IN AND FIRST OUT”
    (pp. 124-149)

    To most North Americans Australia is a big distant island, with a lot of sheep, some strange animals and stranger vowels. It once invented and exported the Australian ballot, and since then has been an incorrigible experimenter in social legislation or state enterprise. That a country with such a reputation should seek new and unorthodox ways of meeting a crisis is only natural, and when Australians claim that they were “first into the depression and first out of it” we may with profit examine the secrets behind the second of these pioneering achievements.

    The setting for the story can be...

  10. CHAPTER EIGHT CANADA MUDDLES THROUGH
    (pp. 150-178)

    The headlines of Canadian newspapers and the tables of the Dominion Bureau of Statistics have for many months past told a tale of recovery. In Canada, as in the United States, the darkest hour came in the winter of 1932–1933, but was not so black as next door, for the solidity of the banking system spared the country a banking crisis, and outside the prairie wheat belt the depression was probably less severe than in the United States.

    An index number of the “physical volume of business” rose from 68 in March, 1933, to 99.6 in May, 1934, and...

  11. INDEX
    (pp. 179-184)