The Bookshelf

Encouraged by the tremendous capacity exhibited by the American economy during the war years, a rash of optimistic prophecies and plans for American prosperity has appeared on bookstands in recent months. Because of, rather than in spite of, the fact that the author is not an academic economist, Chester Bowles' "Tomorrow Without Fear" is one of the most understandable books on the subject that has yet appeared. Its greatest contribution is the exposition of the terribly low standards of living which prevailed in this "land of plenty" before the war, and in the glowing picture of possibilities which the future hold for us.

The theme of the book is admirable and true: that the good of the individual follows from the good of the nation. Where Bowles falls down is that he is preoccupied with what we can have rather than how we are going to get it. The blurb on the back page states the case well: "Bowles is optimistic about the American future. He knows that we have the necessary ingredients for a fuller, more prosperous life than we have ever known. All that is needed is the understanding and determination of the people, cooperation of business, labor, and farmers, and coordination by democratic intelligent government." The catch is that the "all" that is needed is more than we have now, and more than we are ever going to have unless present trends undergo a drastic reversal.

Intelligent cooperation on the part of all the people is a dream which may possibly be fulfilled in the nebulous future. The cooperation and coordination which have in the past enabled the United States to rise to unpredictable heights have been the product of passions and emotions, such as those produced during the war. The futility of expecting such singleness of purpose to carry over into peacetime living is illustrated by the present conflict over price controls. The majority of the people know that the continuance of controls would be best for the economy as a whole, yet each group finds excuses for allowing itself to be exempt from controls. The philosophy of Adam Smith's invisible hand which turned self-interest into the good of all has carried over into a dynamic society where it can no longer function, but the people refuse to forsake it.

Bowles' plan is predicated on the assumption that price and rent control will be continued until the danger of inflation is past. He is ". . . . profoundly convinced that the American Congress, after supporting the stabilization program throughout the war, is not likely to throw its benefits away just as we are entering the home stretch back to peacetime operations." It seems that Congress is letting Chester Bowles down along with the rest of us. "Tomorrow Without Fear" presents a bold, beautiful, but amazingly naive plan for American prosperity. It is worth reading if only to see what we are missing.