My Life

My Life - Oswald Mosleyor public works on a great scale. We have already seen the results of inflation in anoverheated economy leading to over-full employment, and wages chasing prices in avicious spiral whose end must be a crash.The only alternative is a stable price level maintained by a strong credit policy, withthe resultant unemployment taken up in public works. The economic effect of publicworks in dealing with unemployment can be the same as the armament boom, withoutthe disastrous exaggeration of deficit financing. Yet the difference in national, or Ihope continental, well-being can be vital. The public works of peace can be integratedin general economic policy and can serve it rather than distort it. State action canprepare the way in works too large for private enterprise, and can thus assist ratherthan impede it. Such public works of peace in terms of unemployment policy canreplace abnormal armament demand, can build rather than damage the economy, canbenefit the nation and reduce the menace to mankind.In theory there is no insuperable difficulty confronting a massive transfer ofproduction from the destructive purposes of war, or the distortions of near-war, to theconstructive and beneficent purposes of peace. Indeed it is now emphasised inAmerica that great social programmes, like the rebuilding of the slums which arelargely responsible for their racial problem, only await the release of resources by theoutbreak of peace. In practice, however, the present system and its operators findmuch more difficulty in doing things in a big way in peace than in war; money ismore readily available for madness than for sanity. It remains to be seen whether thevast works necessary, either to take up the slack of production consequent on peace,or to meet the social problem, can be produced by the present system and itspersonnel. Is it possible without some change in the structure of government andprevailing statesmanship? Will the transfer begin and end with the substitution of atemporary euphoria on Wall Street for the previous slumps on 'peace scares'? Thefundamental dilemma of the system is that any continuance of the arms race in all thespheres which science is now revealing will be too great a strain for any economy towithstand, while even the partial cessation of the race will create a need for publicworks on so great a scale that present political thinking and action will never face it.Certainly, intelligent expenditure on developing the scientific revolution for thefurther and beneficent purposes of humanity could at this stage rapidly replace theorganised idiocy of the arms race. Will this be done by men who appear to be scarcelyaware of what is happening? The early future can summon both new ways and newmen.These problems can be overcome, and with them will be banished the haunting fear ofunemployment. There is no such waste of wealth and the human spirit asunemployment. It is avoidable, and in a continental economy easily avoidable; it issimply a question of the mechanics of economics which mind and will can master.When demand flags, the market falters and unemployment follows, but we shouldremember there is no 'natural' limit to demand; the only limitation is the failure of ourintelligence and will. It sounded fantastic long ago in the House of Commons when awise Labour leader of clear mind and calm character, J. R. Clynes, said there is nolimit to real demand until every street in our cities looks like the front of the Doge'sPalace at Venice; and not even then. He was quite right, there is no limit to demand,only to our power to produce, and then to organise distribution. Certainly, there is nolimit to demand while the slums disgrace our main cities and young married couples414 of 424