The new industrial revolution and wages

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Monograph

Identifikator:: 1804651486

URN:: urn:nbn:de:zbw-retromon-193069

Document type:: Monograph

Author:: Lauck, William Jett http://d-nb.info/gnd/173237126

Title:: The new industrial revolution and wages

Place of publication:: New York

Publisher:: Funk & Wagnalls

Year of publication:: 1929

Scope:: ix, 308 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XI. Constructive remedies needed

Collection:: Economics Books

266 INDUSTRIAL REVOLUTION AND WAGES For the protection of the public and of industry itself, it is, of course, conceded that measures of regulation should be established which would restrict profits and prices to a fair and reasonable basis. SEPARATE CoM MISSIONS IN Basic INDUSTRIES NECESSARY In this connection, it has been suggested that the Federal Trade Commission’s membership and powers should be expanded, and, as thus changed, it should be established as a regulatory body. The objection to such a proposal, however, is the impracticality of one commission being able to investigate and pass upon matters affecting not only all the basic but also the secondary industries of the coun- try. Promptness of action, which is so essential to stability and progress, would be practically impossible. This has been demonstrated by our experience with the Tariff Commission under the flexible provisions of the Tariff Act of 1922. The investigation of costs of production or operation have required such long periods of time to complete and use as a basis of judgment for decisions as to be of little practical value. Also in the case of the regula- tion of the railroads by the Interstate Commerce Com- mission, considerable periods of time are essential to pass upon requested changes in freight and passenger rates, the soundness of new security issues, or proposed plans of consolidation and reorganization of railroad properties. If, as has been proposed, a reconstituted Federal Trade Commission would be expected to pass upon similar ques- tions arising in all branches of manufacturing and mining, prompt and intelligent action would be impossible, The only practical basis of procedure is to create in each basic industry a commission for the regulation of prices, profits, and other relevant matters. An illustration of this procedure has already been afforded by pending

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