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 V. The emergence of a new constructive policy

Collection:: Economics Books

CHAPTER V THE EMERGENCE OF A NEW CON- STRUCTIVE POLICY Because of the long-continued industrial and commercial depression in the United States, together with the accom- panying impoverished condition of Great Britain and Europe, industrial leaders and financiers were stimulated to the consideration of new policies and principles for rehabilitating economic conditions. As the result, an en- tirely new conception as to determining wages was soon accepted and put into practical operation. After the year 1922 it became evident to students of business conditions that there were no markets abroad for American products, and that there would be no foreign demand for some time, with the exception of that created by the purchasing power of credits extended by this coun- try, either open or in the shape of formal loans. It was, therefore, apparent that prosperity in the United States was dependent upon increasing the purchasing power in the domestic market, so that the people might absorb manu- factured and agricultural products in larger quantities. Obviously, purchasing power could not be rapidly increased unless wages and incomes were also increased. It was the contemplation of these facts that finally led to the practical application of an entirely new theory of wage- determination. New DEFINITIONS OF “NORMALCY” Up to 1922 the burden of all business discussions, as well as of political debates bearing upon financial and industrial problems, was the constantly reiterated decla- ny oy

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