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

78 INDUSTRIAL REVOLUTION AND WAGES ration that there “must be a return to normalcy.” This statement, as a matter of fact, was the slogan of the Repub- lican party in the Presidential campaign of 1920 and was subsequently adopted as the most sound course of pro- cedure by conservative industrial and financial interests. With the exception of the protests put forward in wage arbitrations by representatives of employees, this attitude had been, as a rule, accepted without analysis, as meaning a revision to pre-war wages, industrial conditions, and prices. It was argued that all inflation and extravagance brought about by the war should be eliminated, and, when this was done, not only industry and trade, but life in general might be resumed upon a normal basis. A “return to normalcy,” as thus conceived, was thoughtlessly made synonymous with a return to prosperity. A NEw THEORY OF PROSPERITY Despite the protests of the advocates of a more enlight- ened policy, these views as to “normalcy” and prosperity prevailed, as has already been described, until the latter part of 1922. After more than two years of loss and depression, industrial and financial leaders, for the first time since the war, began to realize that the prosperity of the country really depended upon the prosperity of the individual citizen instead of the prosperity of the indi- vidual being conditioned upon the prosperity of the country, The fallacy of wage-cuts as means of heading off threatened depression or reviving prosperity had already been vividly and disastrously demonstrated by the adverse conditions following the business collapse of 1920-1921. Cut off from foreign markets by European inability to buy, it became evident that future prosperity was dependent upon the consuming power of our own markets. It was also realized that the road to prosperity

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