By Henry Hazlitt
Henry Hazlitt had left the hot York occasions in an ideological war of words over post-war financial coverage. as soon as he left, he used to be unfastened to talk his brain at the vital problems with the day, between which the Marshall Plan.
This is his blockbuster argument opposed to the belief of placing post-war Europe at the US dole. He made the case that reduction may avoid instead of generate fiscal restoration. this can be the 1st time this ancient and still-powerful e-book has been to be had seeing that its book in 1947.
Publication details manhattan: D. Appleton-Century corporation, 1947.
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Additional resources for Will Dollars Save The World?
These wealthy Europeans will necessarily be beneficiaries, directly or indirectly, of loans and gifts from the United States. All Americans, poor as well as rich, will necessarily be the losers, directly or indirectly, from these loans or gifts舒whether by higher taxes, higher food prices, goods shortages, or in other ways.
So much for the dilemmas that the effort to impose even the mildest common-sense conditions is likely to meet from the borrowing end. But we face today a scarcely less serious dilemma from the lending end. The only conditions that could really bring revival to a borrowing country are those that stabilize the real value of its currency (as opposed to the 舠official舡 value) and that restore free markets. But these are not the conditions in which most of our own government representatives abroad really believe.
This view, however, faces grave dilemmas both at the borrowing and at the lending end. The borrowing governments believe in the economic policies they are following. 舡 For at least three main reasons they resent any conditions imposed on them. 舡 Anything that goes wrong will be blamed not on their other policies but merely on whatever they have done to conform with the conditions of the loan. Any conditions whatever, from the mere fact that they are conditions, will be considered humiliating. The borrowing government will regard them as an infringement of its sovereignty and independence.