Toward Recovery: Poltical Control vs. Economic Forces
Maladjustments in Prosperity and Depression
Whatever use is made by the President of the authority conferred by the inflation-farm relief act, and whatever may be the nature of the authority to be sought in the forthcoming “national industrial recovery act,” the outstanding significance of this and other legislation desired by the administration is the resort to political control, in substitute for ordinary economic forces, as a means of lifting the country out of the depression. These measures must be regarded as part of a program for a “planned economy” as distinguished from a system under which supply and demand are left largely to themselves to determine prices, and prices are left to themselves to direct production.
Senator Thomas (D., Utah) ...