Word: armament
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...Prime Minister admitted that Britain is still far behind the Nazis in materiel, especially anti-aircraft and anti-tank guns and tanks. Moreover, he pointed out that while the Nazi armament bases are only a few days from the Middle East, the British must send most of their weapons, including crated airplanes, around the Cape of Good Hope-thus keeping them "out of action for the best part of three months." Apparently the British command had judged it unwise to spare for so long a time many of the weapons which might have fortified Crete. There was little to cheer...
Modify Capitalism. Toronto echoed Malvern, declared that in North America as well as in Germany and England things are in such a pickle that a solution to the unemployment problem has been found only in armament programs. "We can well say, with our fellow Christians in England: 'The system under which we have lived has been a predisposing cause of war even though those who direct and profit by it have desired peace.' " Solutions suggested: State planning, wider use of producers' and consumers' cooperatives...
...chart he showed that total U.S. production had risen sharply last year until about October. Then, as the U.S. neared the limit of present productive capacity, it reached a plateau which can slope upward only slowly in the future. But the amount of production going into armament had increased sharply since October, would increase even more in the future. Henceforth production heretofore taken by civilians would have to be diverted to defense even though civilian purchasing power continued to rise. Concluded Zelomek: "We are now well into the period in which economic factors . . . have become inflationary, for the first time...
...defense program still has no central economic authority charged with gearing U.S. production to the armament effort. Hence many a specific question in the agents' minds went unanswered. Already their buying policies have changed from a pre-war hand-to-mouth basis to forward buying for nine months hence or more. Chief danger, in a situation where only a spark might set off an inflationary explosion, was that industry might never be told the answers, would have to buy everything in sight to protect itself...
...total wages over total goods available for consumption by paying workers partly in bonds rather than cash. This would keep prices from rising in the wartime world when income soars while output is shifted to defense needs; and, in the post-war slump to be expected when the armament program is abandoned, the payment of these bonds would provide a cushion of consumer expenditure. England has already put the plan into effect by promising post-war rebates of the new taxes on low income groups. The full Keynsian program will go into effect this fall...