Word: tradings
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Dates: during 1940-1949
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There are many scholars who maintain, with or without Karl Marx, that Economics--the study of productive and trade relations--is the prime moving force of world history. Regardless of the ultimate truth of this view, Economics remains materially one of the most important fields of study offered by this or any other university. Its position as one of the largest fields of concentration illustrates the general appreciation of its importance, both historically and in the practical complexities of current events...
...Money and Finance" is the catch-all special field, embracing "Money and Banking", "International Trade", "International Economic Relations", "Economic Imperialism", "Business Cycles", and "Public Finance...
Briefly slated, the chief area of disagreement in to what extent the many semi-socialistic, debtor nations, particularly the United Kingdom, are willing to relax their closely gripped trade reins and exchange concessions with the great creditor nation, the United States, devoted to a lively, but often capricious free-enterprise system. The first group of nations places a high level of employment and security from depression well before expansion or profits. As one London paper stated on the eve of the meetings, "These countries think that the first task is not to increase world trade but to make its flow...
...American view, which alone exudes any positive or optimistic undertones, is that only through withdrawal of trade restrictions leading to greater volumes of world trade and production can any real prosperity be assured. To this end, American delegates are empowered by Congress to reduce tariffs on any import up to 50 percent, and this authority glitters as the chief American concession to foreign nations. In return, our Government is seeking a general world-wide reduction of tariff barriers, and an end to the British Empire preference system...
Clearly, America's policy is encouraging and merits full support for two reasons. First, our barriers down, expanded world trade approach offers the best long run hope for any real world prosperity and economic peace. Second, a program of expansion both at home and throughout the world, is out finest and perhaps last chance to demonstrate the essential superiority of a free enterprise system as a medium for a high level of employment and standard of living as compared with the government controlled economics of other nations. By supporting a low tariff policy and by putting our own economic house...