[Proposed Addition] [3]


See accompanying letter


The havoc wrought by a great slump, whether expressed in terms of human wastage and suffering or in pounds shillings and pence, is comparable in magnitude to the effects of a major war. If it is expedient to prepare against the one, why not against the other also? Preparations against a slump would resemble those against a war in requiring an immense amount of forethought, administrative collaboration ingenuity and hard work; but fortunately, unlikely those against war, they would entail but a trifling expense in advance. The only sacrifice called for would be on the part of the authorities, to give full measure of their initiative and enterprise and resolution.

The next slump, if untouched, is likely to impose a severe strain on our economic and social structure at a time, which, even apart from it, is one of transition and difficulty. It may be that only those countries, which are well prepared to protect their people against its ravages, will survive without violent upheaval and preserve intact their well-cherished inheritance.

  1. 1. Refers to a letter to the editor of The Times, "Action against a Slump. Plans for Capital Development. The Time to Prepare", published on 9 June 1937, p. 17. It was signed by D. H. Macgregor, W. M. Allen, Ian Bowen, R. F. Bretherton, E. H. Phelps Brown, F. Burchardt, R. Cohen, G. D. H. Cole, E. G. Dowdell, R. L. Hall, E. L. Hargreaves, R. F. Harrod, H. D. Henderson, C. J. Hitch, E. M. Hugh-Jones, J. Marschak, J. E. Meade, K. A. H. Murray, R. Opie, C. S. Orwin, Arthur Salter, R. S. Sayers. The first draft, with Harrod's signature, is filed in MP 2/6(15).

    2. On the contrary, the letter attracted the attention of the readers of The Times, and gave rise to a debate in its columns which protracted for two weeks and concluded with a letter from Harold Macmillan (The Times, 23 June 1937, p. 17). Other letters were published on 11 June (p. 17), 14 June (p. 15), and 22 June (p. 17).

    3. The suggested addition was eventually not incorporated in the letter as published.

    1. a. ALS, one page, with an attached AN, one page, in MP 2/6(22-23).

Welcome page

top of page

Return to index of this section

Go to previous page

Go to next page