ABSTRACT
Not only to America, but to the world, the experiment now being tried by the government of the United States is of incalculable importance. From the end of the war until the inauguration of Mr Roosevelt, the financial and industrial magnates had a free hand, and they brought the country to a worse pass than it had ever known before. Whatever else may be open to question, it is incontrovertible that to intrust power to the very rich is to court widespread ruin and starvation. The nation, realising this, gave the President an unprecedented degree of control over the economic life of the country. He has used his power with energy and vision, and has at the same time shown skill in minimising friction. He is attempting, without abolishing the capitalist system, to subject it to regulations which will cause it to work in accordance with the public interest, and to produce prosperity instead of disaster. If he succeeds, we shall know that the world’s economic troubles can be overcome without violent revolution or civil war. If he fails, some undemocratic form of dictatorship is not unlikely to result, and a new form of servitude may be fastened upon the great majority of ordinary citizens. Every man capable of public spirit must, therefore, wish him well.
