ABSTRACT
By 1935, when this paper was written, Meade had prepared several memoranda for the Policy Subcommittee of the National Executive Committee of the Labour Party, having first been approached by Hugh Dalton, chairman of the subcommittee, in the autumn of 1932. He hoped that this paper would appear as a New Fabian Research Bureau pamphlet, but G. D. H. Cole and E. F. M. Durbin recommended against publication (Meade Papers 2/7 and 2/9, Dalton Papers 2/1, British Library of Political and Economic Science, and Elizabeth Durbin, New Jerusalems: The Labour Party and the Economics of Democratic Socialism, 1985, p. 197).
