The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
THE Second World War was a war of mass, but not, like the First, of massed manpower; it was a war of massed machines. In view of this, American production and construction, which reached Wellsian proportions, can be said to have been directly responsible for the victory over Germany and Japan. Such a statement, though true in a strictly military sense, is of course only part of the story. This article, summarizing the record of American industrial production and analyzing the merits and defects of certain of the weapons which it turned out, purports to tell only that part. It deliberately leaves out of account the spiritual imponderables which determine how, and how successfully, material power is used. It does not discuss the political factors responsible for the fact that we fought the Axis nations with powerful allies and not alone, and it makes no attempt to describe the brave