PREFACE

This is a discussion of how best to reconcile thedemands of War and the claims of private con-sumption.

In three articles published in The Times lastNovember I put forward a first draft of proposalsunder the description of "Compulsory Savings".It was not to be expected that a new plan ofthis character would be received with enthusiasm.But it was not rejected either by experts or bythe public. No-one has suggested anything better.That public opinion was, as yet, not ready forsuch ideas, was the usual criticism. And this wasobviously true. Nevertheless a time must comewhen the necessities of a war economy are realised;and there is much evidence for the belief that thepublic are not so behind-hand.

Amongst the manifold comments provokedthere were some valuable suggestions. In therevised draft here set forth in ampler detail Ihave taken advantage of these. In the firstversion I was mainly concerned with questionsof financial technique and did not secure thefull gain in social justice for which this techniqueopened the way. In this revision, therefore, Ihave endeavoured to snatch from the exigencyof war positive social improvements. The completescheme now proposed, including universal familyallowances in cash, the accumulation of working-class wealth under working-class control, a cheapration of necessaries, and a capital levy (or tax)after the war, embodies an advance towards

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