iv

PREFACE

economic equality greater than any which wehave made in recent times. There should be noparadox in this. The sacrifices required by wardirect more urgent attention than before tosparing them where they can be least afforded.

A plan like this cannot be fairly judged exceptagainst an alternative. But so far we have hadno hint what alternative is in view. The Chan-cellor of the Exchequer has recently explainedto the House of Commons that he is seeking toprevent a rise of wages by subsidising the costof living. As an ingredient in a comprehensiveplan, this is a wise move; something of the kindis recommended in what follows. As a stop-gaparrangement to gain time it is prudent. Buttaken by itself it is the opposite of a solution.In making money go further it aggravates theproblem of reaching equilibrium between thespending power in people's pockets and what canbe released for their consumption.

The Chancellor has expressed agreement withthis conclusion. I hope, therefore, that he willlook with sympathy on an attempt to work hispolicy into a consistent whole. I have canvassedthese proposals in many quarters and comment hasreached me from all shades of opinion. I confidentlybelieve that, put forward with authority, theywould not be unpopular. No one is expecting toget off scot-free. The fault of my plan is that itasks, not too much, but too little; and it may look, ayear hence, too feeble a beginning for a heavy task.

Since one cannot rule out the possibility thatwe shall drift or adopt half-measures, I will