War-Time Financial Problems

A boy who buys marbles is a capitalist; a boy who eats cherries is not. In September 1917, Hartley Withers uses this unlikely distinction to tackle a question that could shape the peace to come.

As the First World War still rages, financiers and employers are already wondering what will happen when industry turns back to peace. Will the war leave capital so scarce that it costs a fortune—or will exhausted nations have so little enterprise that capital cannot find a buyer? Withers challenges both predictions, separating the destruction of money from the destruction of the tools that make goods, and asking what truly creates those tools. His answer puts saving—not credit, nor a mere flow of money—at the heart of recovery, while raising an uncomfortable question about the habits prosperity demands. What must people give up today to make tomorrow’s industry possible?

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