Political Economy Freshmen-Sophomore Group 1943 Summer Term
Date
1943-04
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Abstract
"As you will remember, our discussions of the problems of a war-economy
last Fall were all plain sailing as long as we talked only about the material
factors of production: labor, raw materials, and machines, and about the
distribution of physical goods. We got into trouble, however, as soon as we
brought Money into the discussion. And we found that all the difficulties --
both those of understanding and those of policy-making and enforcement - grow
out of the fact that our economy is a money-economy. Although it became quite
clear to us in the course of our talks that money is something man created to
serve him as a tool it also became clear that this agent and creature of society
has itself become a determinant of society. Therefore, we will work during the
Summer Term on money- on the economics of money and banking; on money as a political
issue in American history- one of the basic ones; on the political, social
and cultural aspects of a money-economy and a money-society."