Abstract
THE need for sound national planning of industrial effort was emphasised in an address delivered before the Birmingham Group of the Institute of Industrial Administration on October 4, by Mr. Harold Mac-millan, M.P., president of the Institute. Mr. Mac-millan said that we have moved into a new economic society. The conditions of the nineteenth century world have passed away. In the old world Great Britain had great advantages. It was a pioneer nation and the workshop of the world, and on the whole the system was very satisfactory for the greater part of the nineteenth century. In the period preced ing the War Great Britain exported capital to foreign countries, financed the market for its own exports and very largely developed the world. That system was very satisfactory while it lasted, but it has largely changed and to-day's problems have arisen almost entirely as the result of that change. The War quickened the pace, and the world has largely industrialised itself, economic nationalism prevails, and the balance of the world has been overthrown. The potential capacity to produce has increased at a rate far more rapid than the market to absorb.
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National Planning in Industry. Nature 134, 564 (1934). https://doi.org/10.1038/134564a0
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DOI: https://doi.org/10.1038/134564a0