AbstractsEconomics

A peace-time economy of the capitalist democratic type must undergo an extreme metamorphosis before it may be designated as an efficient war-time economy. This is to be expected, since the ends served by the two economies differ so much. In peace, the economy is judged by the efficiency with which it satisfies consumers' demands over a relatively long period of time; in war, the consumer assumes importance only as a producer or as an active belligerent and the economy is judged by the effectiveness with which the fighting forces are prepared and supplied in as short a time as possible. [...]