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67 Pol. Sci. Q. 1 (1952)

handle is hein.journals/pclscceqry67 and id is 1 raw text is: Volume LXVII POLITICAL SCIENCE QUARTERLY A HEDGE AGAINST INFLATION UR individual lives and our governmental policies are disturbed by two great fears. We are afraid of an- other war on a world-wide scale fought with modern weapons; and we are afraid of inflation. We fear inflation not merely as a result of a general war, if it comes, but also as a result of our preparations for defense and our participation in the Korean war. Our fear of inflation has displaced a fear of deflation and de- pression. Not long ago we were afraid that prices would col- lapse and that business would find it necessary to reduce output and employment. Now we are afraid that prices of the goods and services that we need will skyrocket. These are not phantom fears. They are based on our mem- ories and knowledge of past experiences. We all realize vividly the rapid inflation of prices at the close of World War II, and the preceding slower rise during our defense preparations and participation in the war. Most of us remember the depression of the nineteen-thirties, with millions of people out of work and millions more with degraded standards of living. Those of us who have some acquaintance with economic history know that in the past two centuries we have had several other cases of rapidly rising prices with economic disturbances and in- justices resulting from them, and that we have also had many business depressions-some of them moderate, some very severe. Communist theorists are right in their belief that inflation and depression are the great diseases to which capitalistic society is subject, that these diseases have not yet been conquered, and that if not conquered they will lead to the ruin of our economic Number 1 March 1952

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