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The New Zealand Railways Magazine, Volume 5, Issue 9 (April 1, 1931)

Politician's Economic Compass

Politician's Economic Compass.

The war legacy of unparalleled world debts began to assume a definite shape with the reconstruction of Continental currencies (after inflation) and the return to the gold standard, which event was recorded in Britain in 1925. Since then a deflating world, over head and ears in debt, has realised that the pre-war separateness of politics and economics is ended. The world's commitments are so great, and the cost of everything is so high, that no step at all can be taken—in the direction of social rebuilding or otherwise—without an anxious glance at the financial barometer. The politician must either be an economist (thus clipping his own political wings) or else, in his political ambition, he must defy economics. Civilised countries the world over are either taking painful heed of their economic limitations, or are essaying courses that bankers say will end in ruin.