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Now almost all modern economic policy directed on support Certain branches, tries to do it by effect on the prices. Whether it be Advices on trade or restrictive schemes, compulsory "reorganisation"
Or destruction of redundant capacities in those or other branches, the purpose always
Consists in limiting the offer and thus to rise in the price. All
It obviously becomes impossible for the separate states within the limits of the Union. All
Arsenal of advices on trade and other forms of the monopolistically organisation
Various branches will cease to be at the command of the governments separate
The states. If all of them want to support concrete group
Manufacturers, they should do it, directly granting grants from
The means collected by the usual taxation. However it will be already impossible
To use such methods, with which help, for example, in England in
The last years have been protected all manufacturers of sugar and milk, bacon and
Potato, a cotton yarn, coal and iron from "the destructive
Competitiveness "from within and from the outside.
Also it becomes clear that the states within the limits of the Union cannot conduct
The independent monetary policy. At the general monetary unit width of authorities,
Granted national central banks, it will be limited in everyone
Case so, how much at the rigid gold standard - and it is possible, and
Much more strongly, as even at the traditional gold standard of fluctuation in
To trade between the countries were more than between various parts of one
The states, and than it would be desirable to admit within the limits of the Union. compare my work: Monetary Nationalism and
International Stability (London, 1937)., On questions,
Arising in this connection it is valid, it is represented
Doubtful that in the Union with a uniform monetary system continued to exist
Independent national banks; possibly, they should be reorganised in the
Sorts Allied Reserve System. But in any case the national monetary
Policy who would proceed mainly from economic and financial
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