The gift of making economics interesting to the uninitiated is
possessed by very few writers ; but Mr. Hartley Withers is certainly among that number, and his latest work may be recommended to all who would obtain an insight into present-day monetary controversy. Mr. Withers writes in reply to critics of our pre-War credit system, and in support of the views of leading bankers that a return to the conditions which existed before 1914 is the first desideratum of monetary policy. Since) however, his reply is intended for the general public, as opposed to economists and bankers, it begins with an outline of the pre-War credit system. This subject almost gets the better of even the author's genius for concise and clear description, and the reader who does not possess- some knowledge of the intricacies of credit creation will probably have to read certain passages more than once. Later pages of the book contain a severe criticism of War time finance, and a lucid explanation of the development and collapse of the post-War boom, Mr. Withers making out a very good case for his contention that neither high money rates nor restriction of credit produced the price deflation which began in 1920. The reader is thus led to the main chapters of the book, which describe and criticise some of the proposals for currency and credit reform which have since been put forward. What may be termed the strictly orthodox view is here taken, and Mr. Withers is at his best, dealing gently or forcibly with his opponents according to the degree of restraint or vehemence with which they have placed their views before the public. Those who are familiar with current economic literature will be surprised that as much as thirty pages are devoted to a criticism of the proposals of Mr. Arthur Kitson, Major Douglas and Professor Soddy, but such readers will be best able to appteciate to the full the author's satire, and will be left wondering how economics ever came, to be termed a " dull science."
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