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• Foreword to the Revised Edition.
• Modern Economic Problems
• Part I: Money and Prices
• Chapter 1: Nature of Economic Problems
• Chapter 2: Origin and Nature of Money
• Chapter 3: Commodity Money and the Quantity Theory
• Chapter 4: Fiduciary Money, Metal and Paper
• Chapter 5: Price Levels and the Gold Standard
• Chapter 6: Rising Prices and the Standard
• Part II: Banking and Insurance
• Chapter 7: The Functions of Banks
• Chapter 8: Banking In the United States Before 1914
• Chapter 9: The Federal Reserve Act
• Chapter 10: Crises and Industrial Depressions
• Chapter 11: Institutions For Saving and Investment
• Chapter 12: Principles of Insurance
• Chapter 13: Scientific Life Insurance
• Part III: Tariff and Taxation
• Chapter 14: American Tariff History
• Chapter 15: International Trade
• Chapter 16: The Policy of a Protective Tariff
• Chapter 17: Objects and Principles of Taxation
• Chapter 18: Property and Corporation Taxes
• Chapter 19: Personal Taxes
• Part IV: Wages and Labor
• Chapter 20: Methods of Industrial Remuneration
• Chapter 21: Organized Labor
• Chapter 22: Public Regulation of Hours and Wages
• Chapter 23: Other Protective Labor and Social Legislation
• Chapter 24: Social Insurance
• Chapter 25: Population and Immigration
• Part V: Public Policy Toward Private Industry
• Chapter 26: Agricultural and Rural Population
• Chapter 27: Problems of Agricultural Economics
• Chapter 28: The Transportation Problem
• Chapter 29: Railroad Regulation
• Chapter 30: The Problem of Industrial Monopoly
• Chapter 31: Public Policy In Respect to Monopoly
• Part VI: Private Property Versus Socialism
• Chapter 32: The Present Economic System
• Chapter 33: Public Ownership
• Chapter 34: Methods of Distribution
• Chapter 35: Socialism, Present and Future

to

THE MOTHER

with a youthful heart and sympathetic interest in all things human

FOREWORD TO THE REVISED EDITION.

In this revised edition every chapter has been rewritten with reference to the momentous events that have filled the years since 1916, when the first edition of this work appeared. The statements of facts and figures have so far as possible been brought down to date. The materials formerly constituting the first two chapters have been distributed under other headings. New sections appear in every chapter, and new chapters have been added in the treatment of money, insurance, transportation, and socialism. Numerous charts have been added which, it is hoped, will be helpful to the reader. Most of these have been reproduced from charts prepared for the use of the author’s classes, and others have been taken from various sources. A brief list of references has been appended to each chapter.

The year 1921, in the depths of an industrial depression, does not mark the end of an era of normal economic changes in anything like the sense that did the year 1916. Rather it might be said that it is the half-way stage in another decade. After five years more the broader economic effects of the world war can be much better appraised. It is the author’s hope, however, that in its present form this volume will aid, in some measure, the earnest and open-minded reader to interpret the important changes now in progress.

The author makes renewed acknowledgment to those colleagues and other friends who assisted him in various ways in the preparation of the first edition. Thanks are due to the statistical officers of the Federal Reserve Bank of the Second District for permission to reprint diagrams that have appeared in the Monthly Review, and to others named specifically in notes to the charts and maps.

Princeton, N. J., Jan. 2, 1922.