HOLLEY, WILLIAM C., et al. The Planta tion South, 1934-1937. Pp. xxii, 124. Washington: Work Projects Administra tion, 1940

• DOI: 10.1177/000271624222400168
• Date: 01 November 1942
• Author: Hans H. Plambeck
• Published date: 01 November 1942
• Subject Matter: Articles

226

tions

of

money,

the

types

of

money,

mone-

tary

standards,

the

value

of

money,

and

monetary

objectives,

but

also

the

theories

of

capital

and

interest,

the

multiplier

and

acceleration

principles,

and

the

business

cycle.

In

the

reviewer’s

opinion,

Professor

Halm

has

admirably

succeeded

in

his

pur-

pose.

He

has

limited

his

discussion

to

the

most

important

aspects

of

monetary

theory.

His

treatment

of

controversial

issues

shows

a

clear

understanding

of

them,

as

well

as

a

capacity

for

fairness

to

all

the

parties

in-

volved.

His

own

analysis

is

sound

and

well

balanced.

This

is

especially

evident

in

his

treatment

of

the

multiplier

and

of

interest

theory.

The

exposition

throughout

is

both

lively

and

lucid.

Beginning

stu-

dents

of

money

and

banking

will

not

find

this

book

easy

going;

it

is

too

compact

for

that.

They

will

not

be

able

to

master

it

in

one

reading

and

perhaps

not

in

two,

and

many

of

them

will

wish

that

the

pure

the-

ory

had

been

adulterated

with

historical

examples

and

institutional

descriptions.

But

the

difficulty

is

inherent

in

the

subject

matter

rather

than

in

Professor

Halm’s

treatment,

and

the

student

who

perseveres

will

find

the

reward

well

worth

the

cost.

LESTER

V.

CHANDLER

Amherst

College

FOLK,

GEORGE

E.

Patents

and

Industrial

Progress.

Pp.

xiii,

393.

New

York:

Harper

and

Brothers,

1942.

$3.00.

This

obdurate

defense

of

the

present

pat-

ent

system

is

written

by

the

Special

Patent

Advisor

of

the

National

Association

of

Manufacturers

and

is

sanctioned

in

a

foreword

by

the

Chairman

of

the

Com-

mittee

on

Patents

and

Research

of

that

organization.

Designed

to

provide

argu-

ments

to

refute

the

efforts

of

the

Depart-

ment

of

Justice

to

revise

the

patent

laws,

it

presents

an

ex

parte

summary,

analysis,

and

evaluation

of

the

record on

patents

of

the

TNEC.

It

is

particularly

denunciatory

of

Monograph

31,

Patents

and

Free

Enter-

prise

written

by

Walton

Hamilton.

This

brilliant

monograph,

which

effectively

ex-

poses

the

abuses

of

corporate

control

of

property,

is

characterized

as

&dquo;so

much

twaddle,&dquo;

utilizing

ammunition

&dquo;supplied

by

enemies

of

private

ownership

of

prop-

erty,

especially

of

patents,

who

seek

an

economic

revolution

and

would

subject

the

patent

system

to

bureaucratic

control.&dquo;

Hamilton

is

said

to

exhibit

&dquo;a

lack

of

understanding

of

even

the

elementary

prin-

ciples

underlying

patents,&dquo;

to

have

&dquo;no

clear

idea

of

what

a

license

is,&dquo;

and

not

to

possess

either

&dquo;a

legal

or

practical

knowledge

whereof

he

writes.&dquo;

The

Department

of

Justice,

through

the

efforts

of

Thurman

Arnold,

has

sought

leg-

islation

aimed

to

prevent

restrictive

provi-

sions

in

patent

license

agreements

which

concentrate

control

in

few

groups

and

ex-

clude

others

from

industry,

which

fix

prices,

control

production,

limit

capacity,

and

otherwise

prevent

the

free

play

of

com-

petitive

forces;

and

which

control

and

im-

pede

American

production

and

American

development

to

the

advantage

of

foreign

interests,

both

private

and

governmental.

These

legislative

recommendations

are

con-

ceived

by

this

book

to

be

revolutionary

pro-

posals

put

forward

by

one

who

&dquo;has

little

if

any

experience

in

or

knowledge

of

this

particular

branch

of

the

law,&dquo;

and

their

possible

adoption

is

thought

to

be

&dquo;calami-

tous

in

its

results.&dquo;

Not

one

inch

of

ground

is

yielded;

no

concessions

are

made.

Damaging

evidence

based

on

documents

from

company

records

is

blandly

denied,

ignored,

or

rationalized.

The

book

has

a

pretentious

show

of

scholarship,

but

this

cannot

conceal

the

fact

that

it

speaks

for

the

special

interests

whose

misuse

of

pat-

ents

has

been

further

revealed

by

the

recent

findings

of

the

Senate Patent

Committee.

The

hearings

before

this

Committee

docu-

ment

beyond

doubt

that

the

functioning

of

the

present

patent

regulations

is

clearly

impeding

the

war

effort

and

that

the

in-

transigent

attitude

of

the

National

Associa-

tion

of

Manufacturers

here

articulated

will

eventually

have

to

be

abandoned

by

the

pressure

of

enlightened

public

sentiment

if

the

war

is

to

be

won.

BERNHARD

J.

STERN

Columbia

University

HOLLEY,

WILLIAM

C.,

et

al.

The

Planta-

tion

South,

1934-1937.

Pp.

xxii,

124.

Washington:

Work

Projects

Administra-

tion,

1940.

Setting

out

&dquo;to

provide

a

definite

answer

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