The group of recovery measures passed by the special session of Congress in 1933 constitutes somewhat of a landmark in economic history. Even more remarkable than the measures themselves is the change in economic philosophy that brought them about. The swing from America’s traditional economic philosophy of individualism toward a greater degree of social control that brought these recovery measures into being is one of the most significant events of modern times.

The recovery measures could not have been put through if this change of emphasis from individualism toward more social control had not taken place; they cannot be enforced unless the change continues to receive general public sanction. Is this swing only temporary, only a result of the depression? With returning prosperity, will the country return to individualism with the minimum of social control? Or is the change somewhat permanent; may it even presage further steps in the same direction? This question is the subject of the present bulletin.