Understanding our free economy

This book is addressed to those young Americans who are seeking an understanding of the basic facts and principles of economics pertinent to the world in which they are destined soon to face the problem of making a living.

The distinguishing feature of this book is, we believe, its straight forward portrayal of those economic principles which relate to the free economy. It is true that the past few decades have witnessed a reactionary swing away from economic freedom and in the direction of collectivism and the all-powerful state. This is true of America, though the movement has not gone so far here as in certain other countries. Along with this development, there has been a trend among recent economic writings to neglect the principles of the free economy while devoting much attention to other economic systems involving expansion of government controls.

While it is obviously fitting that American students know about the various collectivist systems and "planned economies" which exalt govern ment control, it is even more essential that they understand the working of the free economy, under which their own country has so notably prospered and which still remains the basic American system..