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In this careful and thorough study of a Canadian field which has been relatively untouched in recent years, Dr. Brecher records and comments on the development of monetary and fiscal thinking in Canada in the inter-war period, and its impact on public policy in the federal sphere. Examining Canadian opinion about economic theory during this time, the author draws on four fields of thought: that of government and other public officials; of businessmen, such as bankers, and their views on what should be done about the depression; of the ";radical group";, such as those prominent in the formation of the CCF and Social Credit parties; and of economists, prominent in the universities. Dr. Brecher points out in his preface that his inquiry is rooted in the conviction that the problems associated with cyclical fluctuations remain sufficiently complex to make an understanding of the developments of the twenties and thirties an indispensable condition for effective stabilization policy. He finds the twenties distinguished only in the superficial and imperfect diagnosis of and remedial suggestions for unemployment, made chiefly by a relatively small handful of thinkers associated with the Progressive and United Farmers movements, then emerging in the West. It was the thirties which, under the impact of the depression, witnessed the first real stirrings of careful economic analysis in cyclical terms, and of statistical techniques for measuring the value of annual productive activity and income receipts in the Dominion. The author has attempted to appraise the evolution of the Canadian policy of monetary and fiscal stabilization within the thought environment in which it was conceived and implemented, and on the basis of the standards set by modern income-employment theory

An obvious relationship exists between the absence of social justice & the intensification of terrorism. This relationship has proven true for Afghanistan. US reaction to the terrorist attacks of 11 Sept 2001 included a strategy that would bring social justice to Afghanistan. As a result, the repressive Taliban regime was defeated, an interim representative government was established, & international efforts were made to rebuild the country. These actions by the US & its allies are likely to have lasting global consequences for foreign policy & international relations. The 11 Sept attacks also illustrate the dangers inherent in globalization & in regimes that are repressive & poverty stricken. Consequently, donor countries must realize that foreign aid is an essential component of any antiterrorism campaign. Donor countries must also recognize that terrorism cannot thrive in an environment that ensures freedom & social justice. K. Larsen

During the decade of the twenties, monetary theory and policy became a major focal point in the economic literature of the Western world. Although central-banking machinery had long since been in operation in England, France, and Germany, and the Federal Reserve System had been established in the United States about six months prior to the outbreak of the First World War, it remained for the post-war world to see the emergence of centralized monetary control in a recognized and accepted form.The experience during the war in the techniques and dangers of large-scale financial operations, together with the unprecedented post-war inflation of currency in Germany, left a vivid impression with economists, bankers, politicians, and business men. As a result, there occurred in the following years a lively discussion both of the workings of monetary and banking systems and of their implications for policy. The discussion soon became a definite controversy in terms of adherence to, and dissent from, the philosophy of "monetary orthodoxy."To some extent, it was a continuation of the split which had grown out of the English Bullion Report of 1810 and had centered around the Banking and Currency Schools. There was, indeed, much debate over issues which had previously inspired the able analysis of such pioneers as Thornton, Tooke, and Overton. But there was a great deal more than that. Investigation was directed towards the most challenging problems of monetary theory, and policy recommendations took on a tone of urgency matched only by their infinite variety.

The article looks at the Israeli-Palestinian conflict & presents a possible first step toward a more enduring conflict resolution. The report of the Mitchell commission is suggested as a major step out of the current violent situation. The plan blames neither side for the upheaval & proposes a three-stage set of recommendations. Stage one calls for an unconditional cessation of violence. Stage two institutes a cooling-off period, with efforts by both sides to condemn & discourage incitement. Stage three is a return to serious negotiations. Brecher & Brecher argue that the negotiations must be based on mutual recognition & that a breakthough would require Sharon to formally declare that the Israeli government accepts the right of the Palestinians to an independent state. Arafat would have to reciprocate by refusing to resort to violence to achieve Palestinian political goals. J. Backman