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sphere, attaining standards of living of undreamt of heights. Most of us today are well fed, well clothed, have good automobiles, radio and television sets as well as electrical appliances that reduce the drudgery of housework. Many of us live in homes which years ago could be pictured only in fairy tales. Inequalities in the distribution of income have been reduced. Hours of labor have been cut and working conditions generally improved tremendously. Labor unions have come to be recognized almost universally, collective bargaining has nearly everywhere become the order of the day, and unfair treatment of employees by employers has been reduced considerably. Business fluctuations have been tempered by automatic stabilizers. Farmers have been assisted by government price supports and are today more prosperous than ever.

But there are also some dark spots on this record. Serious questions may be raised as to whether we are exercising the best possible judgments as consumers in the selection of our objects of expenditure, that is, whether we would not be better off if we spent less money on fancy automobiles and more on education or on housing? Private enterprise has proved incapable to provide low cost urban housing, with the result that slums in cities are increasing. Small businesses in many fields are being crowded out and displaced by large scale enterprises managed by bureaucracies responsible to no one except their own conscience. Labor union leaderships have acquired tremendous economic power, without gaining correspondingly in a sense of responsibility to either the society at large or to their own members. Wage increases are being demanded and granted far in excess of the rise in productivity and of the
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