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The article highlights the Conference of University Professors on the use of monetary and fiscal policy held in Europe in 1968. Attendees of the conference examined the integration of European capital markets and plans to develop papers on the theoretical issues involved in the introduction of money into models of economic growth. The fourth session of the conference examined abstractions and realities of monetary theory. The article also presents a description of several papers presented at the conference.

SUMMARY It is the purpose of the present paper to replace the traditional theory of industrial stages by a better model based on the criteria of capital and control. In constructing the new model we became aware of the fact it is necessary to distinguish between 'capital'-intensive and 'capital'-extensive industries and again within the latter between those which worked for local consumption and for the export trade, respectively. Only for the 'capital'-extensive industries working for the export trade something like stages in the industrial development can be discovered. In fact, the stage reached in these industries in the eighteenth century brought them organizationally close to the older 'capital'-intensive industries, so that for that period we subsume both under the head of protofactory. The protofactory of the model based on capital and control shows the essential characteristics of the factory, although in reality there were some elements distinguishing the protofactory from the full-fledged factory. In the second section of the paper we describe in detail the organizational features of the protofactory after clearing up the etymological confusion in that ZUSAMMENFASSUNG Der Beitrag zielt darauf ab, die traditionelle Theorie der industriellen Stufen durch ein auf den Kriterien ≪Kapital≫ und ≪KontroIle≫ basierendes, besseres Modell zu ersetzen. Beim Aufbau dieses neuen Modells zeigte sich die Notwendig-keit einer Unterscheidung zwischen kapitahntensiven und kapitalextensiven Industrien, welche letztere wiederum unterteilt werden mussen in solche, die fiir den einheimischen Verbrauch arbeiten, und solche, die fiir den Export produ-zieren. Nur fiir die im Export tatigen kapitalextensiven Industrien lasst sich so etwas wie Stadien der industriellen Entwicklung entdecken. In der Tat brachte das Stadium, welches diese Industrien im 18. Jahrhundert erreicht hatten, sie organisatorisch in enge Verbindung zu den alteren, kapitahntensiven Industrien, so dass fiir jene Periode beide unter dem Oberbegriff'Ur-Fabrik' (protofactory) zusammengefasst werden konnen. Das auf ≪Kapital≫ und ≪K.ontrolle≫ aufge-baute Modell der Urfabrik bringt wesentliche Merkmale der Fabrik zum Aus-druck, obwohl sich in Wirklichkeit die Urfabrik von der fliigge gewordenen Fabrik in einigen Punkten unterschied. Im zweiten Teil der Arbeit werden die organisatorischen Grundziige der Urfabrik im Detail beschrieben; zuvor wird die in diesem Bereich herrschende etymologische Verwirrung geklart. Abschliessend wird gezeigt, dass weder der im organisatorischen Aufbau der Industrie tatige Geschaftsmann noch der zeit-genossische Okonom erfasst hatten, was sich vor ihren Augen abspielte. Es brauchte Jahrzehnte, bis der Industrielle die Notwendigkeit regelmassiger Ab-schreibungen erkannte, und der klassische Okonom lehrte noch lange die inverse Korrelation zwischen Lohn und Profit und die Vcrschiebbarkeit des Kapitals von Industrie zu Industrie, nachdem diese beidenfiir das putting-out system typischen Wesensziige mit dem Erscheinen der Urfabrik verschwunden waren. RÉSUMÉ Cet article a pour but, de remplacer la théorie traditionelle des stades industriels par un modèle meilleur, basé sur les critères de capital et de contrǒ1e. En construisant ce nouveau modèle, nous nous rendons compte de la nécessité, de distinguer entre industries intensives en capital et celles extensives en capital et ces dernieres de nouveau, en celles qui travaillent pour la consommation interne, et celles qui produisent pour l'exportation. C'est uniquement pour les industries extensives en capital produisant pour l'exportation, qu'on peut d^couvrir des soi-disants stades du developpement industriels. En fait, le stade atteint dans ces industries au dix-huitieme siecle les amenait du point de vue de I'organisation en relation étroite avec les industries plus vieilles et intensives en capital, de facon a ce que pour cette periode, les deux pouvaient ětre résumés sous le terme de ≪protofabrique≫. La protofabrique du modele, basee sur le capital et le contrdle met en relief les principales caracteristiques de l'usine, malgre que la protofabrique se distingue en realite en beaucoup de points de l'usine evoluée. Dans la deuxieme partie de cet article, les elements organisateurs de la protofabrique sont decrits en detail, apres avoir eclairci les confusions etymologiques. Finalement l'auteur montre, que ni le commercant actif dans le developpement organisateur de l'industrie, ni l'economiste classique contemporain ont saisi ce qui se deroulait devant leurs yeux. II a fallu des dixaines d'annees jusqu'a ce que I'industriel reconnaisse Futility d'amortisations regulieres, et l'econome classique enseignait encore longtemps la correlation inverse entre le salaire et le profit et Pajustement du capital d'une industrie a l'autre, malgre que ces deux faits typiques par le 'putting-out system', avaient disparu avec l'apparition de la protofabrique. [ABSTRACT FROM AUTHOR]

The article presents information about bibliographies, periodicals giving news items and special reports in regard to the readjustment and reconstruction of the economic life of the countries of Europe. Some of the bibliographies are, "Reconstruction: A Preliminary Bibliography," compiled by Laura A. Thompson, "List of References on Reconstruction," prepared by Mrs. V. B. Turner, and is to be found in the December, 1918, issue of the journal "Monthly Labor Review." The Library of Congress published in November, 1918, "A List of British Parliamentary Publications on Reconstruction, With Some Other Publications." The Council of National Defense has prepared a "Bibliography on Reconstruction: British Parliamentary Papers and Selected Publications on Reconstruction." A very useful summary of news is contained in the "Daily Digest of Reconstruction News", published by the Director's Office of the Council of National Defense, Washington. It gives important facts about the work of the departments of the federal government in the field of reconstruction, actions of the state and municipal governments, and of foreign governments.

The purpose of this paper is to investigate the sources of economic growth in Japan and in compare the results with those in the U. S. and Europe as studied by E. F. Denison. The method used by Denison is followed as far as possible. The character of this paper is of fact finding, and the interpretation of results or the originality of methodology is not dealt with here. The results may be summarized as follows. (1) Japan's growth rate is two times that of Europe and three times that of the United States. (2) The contributions of labor, capital, and the residual to economic growth are all higher for Japan than for the U. S. or Europe. (3) Factors which account for the higher contribution of labor to economic growth are (a) the higher rate of increase in employment, (b) less shortening of working hours, and (c) improved age and sex composition. (4) Factors which account for the higher contribution of capital to economic growth are a higher rate of increase in capital input and the high elasticity of production with respect in capital. (5) Other notable points include: (a) the contribution of education is lower for Japan; (b) the capital-labor ratio in Japan increased remarkably; (c) capital's share of national income is higher; and (d) 60% of Japan's economic growth is accounted for by the residual. [ABSTRACT FROM AUTHOR]

The article comments on the paper "An Economic Theory of the Growth of the Western World," by professors Douglas C. North and Robert Paul Thomas. The paper is related to European economic growth. The theory proposed by North and Thomas relies heavily upon three components. The first is a model for cyclical fluctuations in the pre-industrial economic life of Europe. This model defines the relative changes in the cost of land and labor as changes in population alter the ratio between the two. It incorporates the relative elasticities which have been found in the supply and demand curves for foodstuffs as opposed to those for raw materials and industrial products. North and Thomas then elaborate this last observation into the second major element of their model, a "theory of institutional change." The shifts in factor proportions so heightened the possibilities of profit from production for the market that they exceeded the costs of the institutional innovations needed to change the organization of production and distribution of income. The result was the steady introduction of "secondary" institutional changes such as enclosures, joint-stock companies, government support of certain guilds, and regulation of quality.

This article presents a list of papers related to economic history of Europe. Some of the papers are: "An early Garolingian Mint in the Low Gountries: Bona-Tiel," by M. Metcalf; "Financial Intermediaries and Economic Development, the Belgian Case," by R.J. Morrison; "Middeleeuwse sociale structuren. Enkele kanttekeningen,"by J. Mertems; "Dutch Theology, Trade and War: 1590-1610," by C. Bangs; and others.

The use of aggregate production functions of the Cobb-Douglas type to explain the sources of growth and of differences in growth rates, in recent years among eight European countries and the United States is discussed in the article. Output is related to inputs of labor and capital, together with a residual not accounted for by these factor inputs, whether measured conventionally or in efficiency units. Until recently such procedures, when applied to European countries, required the use of balance-sheet data to measure capital, but ignorance of prices and valuation methods implicit in such data has been a serious weakness. Thanks mainly to the enterprise of economists Simon Kuznets, Moses Abramovitz and their co-workers, supported by the Social Science Research Council, historical series on gross investment have recently become available for some European countries. Despite uncertainties surrounding deflation procedures and the paucity of data for estimating useful lives, such capital estimates are greatly to be preferred to figures resting on balance sheet valuations. The availability of these new data prompted the present study, preliminary results of which are given in this paper.

The article presents a reference guide for Western Hemisphere. Names of publishers of books and the addresses of periodicals are provided to aid readers. Listings include only basic material, not news items or reports of transitory significance. "The Canadian and American Companies Developing Canada's Enormous Ore Resources," by John Lind, is a study of U.S. and Canadian iron resources and the exploitation of them. "Canada in World Affairs: From UN to NATO, 1946-1949," is the fifth volume in a series concerning Canada's participation in world affairs. "Power in New Brunswick," by W.A. Dixon, is a description of new power developments. "Canada's Economic Development, 1867-1953," by O.J. Firestone, is a history and analysis of Canada's economy. "Canada's Economic Prospects," by Simon Kuznets, is a review of the Final Report of the Royal Commission on Canada's Economic Prospects. In 1958 Economic Survey of Europe," included are studies of the relationship between economic expansion and balances of payments in Western European countries and consumption trends and structures in Europe.

The article presents comments on the problems of international economic policy by providing various discussions from specialized conferences. There are two persistent enemies of international commerce. The one is restrictionism, the other discrimination. Great Britain and the United States alike have tried to compromise with both. Neither American protectionism, even as modified by the Hull agreements, nor the system of preferential tariffs, as exemplified in trade treaties among Great Britain and the Dominions, is consistent with international prosperity nor with international friendship. According to one of the economists, for the European continent foreign trade is simply vital for maintaining of decent living possibilities, it is not a question of a degree of economic stability but of the whole economic structure. The postwar balance of trade may be unfavorably affected by the structural changes in the British balance of payments, as Great Britain has been a big surplus importer from the European Continent, supplying it with dollars and other overseas exchanges.

The article presents documentation of several books and papers related to the regional growth of Europe. "European Yearbook," A record of European organization and integration compiled under the auspices of the Council of Europe. Regional Development, Economic Growth And Employment in France. A discussion of the excessive concentration of industry around the cities, particularly Paris, of the effects this concentration is having on the nation's economy, and of what may be done to change the trend. "Continental France," Facts and figures on the political and economic state of France with some information on foreign trade and special inducements for foreign investors.

Discusses the history of European economic growth. Details of industrial expansion; International trade relations of the country; Effect of economic policies on its growth; Discussion on scientific and commercial revolution.

C/sing cross-sectional comparative data, a number of investigators report inverse correlations between mother tongue diversity and various measures of national development Longitudinal analyses of mother tongue diversity in eight different nation over relatively long periods of time, along with a shorter longitudinal analysis of all European nations, indicate that such correlations are probably void of any causal implications. An analysis of covariance explains why cross-sectional correlations occur between variables that are not dynamically related. In addition to suggesting the need for an alternative perspective on me course of mother tongue diversity, the results have critical implications for some of the most common procedures used In the comparative study of nations. [ABSTRACT FROM AUTHOR]

Reports on the complex problem of European postwar migrations. Changes in the population structure; Political and economic influence to the physical transition of an individual or group from one society to another; Differences between the demand and supply of international manpower.

Focuses on the role of nuclear power in the future energy balance in Europe. Impact of the increased standard of living on the increase of energy demands; Contribution of the increasing use of coal, hydro power and petroleum to the economic growth and political power of western Europe; Importance of international cooperation in the use of all natueral resources and exchange of electric power to satisfy energy requirements in the future.

Antonio J. Posada, Chief of Agrarian Reform and Rural Sociology Service, speaking on behalf of the Director-General of FAO, thanked the Government of the Federal Republic of Germany for its hospitality and facilities and welcomed the participants. He took note of past accomplishments of the Working Party on significant issues concerning rural social change in Europe, and of the complexities and importance of the social, cultural and institutional aspects of agricultural and general economic development and change in the different countries of the region. The documentation for the current session provided evidence of that complexity. The growing interest on the part of rural policy-makers and administrators in the human aspects of agriculture was a reassuring change. Posada then called attention to the FAO Conference decision to focus more of its resources on helping developing countries and its desire to reduce the number of statutory bodies. The Secretary briefly reviewed the history of the Working Party for the benefit of new participants, its previous seven sessions, the major areas of work and projects undertaken. He considered that the arrangements in this Working Party for the full participation of other international agencies and organizations had enriched the program and deliberations of the Working Party, and that the efforts of this group have helped to focus attention on the scientific analysis of current rural problems in Europe.

This article focuses on the effect of increase in population on the economic development in the late eighteenth and nineteenth centuries. The period 1750-1850 saw sustained population increase in all parts of Europe sustained in the sense that there was never a fall in absolute numbers. In many areas the rates were as high as 1 per cent per annum. According to the author, population change is determined by a wide variety of influences, cultural and social as well as economic, and these have combined in many different ways at different times and places, even within the same neighborhood. In particular, it is difficult to disentangle those influences which were exerted over a wide area within a given time period and those which characterized a particular phase of economic development. So far as origins are concerned, the traditional mechanisms by which population growth was kept in line with resources was capable of producing an increase of population over several decades even in the absence of any long-term change in the capacity of the area to support population. Such mechanism work in Europe before the demographic revolution,

The article discusses problems related to economic integration in Europe. The author has chosen to focus on the Common Market since this has clearly emerged as the nucleus of integration efforts in Europe. One recalls that the establishment of the Community in 1958 was greeted with expressions of sanguine hope by some observers and participants, while others expressed pessimistic views. The disagreements centered especially on the impact of the Common Market on trade patterns and economic growth. Although the experience of a few years that have elapsed since the treaty came into effect does not provide sufficient evidence for judging any of these issues, some tentative remarks can still be useful. The gross national product (GNP) of the Common Market countries increased by 20.9 per cent between 1957 and 1961, whereas the rise in the GNP of the U.S. and Great Britain was 9.8 per cent and 11.3 per cent, respectively. A comparison of rates of increase of manufacturing and industrial production has led some observers to conclude that apparently the Common Market's establishment did not contribute to economic growth in the participating countries.

The article focuses on problems of trade between planned economies. These problems can be, firstly, problem of trade between economies in which free enterprise has simply ceased to exist. Secondly, the problem of trade between those countries and others, and finally, the problem of trade faced by partially socialized economies which practice state trading in some fields but not all, both among themselves and with enterprise economies. The conduct of trade is in the hands of state monopolies or boards which operate within the framework of agreements negotiated by governments. A country that indulges in a high degree of specialization in an international trading community in which a fair amount of competition prevails and in which prices are the principal guide to buying and selling, subjects its economic development to the dictates of the market. In return it obtains a higher per capita consumption or may support a larger population or both. There could be cases where the combination of credit and long-term contracts would be of advantage to both trading partners.

The article focuses on the progress of the European Civilization during 1640 to 1740 in the midst of limited warfare. It suggests that the greatest contribution to the material welfare made during 1640 to 1740 was the growth of the will to peace among the Western people and the diminution in the seriousness of warfare. It offers information on the influence of wars to the European economic development.

The author comments on the crises and cycles in the development of economics in Europe. He discusses that a crisis and the ensuing shift of research approaches are not an autonomous development of science but are caused by the external forces of change in the society. The reorientation of economics in the institutional direction clearly implies transdisciplinary research. It should focus on areas of specific problems as they become established for purposes of teaching and specialization.