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In this article the author focuses on the problem of interregional adjustments within the U.S. and on the role of geographical wage differentials. The author agrees with the assumption that interferences with the competitive formation of wages would be contrary to the general interest if the American market were a perfect market, but disagrees with another assumption that the departures from the competitive ideal are so great as to vitiate the conclusions drawn from the theory of perfect markets. He describes the geographical pattern of wages to be expected in a national market which is reasonably competitive. The author defends the thesis that the resulting geographical wage differentials promote regional adjustments which are socially desirable and economically sound. He also argues that the American economy is or can easily be made sufficiently competitive to justify our reliance on geographical wage differentials as one of the essential mechanisms for promoting regional specialization on the basis of comparative advantage.

The article focuses on delayed industrialization in southeast Asia. Southeast is part of an economy in which there is a closer approximation to the prerequisites of laissez faire capitalism than is to be found anywhere else in the world. Free trade prevails throughout the area. Men are free to move from one part of the region to another in search of opportunity, retaining always their national citizenship and guaranteed the rights of local citizenship wherever they choose to settle. Factors responsible for the poverty in south east Asia are, low productivity of manpower in southern agriculture, the high rate of natural increase of the southern farm population, the past and continuing high rate of soil erosion and soil depletion. Other factors being lack of capital, educational deficiencies, health deficiencies, lack of skills for nonfarm pursuits, the South's infant industry status, inadequate local market demand and adjustments required by increased rate of farm mechanization. The diffusion of capitalism widens geographical differentials in levels of living as long as people in areas of advanced capitalism increase their equipment per worker and improve their organization faster than people in less developed areas.

This article reflects on different aspects of land economics in the U.S. The article makes specific reference to the effect of public improvements on land values. It is highlighted that land values including people are not stable factors. They are nomadic. It is stated that the total value of land is rarely got enhanced by increasing the supply of land. It is viewed that the total value of land is determined by a number of uses, and it does not depend on the market price of any one commodity.

The article presents information on various books related to socialism and co-operative enterprises. The book "Die Gemeinwirtschaft, Untersuchungen über den Sozialismus," by Ludwig Mises is a reexamination of the theory of socialism and a clear, vigorous, and convincing restatement of the case for individualism. It is a complete rejection of all forms of collectivism and all compromises with the forces which, in the opinion of the author, threaten the foundations of existing society. Professor Mises attempts to meet all serious criticisms of capitalism and all arguments for collectivism, with the result that the book covers a surprising number of fields of learning, and, through abundance of references, opens up an interesting literature. The five sections deal with liberalism and socialism, the economic organization of the socialistic society, the doctrine of the inevitableness of socialism, the usual ethical and moral arguments for socialism, and destructionism. In addition to that, the article presents information on various other books.

The article discusses recent proposals raised in the U.S. Congress that the corporation tax be restored. The evolution of the tax is well known. By the early twenties a special business tax was levied on one particular form of doing business. The result was that, in combination with the personal income tax, the corporation tax became sharply progressive. However, it imposed a double tax on investments through the corporate device so heavy as to discourage the launching of new ventures outside the umbrella of existing corporate entities, favoring the retention of earnings within these entities, so far as the large taxpayers were concerned and seriously overtaxed the small investor who was obliged to pay a multiple of what he would have been liable for if his share of corporate earnings had been taxable to him at the highest rate to which he was liable under the personal income tax. In present scenario corporate earnings cannot be ignored, without a drastic redefinition of personal income to include annual changes in the net worth of individuals, and this would impose too serious an administrative problem to be lightly contemplated.