Word: johnstons
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...months ago U.S. Chamber of Commerce President Eric Johnston toured England, describing to British businessmen the attitudes and thoughts of U.S. businessmen. He preached that high postwar employment must be built upon the free trading initiative of individuals in a free economy...
Last week, Johnston's traveling companion, William Benton, vice president of the University of Chicago, told the U.S. what British businessmen are thinking. In a lively, anecdotal log in LIFE of the innocents abroad, Benton said his findings were that: 1) England has lost faith in individual initiative, has placed its hope in cartels (monopoly); 2) the State is increasingly important in the British economy...
...Told by Johnston and Benton that there was little chance of that, Lord McGowan predicted that "unrestricted competition" would bring "eventual chaos...
...Risk. Benton and Johnston found that most British businessmen not only welcomed monopoly, but also welcomed Government as a business partner, looking to it to control competition and provide security. They expected the Government to supply cash to prevent bankruptcy of large employers of labor. Benton high lighted this viewpoint with an anecdote...
Watson's endorsement caught Johnston in the middle of a speech to oilmen in Fort Worth. The U.S. Chamber of Commerce's slick young (46) president stepped off the rostrum, gave the press a statement : "I am not a candidate for any public office. I do not want to live at either end of Pennsylvania Avenue. I would rather live at either end of Main Street of any good American town...