We are very happy to present the complete study on a World Economy by Walter Johannes Stein.
Please find the study on its here.
This study is the result of his work for the World Energy Conference (World Power Conference) between 1933 and 1936 and was published in 1937 in a special number of The Present Age. He was very engaged in the problem of a worldwide economy and the question of the basic resources that are needful for a true and honest life on the whole of our planet.
It is important to note that W. J. Stein dedicated this study to D. N. Dunlop, the founder of the World Energy Conference. Stein’s starts his study with these words: “The following pages were originally written, two years ago, at the suggestion of Mr. D. N. Dunlop […].”
In the introduction Stein stresses that the economic thinking of his time, which views the earth as a stage of and a provider for resources of an economy, should be broadened. This idea is then developed in the subsequent chapters. A timely economic conception of the earth, according to Stein, should treat the earth as a highly complex, ever-changing, interrelated living being – which obviously constitutes the base of most economic activity. For example, the relation between the different climates, between the planets and the rainfall, or between harvest-yield of one area and ocean temperatures somewhere else requires a thorough understanding of earth.
It follows that it is crucial to understand this common ground, earth. And this is only possible if the science of economy is connected with other natural sciences; if instead of politics, economy aligns itself with the earth. Stein tries to make a beginning by bringing together insights from many different fields including geography, cosmology, meteorology, biology, oceanology, and climatology. In Stein’s words: “Not until this is commonly understood and accepted can there be any hope for a solution of the pressing economic problems of everyday life.”
In assessing the earth as a basis for the world economy, humanity will have to work together in order to serve their economic interests. In other words, on the economic field, all human beings share a common ground: nature. Be it the natural resources that vary with each place, the climate or the currents in the ocean, it is always the earth with its own laws that underlies economic activity.
Stein suggests that there should be international institutions that, on one hand, bring together the science of economy with the natural sciences, and on the other, bring together economic representatives from all nations in order to take measures that serve the economic interests of all nations.
From such insight, Stein draws the very hopeful conclusion that destructive nationalistic sentiments will eventually submerge to economic interests, for why should a truly universal approach not serve its individual countries? And precisely this adds to its relevance today where, for example, most Western states scramble to secure the worlds resources of oil in order to prevent being dependent on other states. It seems that political considerations on both sides – for example independence, influence, or power – overrule the potential mutual economic benefit of honest trade. In the opinion of the editors, Stein’s work can provide ideas towards a solution of some of the most pressing problems facing the present age.
The editors