Excerpt from Business and the Government, Vol. 24: Written for the Alexander Hamilton Institute
The traditional relation of business and the government in the United States finds its best expression in the aphorism that the best government is that which governs least. Yet even in the period preceding the Great War there had been a very general if somewhat reluctant admission, that in certain matters the welfare of the people as a whole required a certain regulation, even restriction, of the activities of the individual.
With the coming of war came a reawakening to the worth of our country and a recognition of the prime necessity of governmental dominance in times of crisis. Men yielded cheerfully, even gladly, not only to burdensome taxes, but to daily interference by government officials in the personal affairs of family life.
With the return of peace there has been an almost complete reversal of public opinion. The statement that at the present time "we need more business in government and less government in business" has been widely applauded. This marked drift of public opinion encounters certain obstacles in the legacies handed down to us from the war period. Readjustment is not yet complete, and how far the pendulum will swing backward is not yet determined.
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