TOMORROW'S BUSINESS.

Beardsley Ruml'15. Farrar if Rinehart Inc. 238 pp. $2.50.

Mr. Ruml divides his book; (1), into a chapter on his theme, freedom; (a), 7 chapters treating business as a private government; and (3) three chapters on federal fiscal policy.

Ruml defines "business" as to include all economic activity. He thinks freedom must be felt especially at a moment of decision. He notes that freedom is put into a frame of order by the home, church, school, fraternity, and local, state and federal governments.

Making the charge that boards of directors as now constituted are obsolete, the author proposes a new kind of board. On this would sit representatives of suppliers, customers, labor, and other groups with economic ties to the corporation. These directors would be paid, subject to discharge, and expected to give at least a fourth of full time service.

Large profits are considered "energizers" by Ruml and he sees no other comparable stimulant to all out effort. Similarly he defends large salaries for top executives whom he calls "geniuses"—without a modifing adjective. That there is a vast difference between "genius" and high-mediocrity, is another Ruml dictum. If a ceiling was put on the salaries of men of genius, Ruml says, they would work only part time.

In corporation taxation, Ruml's stand is familiar; he is against all save a few excise taxes, considers the tariff a disguised sales tax, and the tax on undistributed earnings a "double tax," one on the corporation, another on the stockholders. Ruml would rely mostly on the federal income tax as a source of federal reserve.

The union-shop in any form is anathema to Ruml.

A final chapter is devoted to the construction industry. The author thinks there is no cure for the monopolies in this industry, save to declare it a "public utility" and thus bring it under government regulation. To regulate employment and the business cycle, Ruml proposes that 8 per cent of our national income be devoted annually to necessary construction, this to be planned in advance.

As can be seen, this is a provocative book, sure to create public debate. That may be the author's intention; or he may be starting a campaign to get the public once more to accept the idea that "what is good for business, is good for you."