ABSTRACT

In an article that appeared in Think, the IBM magazine, back in 1960, Senator Hubert Humphrey quoted some advice from Federal Reserve Board chairman William McChesney Martin, Jr. Martin was concerned about federal preparation for the day when Cold War clouds would disappear. “Much as I believe in the market process and the desirability of private enterprise,” he said, “I think that government would have to assume a role in that sort of transition similar to the work that the Defense Mobilization Board is presently doing for mobilizing our resources in case of the opposite situation.” 1