





Corrington is also worth reading because he was an awfully interesting man (and it shows in his writing). He began his career as a professor of English at LSU and soon began to make his way as a poet. He befriended Charles Bukowski and they carried on an extensive correspondence before they had a falling out that ended the relationship (Bukowski wasn't much for loyalty to friends and he was no better with Corrington than so many others). Corrington published several collections of poetry, but he eventually gave up poetry to write serious fiction. Corrington's first novel, And Wait for the Night (set in the closing days of the Civil War and the early days of reconstruction) is a beautiful, if painful, story and marked Corrington's skill and craft as a writer. While Corrington's novels are all worth reading, in particular And Wait for the Night and a later novel, The Bombbardier, it is in his short fiction that Corrington reveals his greatness.
Corrington took up screenwriting (for Roger Corman) and gave up his academic position. At age 40 he took up the study of law and practiced law in New Orleans for three years. After his first exposure to law, Corrington began to feature lawyers and judges in his fiction. There are six (quite long) short stories in The Collected Short Stories of John William Corrington which are law-related and they are, in my opinion, some of his strongest writing. A reading of any one of these legal stories is enough to suggest that Corrington was a great master and deserves far more attention that he has received to date. In my view, Corrington produced in these law-oriented short stories, and in two novellas collected in All My Trials (University of Arkansas Press, 1987) some of the best legal fiction of the 20th century.
Corrington's work and life are more fully explored in two recent symposium issues of the Legal Studies Forum (Volume 26, 2002).
Corrington is a fine writer and I highly recommend his work.






Experience shows that the more economically integrated the European Union has become, the worse it has performed. From its start in 1958, the original six members had no form of economic or monetary union, and they grew by 5.4% a year. Then in 1972 they created the currency snake; it lasted only until 1976. By 1974, economic growth had ceased. After the snake expired, growth resumed: 4.9% in 1976, 3% in 1977-80.
They created the Exchange Rate Mechanism in 1979 and it lasted until 1993. The ERM slowed growth and raised unemployment across the EU: growth was only 1.7% a year; unemployment averaged 7% and inflation 7.8%. Even so, we joined, because the whole establishment wanted us to, not because the people wanted to. Polls in 1989 showed that 93% of the Chief Executives of large British companies and City institutions believed that we should join the ERM. We joined in October 1990: during our two-year membership unemployment rose by 1.4 million and national output fell; manufacturing output fell by 7% and manufacturing jobs by 14%. It was worse for us even than for the rest of the EU.
In the same period, the rest of the world grew by 3.2%, proving that the EU's slow growth was not due to world conditions. The ERM was the main cause of the EU-wide recession: from 1990 to 1993, growth ceased altogether. After ERM expired, growth resumed: 2.9% in 1994, 2.4% in 1995. But implementing the Maastricht criteria for EMU slowed growth again and raised unemployment. EU unemployment is now 12%, 30 million, according to ILO figures.
What would entering Economic and Monetary Union mean for us? It would mean deflation, higher unemployment, slump. It would also mean the end of Britain's independence. Politics and economics are indivisible. The arguments for constitutional, economic and political independence are one. The experiment of making the Bank of England independent has clearly failed: we should call on the Government to reassert control of interest rates. This is a political demand, a constitutional demand, and an economic demand.
Under EMU, eight unelected European Central Bankers would control our currency, and as Keynes said, "Whoever controls the currency, controls the Government." To make EMU credible to the markets, they would keep interest rates high, imposing deflation. This would mean higher unemployment and taxes, lower wages and lower public spending.
The Gold Standard was a way of trying to fix currency values together. It failed disastrously, ending in the Great Crash. Economic growth ceased. After the Gold Standard expired, growth resumed. In 1931, Britain left the Gold Standard, devaluing by 24%; money supply rose by 34%; interest rates were about zero, and there was some tariff protection. Labour's 'Iron Chancellor' Philip Snowden said leaving the Gold Standard "would reduce the standard of living of the workman by 50%." What actually happened? From 1932 to 1937, manufacturing output rose 58%; 2.7 million new jobs were created (1.3 million in manufacturing); growth averaged 3.8% a year, and living standards rose. Lower interest rates brought a boom in house-building.
By contrast, the French Government stayed in the Gold Standard and kept the franc overvalued: GDP fell by 17%, industrial production by a quarter, until the Popular Front Government devalued the franc.
This Government claims that the way to restore industry's competitiveness is to invest in skill. But this will not restore manufacturing while there is still not enough demand in the economy. The present regime of tight money and high interest rates, leading to a high exchange rate, doesn't work. It's like putting on the brakes when you're going up hill. An overpriced pound means dear exports and cheap imports: in the first quarter of 1998, our goods trade gap was £4.7 billion, the worst since 1990.
The remedy does not lie in reforming the labour market or the public sector. To stimulate output and employment, we need more demand, higher wages and more public spending. Supply-side reforms, better education, more information technology, may improve efficiency and productivity, but without an expansion of demand this can lead not to growth but to more unemployment and unused resources.
The Maastricht Treaty which set up EMU has only money and budget targets, there are no real world targets, for full employment or higher growth. It is innately deflationary: those not meeting the targets must deflate, yet those meeting them do not have to reflate. A Treaty cannot be reformed; it can only be accepted or rejected. Sir Nigel Wicks, Chair of the EU Monetary Committee says, "I would not regard monetary policy as an instrument for solving unemployment." We who have experienced decades of monetarism in action regard that as an understatement. EMU is monetarism on a European scale; it is Thatcherism on a European scale.
We need lower interest rates to fund projects fitting in to our plans for rebuilding Britain. We need lower taxes on jobs. We need taxes on capital: tax Murdoch, not toady to him. We need to legislate so that pension funds, which are heavily subsidised by taxpayers, are required to invest in British industry and services. The Government could promote investments with a high social rate of return. We need to reimpose controls on speculators. But we can't do these jobs when in EMU: EMU forbids them all.
We need to keep out of EMU. Joining would clearly be bad for our health. Then we will rebuild Britain as a self-reliant, industrial and sovereign nation.









Hamburger is the only scholar who has successfully argued that Mill, long considered amongst the pantheon of great liberal thinkers, offers us a look at the conservative strain of Mill's thought. This is arrived at through a close textual analysis of Mill's less well-known but no less salient work, thereby giving us a more balanced view of this important 19th century thinker. A must read for those who wish to understand Mill as he understood himself.









The closer the EC members have got to economic and monetary union (EMU), the slower their economies have grown. From 1950 to 1969, when the original six members had no form of EMU, their average growth per annum was 5.5%. When they linked their currencies in the 'snake', from 1969 to 1975, it was 3.7%, falling from 6.9% to minus 1.2%. From 1976 to 1979, it was 3.6%. When they again linked their currencies through the Exchange Rate Mechanism, from 1979 to 1993, it was 2.1%, falling from 4.7% to minus 1%. Unemployment remorselessly increased. So both the snake and the ERM gradually squeezed the life out of the EC's economies!
The Treaty establishing EMU put price stability first, above full employment, high growth or better living standards. This is Thatcher's monetarist fallacy, that the battle against inflation is the overriding economic aim, because low or zero inflation will produce higher growth. John Mills showed that in practice low inflation is not the cause of high growth but the effect of low growth, and conversely, that high inflation is not the cause of low growth but the effect of high growth.
Mills shows that 'supply-side' reforms increasing productivity do not in themselves increase competitiveness. In fact, when a currency is overpriced, reducing its value increases competitiveness, and thereby increases productivity. Our continually overvalued pound increases companies' costs, and therefore export prices, pricing their goods out of the market. For instance, Britain's export prices rose by 380% between 1952 and 1979, while Japan's rose by only 33%.
Most importantly, he proves that manufacturing is crucial to productivity growth, because increases in productivity are relatively easy to achieve in manufacturing industry. As initial fixed expenses become spread over longer production runs, costs per unit fall. Further, as workers make improvements to these greater numbers of goods, and to their methods of production, costs fall even further. As volume and quality increase, production costs fall. Companies can then go for lower prices and higher sales volumes.
Industrial revolution brought great wealth to the owners of capital, who then increasingly turned away from industry to financial operations. Rule by finance capital has imposed literally counterproductive policies on Britain, keeping the currency overvalued, so imports rise, exports wither, manufacturing declines and living standards stagnate.
Similar policies achieved similar results in the USA. In 1950, manufactured goods comprised only 7.5% of US imports, by 1960, 20%, by 1983, 50% and by 1996, 56%. Between 1977 and 1997, US productivity rose by 5.7% a year in agriculture, by 3% in manufacturing, and by just 0.4% in financial services; it fell by 0.9% in services. Only 15% of US workers work in manufacturing, and only 8% in other high-growth sectors. 77% of workers were employed in sectors where output was static or falling. Consequently, output per worker rose by only 0.8% on average, and American workers' average real earnings per hour dropped by 9% between 1973 and 1998. As a further result, just 6.7% of US graduates are engineers, compared to more than 20% in Japan and Germany. In Britain, only 11% of our graduates are engineers. We need full employment, so we need manufacturing industry and we need to reject the euro.