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[ 131 To the Editor of Social Credit Social Credit: A Journal of Economic Democracy, 1 (7 Sept 1934) 45 Sir, – Economics is a subject I have never been able to understand, but I suspect that one reason why I cannot understand it is that orthodox economics rests upon moral assumptions which I could not possibly accept, if they were laid bare. The moral foundations of Communism and Fascism seem to me equally unacceptable, and their economic and monetary theories, if any, do not seem to me to differ very interestingly from the old theories. Furthermore, while I do not pretend that I understand Major Douglas’s theory yet, I cannot see that his opponents are in a strong position , so long as they continue to support a system which simply does not work.1 Yours sincerely,  T. S. Eliot August 27th, 1934. Note 1. C. H. Douglas formulated the economic philosophy known as “Social Credit.” His article “Propaganda and Practice” appeared in the first issue of the journal (17 Aug 1934, 5), which is subtitled “The Official Organ of the Social Credit Secretariat.” The editor, B. J. Boothroyd, wrote to TSE on 6 Sept to thank him for the letter, “part of which I have published in this week’s issue”; the full letter is untraced. In Harvard College Class of 1910: Seventh Report (June 1935), TSE listed Social Credit among his hobbies (5.247). His copy of Douglas’s Social Credit (1924), with marked passages and dog-eared pages, is in his library. ...


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