Limitations Of Money And Manpower: The second period runs from 1957 to 1964. It opened with a defense white paper of April 1957 (drawn up by Defense Minister Duncan Sandys in the aftermath of the Suez war) and ended with the coming to power of the Labour party in October 1964. This period saw the first attempt in the postwar years to take a long-term look at defense policy in the light of limitations of money and manpower that had long been evident, and to do so in relation to developing weapons systems-particularly nuclear weapons-and greatly increased facilities for air transport of troops and supplies.
Despite its concentration on substitute cai services, there remain shortcomings and failurf in this area because of the inability to keep u with the growing demand for substitute service Need for vastly expanded programs of foster car and adoption goes hand-in-hand with the long-hel conviction that of even higher priority is the nee for services to support, reinforce, and supplemen the ability of parents to meet their own children' needs. The field is blocked as it moves in eifhe direction-and in both directions-because it i desperately trying to achieve jet-age objective with horse-and-buggy-age organizational struc tures, severe limitations in manpower, and grossl) inadequate financial support.
GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is determined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will disappear from circulation.
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