THE TWENTIETH CENTURY FUND

founded in 1919 and endowed by Edward A. Filene, is a nonprofit foun-dation which, through research and publication, seeks to throw light upon emerging issues of our times. The studies supported by the Fund are defined by its Board of Trustees and fall chiefly in the broad fields of economics, social problems and international affairs. The Fund attempts to ensure the scholarly quality of works appearing under its imprint; the Trustees and the staff, however, accord the author or authors complete freedom in the statement of opinions and the interpretation of facts.

BOARD OF TRUSTEES

Morris B. Abram

Adolf A. Berle

Chairman

Francis Biddle

Jonathan B. Bingham

Arthur F. Burns

Erwin D. Canham

Evans Clark

Benjamin V. Cohen

J. Kenneth Galbraith

August Heckscher

David E. Lilienthal

Georges-Henri Martin

Lawrence K. Miller

Luis Muñoz-Marín

Don K. Price

James Rowe

Vice Chairman

Arthur Schlesinger, Jr.

H. Chr. Sonne

Treasurer

Herman W. Steinkraus

Charles P. Taft

Director: M. J. Rossant

Copyright© 1968 by the Twentieth Century Fund, Inc.

First published in the U.S.A. by the Twentieth Century Fund in 1968 First published in Great Britain in 1968 Allen Lane The Penguin Press, Vigo Street, London W.1

Printed in the United States of America