Columnist Walter Lippmann forsook foreign affairs and domestic politics for a moment last week to deliver a pep talk to the U.S. businessman. And he said a mouthful.

The American businessman, wrote Mr. Lippmann, holds his — and the world's —fate in his hands because, of all the world's great powers, the U.S. alone has "no governing class which has a social position and political power superior to that of the business community." For that reason preoccupation with the current economies of other nations will be far less instructive to him than the study of a significant thought from the past...

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