P.O.W. Camp

Quite boring these days, (only me stay at hall), so read:
"The Economic Organisation of a P.O.W. Camp" R.A. Radford. Economica, New series, Vol.12, No.48(Nov., 1945), 189-201.

P.O.W. stands for Prisoner of War. This article disclosed the working of economic instutitions in that Camp. Several topics are discussed, Development of Market, Money, Inflation, Price Control, Public Opinion. Each is provided with anecdotes observed by the writer, most are interesting, let see some of them:

1. Red cross supply food parcels --- tinned milk, jam, butter, biscuits, bully, chocolate, sugar, etc., and cigarette, for free! Economists may call them endowment or simply, land.
2. There is production of sevices, although with a limited range.(you know what it implies.)
3. A notice board is setup for exchange. Just like the primitive shares exchange center,however not centralised, each bungalow has its own board, when a transaction is made, the price is crossed out.
4. Some people have monopoly power, because they can speak several language.
5. Cigarette acted as money, and followed Gresham's law.
6. Paper currency(BMk) existed for a restaurant with food, hot drinks and performance.
7. Interesting phenomenon of having two money --- Cigarette and BMk. One good with two prices.
8. Medical officer fixed the price of good in order to avoid malnutrition, initially supported by majority, nevertheless, finally removed. Once again showed the doom destiny of price control.
9. People usually act against his words. Damn the middleman at the meeting, and trade with them everyday.

While reading, I imagine a nice picture in that camp, it seems they had much more choices, at least in eating. I can hardly find a restaurant nearby, damn the middleman, why don't come here?

(The answer has already given in the first line.)