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Fundamental notions of economic theory based on a static approach are falling into disuse, and the new dynamic economics is hampered in its progress by the belated development of social research and industrial psychology. In a sense, economists have hardly had time to digest the revolutionary Keyoensian doctrines, but already find that they are out‐moded. Particularly embarrassing for present day problems is the fact that there has not been sufficient time to study fully the effects of variations in the balance of international payments on the propensity to consume and on employment. It is the policy in Western Europe, for example, to isolate the effects of a semipermanent imbalance in international payments. These countries are pledged not only to maintain but to raise the high standard of living however slightly in the immediate future. In this essay a brief attempt is made to show that travel is an important factor which research to this end cannot afford to neglect.

Simone Téry (1897–1967), French journalist and novelist, joined the French Communist Party in the mid-1930s after visiting the Soviet Union. She worked as a correspondent for L'Humanité, Vendredi and Regards; the latter post took her to Spain during the Civil War. The resulting texts, Front de la liberté: Espagne 1937–1938 (1938) and Où l'aube se lève (1945), form the basis of my analysis of Téry's desire to write the history of the present in inter-war France. These texts, a work of reportage and a novel respectively, illustrate the relationship between the poetic, or imaginative, and the historical, or factual, in historical fiction. This relationship is particularly relevant to the literary history of 1930s France, given the highly politicized nature of literary production in the period and the resulting debates over the nature and future of the realist novel. Téry's rejection of modernism in favour of socialist realism suggests a conversion, common in left-wing writers of the period, to the notion that the modernist text is incapable of ‘containing’ history. The essay raises the question of French women writers’ relationship to committed literature in the 1930s, and demonstrates that women were active in this domain.