J.V. Stalin. Collected Works. 1-13 volumes. English edition.

unemployment. The number of unemployed in capitalist
countries, which had fallen from thirty million in
1933 to fourteen million in 1937, has now again risen
to eighteen million as a result of the new economic
crisis.
A distinguishing feature of the new crisis is that
it differs in many respects from the preceding one,
and, moreover, differs for the worse and not for
the better.
Firstly, the new crisis did not begin after an industrial
boom, as was the case in 1929, but after
a depression and a certain revival, which, however,
did not develop into a boom. This means that the
present crisis will be more severe and more difficult
to cope with than the previous crisis.
Further, the present crisis has broken out not
in time of peace, but at a time when a second imperialist
war has already begun; at a time when Japan,
already in the second year of her war with China,
is disorganizing the immense Chinese market and rendering
it almost inaccessible to the goods of other
countries; when Italy and Germany have already placed
their national economy on a war footing, squandering
their reserves of raw material and foreign currency
for this purpose; and when all the other big capitalist
powers are beginning to reorganize themselves on a
war footing. This means that capitalism will have
far less resources at its disposal for a normal way
out of the present crisis than during the preceding
crisis.
Lastly, as distinct from the preceding crisis,
the present crisis is not a general one, but as yet
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