GIPE-PUNE-OIIOI2 - DSpace@GIPE

262 WORLD~CRISIS: L'IDUSTR!AL REVOLUTIONS
into· contact on the Continent and in Great Bri~
tain SInce 1929. is not the depression of appal~
ling. poverty and decaying efficiency but chiefly
an aspect of socio~economic transformation on a tremen~
dous scale. We ought to look upon the present crisis as
a sign of rejuvenation which has been going on in every
limb of the econo~ic, financial ar..d social organism
among the in.dustrial adults of the world. And this trans~
formation of the industrial .. great powers" bids fair to be
beneficial to economic India also.
It has indeed become customary in business and
political circles everywhere to describe the present~day
economic depression as more or less a crisis of world~
wide character. To a certain extent this description is
correct, but a careful analysis will reveal that it is not
legitimate to describe the crisis as really universal except
in the sense that nearly everything that happens anywhere
to~day is an element in or an expression of world~economy.
In almost every nook and corner of the two hemispheres
restriction of sales, glut in output, agricultural and
manufactured, fall in prices, financial deadlock, reduc~
tion of hands are indeed observable. But for all practical
purposes the circumstances of a genuinely "crjtical'°
character are to be found concentrated chiefly in the three
industrial countries, Germany, Great Britain and the
U.S;A. Another fund~mental aspect of the crisis, pe~haps
the other side of the shield, is to be noticed in the
regions of rice, jute, cotton, wheat, rubber and other
agricultural produce. It 1's reasonable to emphasise the
specialised zone or localized geography of the 'present
depr.ession.
Precise figures in regard to unemployment are