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WORLD.CRISIS : INDUSTRIAL REVOLUTIONS 287
the state only if the state itself be provided with funds
by tax-payers, that is, by those who possess the capacity
to pay. Ultimately the public funds come frorn the class
of employers. The employing class, be it observed, will
not be in a position to finance the state unless their enter·
prises prove to be "paying concerns."
On the basis of wholesale prices it is possible to
observe how the most diverse economic regions
have been affected by the crisis, although of course in
different degrees. Of 35 countrieS 23 which publish index
numbers only three indicate a rise during the period from
August 1929 to November 1930, namely.
Spain 2.9%
Russia 3.3%
China 7.9%
But otherwise the fall of wholesale prices is a univer.
sal phenomenon. The depth of the fall, however, is not
uniform, as, for instance, in regard to the following ten
countries. The percentage of fall in wholesale prices
from August 1929 to November 1930 is indicated below:
Countries Rate of fall Countries Itate of fall
I. Germany: \3'0% 6. United States: 17·7%
2. Poland: 17·0% 7. Austria: 21·3%
3. France: 17'3% 8. Holland: 22'~%
4. Italy: 17-5% 9. India: 24-S%
5. G.reat Britain: 17·6% 10. Japan: 24-7%
23 Probl~m" •• etc., p. 17. For India. Great Britain, the U.S.A., Canada,
Australia and Japan the index numbers of wholesale prices from September
1929 to July' 1931 may be seen in Reoiew of the Trade of India 1930-31 .
[Calcutta, 1931), p. 4.