GIPE-PUNE-OIIOI2 - DSpace@GIPE

296 WORLD~CRISIS : INDUSTRIAL REVOLUTIONS
in· coke, dye stuffs, chemicals, agricultural produds r
timber, sugar etc. semi~develope4 .countries 32 like Greece.
Rumania, Jugoslavia, Portugal, and even Italy have
succeeded to a certain extent in industrializing and
modernizing their economic organizations. The political
atmosphere among the allies in regard to Germany may
then ~ taken to be somewhat favourable, perhaps much
more humane in any case than in June, 1929, when the
Young Plan came up for public discussion.
But economically speaking, it is doubtful if the can-'
cellation of reparations and the cancellation. of war~debts
"at the present moment" .~re likely to be beneficial to
Germany, or to the allies, or to the rest of the . world,.
especially if these cancellations are consummated in an
• abrupt' manner. The indus,rial and general soci~
economic structure of the German people to~day is based
on' some two decades of war~economy and reparationseconomy.
The investments of capital as well as the
employment of manual and brain workers are all adapted
to the business conditions, exports and imports, etc. of
die reparations regime. A "sudden" change of this
regime can but spell tremendous dislocations in the
industries, agricultural system and commercial as well
as financial conditions of Germany.
On the other hand, Italy, France, Great Britain and
the U.S:A. have likewise 'established their national economies
in accordance with the imports and exports requirements
such as the financial (and goods) transfers dependent
on the receipt of reparations and payment of war-
32. Daa Reparation.,.roblem. p. 450 (Die Sachlie/erangen Deutclaleraa..
Die Yerteilung der Saclalie/erangen an die Gliiabiger).