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WORLD-CRISIS: INDUSTRIAL REVOL.UTIONS 291"
debts have rendered inevitable. The agriculture, manufacture
as well as commerce of all these countries are
likely to be upset by •• extraordinary" changes of
the existing system.
Naturally the dislocations of the internal economies of
these five great economic regions will mean another cataclysm
for the world-economy. The dislocations will
involve radical changes in the direction of internal and
external commerce, ups and downs in business houses,
bankruptcies and bank failures, currency crises etc. with
consequent ~epercussions on the employment market.
The economic situation the world over is in danger of
being worsened rather than being improved by hasty
reparations surgery.
The present world-crisis is n.ot much due to the reparations-wardebts
compfex except in the se~e that
every item is organically connected with the other items
of world-economy. It can be conquered in the long run,
as observed before, chiefly if the purchasing power of the
following economic regions be helped up by swift industrializations
:-(1) the Balkan complex, (2) Russia, (3)
Asia (especially China and India), and (4) Latin
America. 33 The industrialization of these regions can,
be promoted, first, by the import of capital, and, secondly,
33 It is curious that the League of Nations and the International Labour
Office have bestowed hardly any attention on these aspects of ,the worldeconomy
while discussing the present crisis.
Th"se industrializations have
arrested their notice as nouveaux foyers de production (new centres of
produ~tion) and as troubles du commerce qui sont generafeurs de chSmage
(hindrances to commerce such as are causes of unemployment.)
Their
attitude to these industrializations, protectionistic and nationalistic as they
generally are, ia anything but sympathetic and optimistic. See Problemes~
etc., pp. 37-40.