GIPE-PUNE-OIIOI2 - DSpace@GIPE

298 WORLD-CRISIS: INDUSTRIAL REVOLUTIONS
by the import of machineries, chemicals and quality-goods
generally, from Germany, America and Great Britain, and
to a certain extent from Belgium, Switzerland and France.
But so far as reparations are concerned, justice will
have to be done by the world to Germany's sense
of national hono\lr. The method should consist, first, in
a reduction of the payments according to a gradually
declining scale, and, secondly, in the distribution of these
reduced payments over, say, a decade. By 1940
the world-economy ought first~ to be thorough1:r. eman-,
cipated from the rule of the two categories, war-debts and
reparations, in the second place, to be adjusted to new;
and more or less normal eonditions of agriculture, manufacture
and commerce, and finally to witness the consummation
of the "first industrial revolution" in India,
China, Russia, the Balkans and Latin America etc.
functioning as ally to the "second industrial revolution"
of the pioneering nations. The sooner the world gets
rid of the very idea of extorting 2,000,000,000 Reichsmarks
a year f;om Germany for two generations,
the better is it for the poliVcal and economic tranquillity'
of mankind. It is to be'hoped that the present Hoover
moratorium is the beginning of the end of fantastic
reparations.
It is very likely that as soon as the "politics" of rep~rations
are solved in a ~ore or less reasonable manner,
nations with plenty of loan-capital will begin to develop
the .sense of confidence in' the investment markets ·of the
world and a new series of international capital movements
will commence., A better and more adequate mobilization
of capital from regions that have it to those that have
it not is calculated to relieve the world of a great part o~