The toiler. [volume] (Cleveland, Ohio) 1919-1922, 1921-09-03
The United States, Japan Colonial Countries and
Soviet Russia


an opposite direction in certain sense that Of Europe
Inc part played by the United States the chiefly that
salesman The destructive had
direct effect upon that country and the damage caused to its
transport agriculture ETC. only indirect and of
Tar smaller degree than that caused England not to speak
OF either France Germany At the same time the United
States taking full advantage of the fact that European compe
tton had either been removed entirely had become extremely
weak succeeded IN raising of its most important industries
sucn as petroleum production shpbudng automobile ana
coal Industry to such height had anticipated To-
day most OF the countries of Europe dependent America
not only for their petroleum and but also for their coal
While Americas export prior the consisted chiefly of
agricultural products and materials (akng more than
two thirds of the entire expor her main export at the present
time made up of manufactured articles go per cent of her
entire expor) Having been debt to the the United
States the worlds creditor concentrating within her cof
fers about half of the worlds gold and continually
augmentng its treasury The dominating part played by the
pound sterling the worlds financial market has been
taken by the American dollar.
This extraordinary expansion of American industry was the
of the special combination of circumstances namely the
withdrawal of European competition and above ALL the demands
OF the European war market But American capitalism today
has also got out of balance Since devastated Europe
petor of America not position to regain its role
the world market the American market well
only insignificant part of it's former position with Europe as
customer At the time America today producing goods
for export purpose much greater extent than to the
The overexpanson of American industry during the
cannot find outlet owing to the scarcity of world markets
consequence many industries become part time
seasonal industries aordng employment to the workers only
part of the year The crisis in the United States resulting from
the decline of Europe signifies the beginning of profound and
lasting economic dsorganzation This the result of the
fundamental disturbance of the Worlds Subdivision Of Labor
Japan also took advantage of the order to extend its
influence the world market Her development has been Of
much limited scope than that of the United States and
branches of Japanese industry have acquired the character
what might be termed hothoue production Her productive
forces sufficiently strong enable her take hold Of the
market while there competitors But they utterly
sufficient to retain that market competitive struggle with
the powerful capitalist countries Hence the acute crisis
which had it's starting point particularly in Japan
The Transatlantic countries and the colonies such South
America Canada Australia China, Egypt and others which
used export materials in their turn took advantage the
rupture in international relations for the development of their
Industries But the world crisis has involved these
countries WELL and their internal industrial development is
going be checked thereby serving additional for
trade handcaps of England and of the whole of Europe
Thus there ground whatsoever to speak
ton of lasting balance today either the sphere of production
credit with reference to Europe with refer
ence the world whole The economic decline Of Europe
still going and the decay of the foundation Of European
dustry manfests itself in the future.
The world market is in state of disorganzaon Europe
wants American products for which, however, give nothing
in return While the body of Europe suffering from anaem
that America affected with plethora The gold standard has
destroyed and the world market has been deprived of its
general exchange medium.
The only by which the restoration OF the gold standard in
Europe could achieved would be by getting the export
ceed the import But this is just what devastated Europe
in condition do America the other hand trying
check the influx of European goods by raising her tariff
Thus Europe has become bedlam. England has introduced
prohbitve customs duties The export well the entire
economic life of Germany at the of the Pren speu
ators. The former Ausra-Hungary is broken up into
number of provinces divided by custom borders The net in which
the Versailles Treaty has entangled the world becoming
and more frightened
The temperance of Russia the world market is not gon
produce appeciabe changes it. Russas Of pro
ducton been always completely dependent upon the indus
trial conditions of the rest Of the world and this dependec
particularly with regard to the allied countries has become M
tensfed during the when her home industry was almos
completely mobsed for purposes But the blockade
these vital connections between Russia and the other counre
There could be question of setting branches of
dus which needed to prevent the general decay caused
the wear and of machinery and equipment country
peey exhaused during three years of ncessan civil
addition this hundreds and thousands of best poeta
elements comprising great number OF skilled workers.. had
IL. Dad Tr,Iar fhauaa