The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1930-01-11

The present economic crisis proves once more
the correctness of Lenin's analysis of imperial
ism and not of Bucharin's opportunist distor-
tions.
Exactly the problems of markets, prices, and
competition, have produced in the United
States a crisis Of such magnitude as to shake
the whole capitalist world, and exactly at the
moment when the opportnnist theorists were
SINGING lo.dest the praises of the organizing
role" Of monopoly. the central error in the
en-. or5a Isl theories is the conception of the
disappearance of competition, under the
growth OF monopoly, which is an abandon
ment OF LeninS analysis that at is, indeed
this combination of contradictory 'principles'-
competition and monopoly-that is essential to
Imperialism and it is, indeed this that pre-
pares the crash, |. e., the Socialist Revolutioa'
(Lenin, 1910. The economic crisis now under
way creates deep crisis among the theorists
OF organized capitalism" furnishing new and
rich examples of the correctness of the Leni-
mist analysis
60 The crisis reveals the bankruptcy of
LoYestone q Co. in a particularly vivid and
instructive way, The present crisis is the re-
aization of Loyestone's vision of the "Victor-
ian age of American Imperialism" At the mo-
ment this crisis was gathering, Lovestone pro-
claimed:
"Ame,%con imperialism is approaching its
Victorian dag. Thus the same Investors
Monthpiece (Magasine Of Wall STREET. goes
on to say proudly: As Rome had its Au-
9astuaiaH age and Britain its Victorian age,
so ace are about to enter upon AN epoch of
atftNence and magrtificence, of peace and
prosperity, that history mag aCeU record as
the. HooueriaR age Translate tve' into Wall
Street and the truth is here" (LoueStone, in
the "Conlmaulist," December, 1889
At the open development of the crisis, Love-
stone again reiterated his opportunist line. Re-
jectng the correct estimate of the Central
Committee Plenum of October 81, which said.
"We are just before break in the curve of 'hoch-
konjunkture business boom), in the beginning
of a pre-crisis situation" Lovestone declared:
THE panic on Wall Street did not come as a
result of the decline of American capitalist
economy. 1t came as a result of the very
strength of American capitalist economy"
(No. l, Revolutionary Age.O The close par
allel between Lovestone and Hoover may be
seen in the latters words on November Is, in
calling the business conferences, when he said:
"Any lack of confidence in the economic future
or the basic strength of business in the United
States is foolish The wisdom of the two
is identical. Lovestones theories are not so
of American capitalism.
Economic reality has destroyed the main
plank in Lovestone's platform. The victorian
Age" theory, the "primacy of outer contradie-
TONS" the exceptional" position of United
States capitalism, with all their consequent
wrong views on every question before the move
rnent, are exposed to the whole world in their
opportunistic nakedness. The right-wing finds
it increasingly difficult to fool the workers
with its program. 1t is left as an anonymous
group of opportunists, with patch-quilt pro
gram, repaired and renewed from. week to-
week. 1t WILL together with the Trotskyites,
end as an open ally of social democracy and
counter-reyolution, already clearly forecasted
by its strike-breaking on Red Day, by its dis
ruptive work in the mass organizations, by its
revsionist line on every question of theory and
practice, which in each case comedies with or
leads to the position of the Second Interna-
tional.