The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1930-09-12
THE ECONOMIC CRISIS IN THE
UNITED STATES

not developing but hquidating unevenly In
this connection, comrades, we have to fight
very sharply for conception of the uneven
development of the crisis.
First of all, it is important for us to deter
mine whether capitalism will recover from the
crisis and how, whether it will not. If you
have perspective of the recovery of capital
ism from the crisis and not perspective of
the deepening of the crisis, you have to strike
out our thesis prepared for this convention,
strike out the resolutions of the last Plenum
of the Comintern, and write another thesis
based upon the perspectives of such liquida-
tion the recovery of capitalism from the crisis.
1t is easy to guess how such thesis would
look.
Role of Capitalist Economists.
What is the meaning of the prognosis of
capitalist economists, the perspective of the
so-called liquidation, the recovery from the
crisis? AS correctly stated in the Resolution
of the c. l., our perspective is the perspective
of the deepening of the old contradictions in
the Third Period, and the coming of reyolu-
tionary situation in the most advanced capt.
talist 'ountries and colonies. The social func-
ton of the the, ans an the theories of
the various bourgeois economists-beginning
with Hoover, who long ago declared that in
sixty days" capitalism would recover from
the crisis and ending with Ellsworth, a SER
ious economist from the "Annalst" with his
theory of from peak to peak, So months, and
from valley to valley, 40 months-their gem
eral task is to keep among the American work
ers the illusion about the soundness of CAPT
talsm, about prosperity which will return very
soon, and thus disarm the proletariat in the
face of the deepening crisis. They, of course,
do not understand the nature of the present
economic crisis, probably they don't under
stand even the nature of the cyclical economic
crisis Because without MARKHAM theory, it is
impossible to understand anything in the
crisis. And, of course, they do not and can
not understand the Importance and perspec-
tives connected with the crisis as a crisis TAX
ing place in the situation of the general crisis
of capitalism.
And if the bourgeois economists think that
liquidation of this crisis means real re-
covery, means that capitalism will return to
the situation which existed before the outbreak
OF the crisis, the situation of May and June
OF last year-what is our estimation of this
recovery? recovery in what sense? In
the sense that the present phase of the crisis
can be and will be replaced by a period of
sharp, quick decline in production This last
week steel production fell from to per cent
following the continued silent stock exchange
crash which is now taking place. And it will
be replaced by period of deep going depres-
sion. But even in this acute phase of the
crisis and in the period of deep-going de-
preston, it will be transformed.
Does this mean that capitalism will Gre
cover, Will return to the pre-crisis situation?
Not at ALL because this crisis sharpens ire
mendously all the contradictions which existed
before the outbreak of the crisis. To lose
this connection hetUaeD ba ooonoro;o on;.;.
and the general crisis of world capitalism, will
result inevitably in a reputation of the per-
spective of the Third Period. An ANALYSIS and
criticism of the superficial theories of the
bourgeois economists, also of those predic-
lions of liquidation" of the economic crisis.
cannot and must not be taken without con-
sideration of the proletariat as telling eco
nomic factor in connection with world CAPT
talisn.
The "Theoretician" Lovestone.
Of course, you have to fight against theories
Of uneven" liquidation of the crisis Detroit.
Milwaukee. etc., opportunistic under
estimation of the crisis. I am sure that in a
few months, this theory will be brought by
Lovestone as a general theoretic basis for
his attacks. "The economic crisis" said Love-
stone did not come as result of the gen
eral crisis of world capitalism 1t came as
result OF the very strength of the capitalist
order" Probably in few months-as vet he
speaks about serious depression serious
economic situation, and does not, even in his
last thesis, give an analysis of the economic
situation as a part of the world crisis-very
soon he will take the theory about the recov-
cry of capitalism from the crisis He will re-
peat his old estimation of American capital
ism. In the same article, he speaks about the
development of American industry in fabulous
q no War
of liquidation" of recovery of capitalism
from the crisis, because it will inevitably lead
to this conception of unheard of development,
fabulous quantities, ETC.
So, comrades, in my opinion, regarding the
economic crisis and the present situation
which determines all our perspectves, we have
to fight on two fronts, against leftist theories
of catastrophe well as against the perspec-
tive of the recovery of capitalism from the
crisis and not of the further development of
the crisis