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A first analysis discloses the very great and unusual importance of this situation to the future of this country, for it threatens with a danger that must be met and warded off, and at the same time offers a very wonderful opportunity that should stimu late the initiative of every live man in the land. The remarkable growth of the cost of production in all fields of manufacturing, the unparalleled level of wages, and the resulting high cost of living, clearly intimates how pregnant it is of disaster, and how easily present conditions may be reversed when the war is over and our new wealth rapidly drawn away, leaving only the dregs of discontent and a multitude of commercial and political difficulties. During the last two years we have rapidly expanded our manu facturing capacity, and under abnormal conditions are producing an abnormal volume at abnormal cost. We will plainly face the greatest difficulties when the foundation, the unusual demands of the warring countries, is withdrawn, and we are forced to reduce costs and market our production under renewed com petition. If we are to avoid industrial stagnation, idle plants and idle workmen, we must prepare for the shock that can be clearly foreseen as awaiting our export business when this forced buying comes to an end. Our industry in many lines is already expanded to the limit, if not beyond the limit, which our available labor can operate. The war prevents the augmentation of our labor resources by immigration, and being thus limited we cannot utilize capital in the immediate expansion of legitimate manufacturing enterprises. Tocontinue to receive gold will only create an extension of bank credits which cannot be used in our domestic situation. This can only lead to an unsound financial position. This is recognized by the Scandinavian countries and is the reason for their active discourage ment of the further importation of gold. On the other hand, if we are ambitious simply to hold the new capital derived from the war, we can expect to do so only by putting it to productive use. The parable of the talents is good financial doctrine today, and we cannot devise a napkin with which to hold the gold. We can expect to keep it only by immediately putting it to active use, and incorporating it into the com mercial capital of the world's business. The conclusion seems inevitable that the outlet for our surplus capital must be in foreign investments, and that the protection of our domestic economic situation demands this. In vestment of capital in foreign government securities in sufficient volume will protect our gold supply against the immediate effects of the inevitable reaction after the war, and at the same time will prevent an inflation of bank credits at home.
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Russia (Classic Reprint)
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Paperback. Zustand: New. Print on Demand. This book investigates the transformative impact of World War I on the United States economy, particularly the sudden influx of capital. The author analyzes the geopolitical circumstances that contributed to America's shift from debtor to creditor nation, exploring the economic ramifications and opportunities that arose. From examining the growth of manufacturing and the expansion of bank credits to evaluating the future prospects of foreign investments and trade, the book delves into the complexities of international finance and its implications for national economies. The author presents a nuanced perspective on Russia's vast potential, its resource wealth, and the opportunities it offers for American capital. Ultimately, this book provides a timely and insightful examination of the interplay between war, finance, and economic development, highlighting the enduring relevance of these issues in shaping global economic landscapes. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Bestandsnummer des Verkäufers 9781331664048_0
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Russia Classic Reprint
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Russia Classic Reprint
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