Vladimir Putin

Goldenberg, H. Carl

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[This speech was erroneously omitted from the 1933-34 Year Book.] Estimating the effects of the economic policies of Great Britain and the United States in the past few years. The background of current economic events. Comparative economic internationalism in the latter part of the nineteenth century and the earlier years of the twentieth. England's virtual monopoly of foreign trade. How England built up her large staple industries and her investments abroad. Effects of development in other countries. Consequences of the Great War and the impetus it gave to further industrialization. The economic impact on the United States which moved from a great debtor nation to the world's great creditor nation and a competitor for export markets. Effects of the Treaty of Versailles. Nationalism as the dominant political and economic force in the new states cared out of the old European Empires. Advances in industrialization. The state of some of England's export industries now in their fourteenth year of depression. The short-lived boom, then slump after the termination of the War. The American boom versus unemployment in Great Britain. American increasing her output at a rate far exceeding the purchasing power of the masses to consume that output. The stock market boom; the withdrawal of American loans from Europe; the attraction of European liquid funds to Wall Street; Disastrous effects on Europe; the Wall Street crash. The excess of optimism of the American citizen giving way to an excess of pessimism. The situation in the United States far more complex and more serious than the situation in Great Britain. A consideration of the economic policies of the two nations in light of these differences. Ways in which Great Britain was better equipped to meet the consequences and the terrors of a prolonged depression. The role of unemployment insurance in England's industrial organization. The three distinct groups of difficulties which led from the fall of prices in the United States: unemployment on a vast scale; the plight of the farmer; the effect of the agricultural and industrial distress upon the banking situation and upon governmental finance. No similar agricultural problem parallel to that of the U.S. in Great Britain. The lack of a banking crisis in Great Britain. Solutions for the industrial problem undertaken by the Roosevelt administration. NIRA. The Agricultural Adjustment Act which undertakes to subsidize restriction of output. Legislation disassociating banks from their security affiliates for the banking problem, a system which had resulted in many abuses. The introduction of a system of insurance of bank deposits as well as the drastic Securities Act regulating the issuing and marketing of securities. Results of this Roosevelt Recovery Programme. Judging the efforts of President Roosevelt's administration; remembering that they constitute an experiment. How orthodox economists regard the experiments. Ways in which the situation today is different from that of previous depressions. A consideration of recovery in the U.S. and in Great Britain, with an examination of specific industries, trade expansion and foreign markets. A comparison of policies of the two nations. The outlook for Canada in this world of economic nationalism. A look at the economic structure of Canada. The Canadian national economy dependent upon the marketing of our exportable surpluses. Consequences for Canada of foreign countries encouraging native agriculture by means of tariffs, exchange restrictions, subsidies and quotas. Foreign implications of the American recovery program. The need for Canada to deliberately seek to expand both the domestic and foreign markets for her products. Reviving world trade and Canada's part in world trade by reciprocal trade treaties between nations or groups of nations. The speaker's hopes that there may yet emerge a regulated international trade out of the chaos and anarchy of the present. A summary of the economic recovery.

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