The World's Work Volume 44

The World's Work Volume 44

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...had enormously stimulated its production, agricultural and industrial. These activities continued for a year or two following the Armistice, for the reason that the cessation of hostilities had left Europe little more than an economic shell, and it was therefore obliged to restock from the teeming resources of this country. Europe was able to purchase on an unprecedented scale, in igigand 1920, largely because the American Government itself, in the shape of great loans, provided the money. The after-the-war prosperity that followed was the result. American wheat and cotton growers pushed their crops to an unprecedented yield; American manufacturers worked overtime to accommodate this new purchasing power; and America seemed fairly settled in a period of unprecedented prosperity. But American governmental loans to the European nations came suddenly to an end; these nations had long since exhausted their liquid resources and had not yet begun that production which is the basis of any permanent purchasing power; thus the artificially stimulated foreign trade which had made things so active in this country came suddenly to an end. Southern cotton growers found themselves overstocked with great stores which they had produced at a high cost and could not sell; Western farmers similarly discovered that the market which they had anticipated for their mighty crops had suddenly disappeared. The Nation now learned how much its prosperity depends upon agriculture. The farmers, inindeed, provide more than one half that purchasing power which forms the basis of its economic life. Without them, the clothing manufacturers, the makers of shoes, hats, automobiles, hardware, radio sets, and the like would be unable to exist. It happened that the...show more

Product details

  • Paperback | 402 pages
  • 189 x 246 x 21mm | 717g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236897455
  • 9781236897459