The Daily Worker Newspaper, January 11, 1930, Page 9

-growth of the general crisis of capitalism and IN TWO SECTI SECTIONS ON TWO Daily Central Organ of the Communist Party of the U. 8. A.. “Build New Revolutionary Unions! Actively Participate, Organize and Lead Struggles of Workers” DAILY “WORKER, NEW YORK, ~~" ~~, JANUARY ~~, 1930 _ THE ECONOMIC CRISIS AND TASKS OF THE COMMUNIST PARTY I. Introduction The main-outlines of the deep-going econ- omie crisis now gripping United States capital- ism are already clear. We are witnessing a cyclical economic crisis of capitalism which, in.the conditions of the third period of the general crisis of capitalism (with sharpening of all contradictions of capitalism, and espe- cially sharp clash between markets and pro- ductive forces, and all the consequences flow- ing therefrom), is already very deep and will become one of the most far-reaching econ- omic crises in the history of capitalism, in- volving the whole capitalist world. It is the outstanding event since the X Plenum of the Executive Committee of the Communist In- ternational, fully bearing out the correctness of the analysis of the X Plenum, which sai “Despite the prophesies made hy the social- democrats and echoed by the right wing and conciliatory elements, the stabilization of cap- italism has not only become no firmer, but, on contrary, is becoming more and more under- mined. The correctness of the estimation made by the VI Congress of the present period of post-war capitalism is being ever more obvious- ly demonstrated as a period of the increasing of the accelerated accentuation of the funda- mental external and internal contradictions of imperialism leading inevitably to imperialist wars, to great class conflicts, to an era of development of a new upward swing of the revolutionary movement in the principal cap- italist countries, to great anti-imperialist re- volutions in colonial countries.” The crisis substantiates the resolution of the October Plenum: of the Central Committee Com- munist Party of the United States of America, which pointed out the beginnings of the cris and said: “The présent economic situation in the U. S. also shows the clear features of an economic crisis * * *The present economic situation in the U. S., is that we are before a break in the curve of ‘hochkonjunktur,’ in the beginning of a pre-crisis situation.” (Oct. 5, 1929.) In its manifesto to the workers on the econo- mic ‘crisis, on Nov. 23, the Central Committee correctly estimated it as the first open demon- stration of “the deep-going nature of the eco- nomic crisis into which American capitalism is plunging,” correctly indicated its necessary consequences, and laid down the main line of struggle for the party and for the working class. However the party as a whole has not yet fully realized the tremendous importance and consequences of the crisis, has not drawn its fali national and international implications, has only begun to adapt its methods of work to the ‘developing situation. The Party press especially reflects this underestimation. There is required a terf-fold concentration upon those tasks, which are first upon the order of the day. an Factors and Consequences of the Crisis 2, The first clear manifestation of the econ- omic crisis was the stock market crash begin- ning at the end of October. This crash had certain immediate causes (inflation of securit- ies, etc.) However, the fundamental cause of the stock market crash was the beginnings of the decline in production. The decline in pro- duction resulted in repeated blows to the stock market, which in three weeks wiped out about 50 per cent of the market value of securities. The downward trend in production began in May, and by October had become pronounced in certain lines. The busigess index of ‘The Annalist’ for the past months gives a picture of the main line of development. Beginning with May which was the peak, the index for which stood at 108.8, the development is: June, 107.5; July-108.5; August, 106.8; Sept. 105.8; October, 103.5; November, 95.4 December con- tinues the downward trend quite sharply, with the steel industry showing the following course. Oct. 26..... . 80 percent of capacity Nov. 2. . 80 percent of capacity Noy. 9 . « 77% percent of capacity Nov. 16 73 percent of capacity Noy. 23 71 p-rcent of capacity Nov. 30... 69 percent of capacity Dec, 7 . .- 67 percent of capacity Dec. 14 » . 63% percent of capacity Dec. 21 . . 63% percent of capacity Dec. 27 (approx. «+. 40 percent of capacity Steel production in November was 17% per- cent less than the same month in 1928. Automobile production dropped from 128.7 in September to. 115.5-in October, and to 81.8 in November, or considerably over one-third in two months time. Absolute figures of auto production show:most sharply the development: April « 621,347 May . 604,084 June .... 545,356 July . 500,392 August 498,375 September . + 415,697 October~ 380,011 November 217,441. The building industry shows a decline for 1929 OR 1934 per cent below the previous year: No- “aire 47 nercent helow the same month a year ago. Freight car loadings de- clined in’. November by 10% rercent below October and 5 percent below 1928; while De- « mures ave declining below the average wr tae past five’ years, Sharpest of all the figures of decline are those of new securities placed upon the mar- ket. . From the high point ‘in September of 1,615. millions,.October declined by almost 50 yercent to 877 millions, while November collaps- ed to:297 millions, or less than 20 percent of the figures of two months before. Export markets are also shrinking, although this follows the crisis as an effect, and did not enter. into, the first stages as cause; exports for October declined 4 percent from the same month Jast year, while November exports e- clined almost 18 percent., Future developments of exports will be sharply affected, first by the spreading of the crisis internationally. and secondly by the sharp reduction of foreign loans which has been a special fenture of the year 1929. ee marl has already found ! Pro Ea | | ESOLUTION Me POPTICAL BUREAU, co ENTRAL COMMITTEE OF THE COMMUNIST PARTY OF THE U.S. A. expression in the drastic ‘reduction in» short- term credit, namely, brokers’ loans, which de- creased in ten weeks by $3,483,000,000, or ex- actly by 50 percent. The continuous outward movement of gold is a factor which will ac- centuate the financial situation. Export of capital for 1929 decreased by 22 per cent compared with 1928, 3. Unemployment, already present on a permanent mass scale, growing with unpre- eedented speed. According to the report of the United States Bureau of Labor Statistics, November factory employment alone decreased by 421,000 below the middle of September. The figures certainly are very incomplete and underestimate the true situation. The decline of employment and payrolls has affected all strata of the working class including the skilled workers. Factory payrolls for November alone have declined $68,000,000 from October, or $73,- 000,000 from September, with further losses go- ing on. The drastie recession in almost all lines of business spreads the reduction of in- come throughout the population, striking es- pecially upon the masses. On November 1, the American Trade Executives Association estim- ated, on the basis of the then-existing facts, that “ We enter next year with one-third less buying power than we have had in any of the past few years.” Since that time the effects of the er have begun to accumulate, in the form of further drastic shrinking. According to the ‘Annalist,’ both factory employment and payrolls are below the average of the past ten years. Certainly more than another half-mil- lion workers have been added to the already existing army of more than 5,000,000 unem- ployed. 4. The crisis is as yét only in its first stages. The cumulative effect of the drastic shrinking of the domestic market has not had time to express itself. The ‘Annalist,’ com- paring the present cr‘ to those of 1893 and 1907, predicts at least six months period of de- cline, saying: “With four notable exceptions, the November decrease is probab'y the largest decrease in business activity which has occurred in any one month in the last forty-six vears.” If we examine the curve of the 1920-21 eri: is, we get a picture of the dynamics. of the cap- italist cyele which gives at least some idea of what is to come in 1930, In 1920 the crisis be- gan in the third quarter of the year.and lasted through 1921; during that 18 months employ- ment dropped from an index of 118 (highest in history) down to 70, or more than 40 percent; should the present crisis reach an equal in- tensity, it would bring the unemployed army well over ten million. - Previous niajor ¢risis have extended over periods of 12 to 18 months of most acute depression. 5. One of the characteristics of all periods of economic crisis, concentration and centraliza- tion of capital, formation of ever-larger com- binations and mergers, a process already gain- ing momentum before the crisis, has been enormously stimulated. This is at once the crushing and driving out of the smaller, so- called independent enterprises in finance and industry, and thé drawing together of the big- ger units of finance capital into a few groups. “The year 1929 will go down in financial his- tory as the peak year of the merger move- ment among banks. In New York City alone there were no less than 28 mergers involving 44 banks. . . .” (N. Y. American, Dec, 1929.) The process extends from the big steel merger, the gas and utilities merger, and the bank mer- gers, now under way, clear down to the ex- propriation of the small neighborhood retail merchant by the chain store system. -(The Interstate Commere> Commission plans for the merging of the railroads into a few great sys- | arlian there is being imposed a super-government, as | tems: the steel merger of the Republic Steel, Central Alloy, Donner Steel, and Bourne Ful- ler, with $350,000,000 assets, and the acquistion of Columbia Steel by the U. S, Steel Corpora- tion; the taking over of Southern Steel and Pacific Coast steel by the Bethlehem Corpora- tion; the monster utility. merger, ete.,. ete.). 6. Economic crisis is the inevitable accom- paniment of the capitalist system of production. Contrary to the reformist fairy tales of “organized capitalism,” the economic crisis, to- gether with competition cnd wars, remains the spontaneous regulator of capitalist economy. It is characteristic that the capitalist crisis is not one of, underproduction or lack of raw materials, but of overproduction. It begins with the depression of all leading branches of industry, caused by the catastrophic dispropor- tion between the productive capacity and actual production. Tens and hundreds of thousands of workers are thrown on the streets, the enormous restriction of the inner market fol- lows from the decline in wage payments, etc. Bankruptcies of weaker and medium-sized en- terprises follow, resulting in large movements of concentration and centralization of capital, mergers, etc. This is followed by tightening of the credit market, expressed in the increase of money rates. Finally the crisis must bring general reduction in prices and increased ex- ploitation. of the working clas Almost all these characteristics of the classical crisis of capitalism are already observed ‘oday. Ill. Policy of the Bourgeoisie 7. The bourgeoisie has responded to the onset of the crisis with a mobilization of all its forces, on a scale and with a thoroughness comparable only to the U. S. mobilization for war in 1917. Just as Wilson’s War Industries Board and “Dollar-a-year men” in 1917 fermed a super- government of big capitalists, directly taking over the operation of government in the war crisis, so Hoover has mobilized the direct repre- sentatives of finance-capital in the National Business Council. Just as Wilson secured the pledge of Gompers, fer the American Federation of Labor, of no strikes or wage demands, so Hoover secured a similar, but more complete pledge from Wm. Green. The similarity is not merely upon the surface, The organ of the U, Chamber of Commerce, from its own point of view, registers the same facts, when it said: “Where does Business stand? Where does. Government stand? The unqualified answer is that they stand together .., The two forces are working hand in hand as in wartime.” (Nations Business, Jan. 1930). The present mobilization under Hoover is also a war mobilization—for war against the working class and toiling ses, to squeeze from them the cost of the er and war internationally, to redistribute the markets of the world and crush the resistance of the oppressed countries, and above all, war against the stronghold of world revolution, the Soviet Union. All these measures of the bourgeoisie to meet the crisis necessarily resolve themselves into new measures of exploitation and robbery. The pretences of measures to eliminate the anarchy and chaos of capifalist economy are going against the very nature of capitalism. Cap- italism cannot abolish its own anarchy, because this involves the destruction of capitalism it- self. 8. Inthis growing merger of the apparatus of government and big capital, the third part- ner in the ‘triple alliance,” the social reformists (AF. of L. and Socialist Party) plays an ever more important role. This is the meaning of the Hoover-Green agreement, of the bourgeois ‘press building up the vote of Norman Thomas and the Socialist Party in the New York, elec- tions, of the triple alliance of bosses, the state and the Schlesinger-Socialist Party bureaucrats in the needle “industry, and innumerable de- velopments of like nature. Constantly more use is being made of the “left” reformists of Muste & Cc,, and the rene- gades from communism, Loyestone, Cannon & Co. They are the most dangerous enemies of the working class, and the most effective weapons of the bourgeoisie to break down working class resistance to rationalization and war. 9. These developments of bourgeois policy are examples of the general world tendency within capitalism towards fascist rule. The integration of the reformists into the fascist tendency, is the transformation of reformism into socialfascism. But it would be entirely wrong to represei this tendency~as already “fully developed Fascism” or that “parliamen- tarism has ceased to function.” What is taking place is a big step in the direction of the fascization of the American bourgeois state. Over the parliamentary government apparatus, the direct ruling organ of finance capital; this is ist in tendency, in the sense of relegating parliamentary institutions to second place, and making use of labor bureaucrats to break mass resistance to this process. To compare Hoover’s National Business Council to the Grand Fascist Council of Mussolini, is, how- ever, only a superficial journalistic comparsion, and to attempt to construct an exact political parallel would. be wrong. Fully-developed fascism includes the use of the de-classed petty-bourgeois as the instruments of rule of big capital, directly impoSed by violence upon the masses. The Fascist Grand Council is selected by Mussolini and composed of these petty bourgoois elements. Hoover's Council, on the other hand, are the real masters them- selves, giving their orders to Hoover, the direct government of the finance capitalists imposed oygr the still-existing parliamentary state. These specific features of American fascist development must not be obscured by | vague general comparisons with the fascism of Mussolini. The development of fascist tenden- cies is hastened by the economic crisis, which by its wholesale expropriation of petty-bour- geois speculators and small producers, narrows the social basis of the Government. A phase of this tendency is emphasized in the direct in- sertion of representatives of finance capital into Government (Morrow and Grundy into the Senate; the proposal to draft Pershing, out- standing militarist, for the Senate). 10, Hoover’s announced plan for meeting the crisis contains two main points: first, stimulation of public works, building, and capital investments; second stimulation of experts. Of the first question, most of the published plans are for “psychological” effect, for propaganda purposes, and are not expected to be carried out. For, as one spokesman of finance capital stated, “The depression itself is in large part due to what is now proposed as its remedy” (‘Annalist,’ Nov. 22). And further, “It is worth noting since various newspapers have headlined ‘railroads to spend a billion in 1930’ that nothing like a pledge of that sort was or could be given. The amount of rail- road capital expenditures next year will be governed by interest rates and the state of business as it develops during the next six or eight months” (Wall Street Journal, Nov. 21). “The conference which he (the president) proposes to call may have something more to suggest but it must be a suggestion based upon sound economic lines rather than the resump- tion of a building. and construction movement already overdone in many directions” (Journal of Commerce, Nov. 18). To the extent that the construction programme is carried out, it will be primarly in the nature of war preparations (improving water communications, etc.) or capital investments incidental to further con- centration and rationalization, thereby inten- sifying the existing contradiction between pro- ductive capacity and markets. By no means will it even approximately equal the “normal” construction of the past five years. Another typical example of the policy of the bourgeoisie et meet the crisis was the income-tax reduction, which was a gift by the Government of 160 million dollars to the small group of wealthiest capitalists. The plan for expansion of exports is much more seriously intended, and entails far-reach- ing consequences. Here we find the con- necting link between domestic and foreign pol- between national and international ques- tions, between the inner and outer contradic- tions. The narrowing domestic markets, choking the enormous productive forces, leave no road open for U. S. capitalism except that of the capture of new foreign markets, And since the present exports of the United States, already a large proportion of world trade, are only 10 percent of the “normal” production, it is clear that for production to be revived upon the basis of exports requires the most enormous increase of foreign trade—an increase that presupposes the destruction of rival imperialist powers who are driven by the same contradictions to seek the same increases of export, or by the destruction of the Soviet Union and the seizure of its enormous market again by world capitalism. Driven by its ac- cumulating inner contradictions, American im- perialism makes war upon the working class, and at the same time war upon the colonial peoples, and prepares for war against its im- perialist rivals and against the Soviet Union. IV. The Crisis and International Policy of U. S. Imperialism 11. The necessity to find outlet for its pro- ductive forces, which are throttled by the limi- tations of the domestic market, drives United States imperialism into an increasingly ag- struggle to gain control of more fo! This necessity is multiplied by the present eco- nomic crisis, which sharpens international rivalries immeasurably. This sharpening arises not only through increase of the driving forces of United States imperialism, but also by in- creasing the resistance of its rivals, who them- selves are drawn into the economic crisis which becomes international. The resulting increased pressure upon the colonial peoples, already rousing to struggle, stimulates the national liberation movements and sharpens the antag- onisms between imperialism and its colonies, The economic crisis beginning in the United States is spreading all over the capitalist world. Its manifestations are already clear in Austria, Czecho-Slovakia, Hungary, Poland, and even in Germany. European capitalism is already showing the effects of the latest blow to its stabilization from the crisis in the United States. Thus the sharpening of the class strug- gle between the workers and bourgeoisie in the United States and all othet imperialistic coun- tries is accompanied by the rise of wars for colonial liberation, as well as imperialistic war against the Soviet Union and among the im- perialists themselves. The present period of economic crisis has brought the war danger concretely and immediately upon the stage of history. The new world war is ripening before our eyes. It is in the immediate perspective, 12. Under the pressure of the economic erisis, the foreign policy of the United States Government, carrying through its drive for ex- panded markets, must sharpen considerably, and find its principal strategy in manoeuvres looking toward a regrouping of forces, toward breaking up the combinations hostile to its imperialist. plans, and securing allies- in the coming struggle with other imperialist powers, a struggle before all with Great Britain, while itself assuming hegemony of the imperialist drive against the Soviet Union. This is the main significance of the Naval Conference opening soon in London. It will be an Arma- ment Conference, not one for “disarmament” or “limitation.” Naval powers have already made their claims, which they will present to the .London Conference for higher ratios. (Japan, France, Italy.) In general, the sys- tem of ratios does not imply reduction but constant growth of naval armaments, its ob- ject being merely to establish certain relation of forces: The Conference is a field of ma- noeuvres. for favorable position for the opening of armed struggle. 13. The determination of United States im- perialism to assume leadership of the imperial- ist offensive against the Soviet Union was once more demonstrated by the Stimson note of November 2, and the mobilization ,of the satellites of the United States in its support. This blow against the Soviet Union, designed to halt the peaceful settlement of the Sino- Soviet crisis which was under way, was bril- liantly defeated by Soviet diplomacy, the strength of the Red Army on the Manchurian border, and by the support of the international proletariat. The sharp rebuke and defeat de- livered to United States imperialism by the Soviet Government must not allowed to become the starting point of any illusions that United States imperialism has abandoned its hostile aims. More than ever, it will intrigue and manoeuver, in preparations for new and more drastic attacks against the country of revolu- tion, against the dictatorship of the proletariat in the Soviet Union. Sharpening of antagonism between the Uni- ted States and Great. Britain develops simul- taneously with the offensive against the Soviet Union. It is entirely wrong to speak of the “imperialists setting aside their differences” in order to attack the Soviet Union; they proceed to fight out their differences within their united front against the Soviet Union. It is equally wrong to say that because of the deep antagonisms between the United States and Great Britain, therefore, there is no danger of anarmed attack against the Soviet Union.(Near- ing). Both of these conceptions have the ef- fect of partially disarming the workers in the struggle against the war danger, and both of them, therefore, are objectively an assistance to war preparations. In China we have just witnessed a classical example of the simultane- ous development of both struggles; the seizure of the Chinese Eastern Railway was at one and the same time an assault by imperialism against the Soviet Union, and a struggle be- tween the imperialists themselves for control of the railway, and for the control of China, a struggle carried on in both cases by means of soldiers and armed battles. Similarly, we see in Latin America the Anglo-American an- tagonism bringing about armed struggles be- tween the adherents of the two imperialist powers, in the sharpening struggle for mar- kets, The entire capitalist world is today a powder-magazine, ready for an explosion. V The Offensive Against the Working Class 14. The economic crisis obliges the bourge- oisie to make an intensified attack against the working class. The army of unemployed is rising above 5,000,000. The feverish search for markets, and lowering of prices-in the first stages of the crisis, result in frantic efforts to reduce the cost of production (increase surplus values) by reduction in wages, intensification of labor (speed-up), and increase of hours. The Ford plants, for example, have cut forces from 120,000 to 66,000, and produce as much in two shifts as was produced formerly in three. Basing themselves upon the enormous army of unemployed, upon their reformist lackeys in the A Year of Mass Struggle i in 1 the South--- Led by Communist Party and N.T.W. The vital necessity of The Daily Worker to tne workers of the United States was brought home more clearly than ever before in the past year—a year of great rise in the radical- ization of the workers—a year of mass strug- gles everywhere, especially the struggles waged bw the workers of the South. Led by the Communist Party the National Textile Workers Union and the Trade Union Unity League, the bitterly exploited mill work- + ers of North’ Carolina rebelled. It wassthrough The Daily Worker that the workers of the United States obtained the story of this great phase of the class atruggle—from the workers’ side, Scenes from the strike are shown above. Photos at left, strikers battle troops, on the picket line. At right, the Gastonia class-war prisoners, seven of whom were railroaded to long prison terms for their militancy in leading the Gas- tonia strikers, The Southern mill workers look on The Daily Worker as their fighting voice. Help to build a@ mass circulation of The Daily Worker, so that it can reach the exploited workers in every section of the United States. BRE movement, “and “upon their concentrated state power, the employers are launching a de- termined offensive to lower the living standards of the entire working class. The drive for rationalization (speed-up) in only beginning. The most terrific exploitation will come in the next months, in the second half of the crisis, when the falling prices will bring the capitalist offensive to unheard-of sharpness. Preparation for the new speed-up drive in the factories, mills and mines is being made by the assault against the revolutionary working class organizatiions, the Trade Union Unity League, the Young Communist League, and the Communist Party. The use of illegal, fascist, violence is increasing, especially in the South, against the National Textile Workers Union and the Trade Union Unity League organizers. Twenty-six Communist Party Leaders in Chi- cago are charged with sedition, and the pros- ecutor announces that he intends to outlaw the Party in Illinois. The government has openly attacked the legality of the Shoe Worker: Union. The Party and revolutionary working class must definitely prepare itself to combat an extensive movement to drive the Party into illegality. This capitalist attack against the working class is atthe same time part of the prepara- tions for imperialist war. The struggle against the war danger is, therefore, necessarily linkec up with and a part of the resistance to the cap italist offensive. The two aspects of the class struggle cannot and must not be separated. They are but two phases of the same fight. 15. The chronic agrarian crisis is being sharpened by the present economic crash, ai the same time acting as one of the causes of the general crisis, The effort of the Hoover administration, under the cover of talk of bringing about better conditions, to extenc rationalization and domination of finance capi- tal over agriculture is comparable in social effect to the rationalization of industry, namely it increases class differentiation on the land, worsening conditions and disemploying great numbers of farm wage workers and tending to pauperize great sections of the lower strata of the poor farmers and semi-proletarians, among whom southern Negro farmers are a most im- portant section, while welding the rich farmers and farmer capitalists more closely into the machinery of big capital and generally con- solidating the forces of imperialism for war. At the same time it more clearly reveals the reactionary and parasitic role of finance capi- tal, which throttles the technical progress of agriculture while sucking its life blood. The agrarian crisis therefore assumes new forms in which our Party has opportunities which cannot be neglected. Our Party must also be the organizer of the class struggle on the land, must see distinetly the differences of class in agriculture, must first of all reach and or- ganize the proletariat of highly capitalist farming, and begin the task of marshalling the deeply discontented agrarian petty bourgeoisie against finance capital. 16, The answer of the working class to the capitalist offensive has been given in the move- ment of the Illinois miners, breaking away from the boss-controlled U. M. W. of A., and fighting against desperate odds against the “triple al- liance” of bosses, state and reformists; as well as by the movement of the Southern white and Negro workers for organization and struggle against capitalist rationalization, especially manifested in the textile workers convention. This answer of the working class, only its its first stages as yet, must inevitably develop into fierce mass battles, involving hundreds of thou- sands, during the course of the present crisis. VI. Immediate Perspectives 17. From a general survey of the economic and political situation, the immediate perspec- tive is given of: (a) sharpening of the crisis, with the shrinking of the domestic market, far beyond anything experienced in recent years, with mass unemployment, more rationaliza- tion, starvation and misery; (b) the rise of a waye of strikes involving hundreds of thou- sands of workers, especially the unskilled and unorganized, with growing tendency to trans- form them into political struggles; (c) intensi- fication of the agrarian crisis, with severe dis- locations in agriculture and political move- ments among the agrarian masses; (d) Devel- opment of and intensification of the colonial liberation movements (Haiti, India) in resis- tance to the drive of imperialist exploitation, (e) sharpening of the war danger, with con- crete development of war against the Soviet Union and among the imperialist powers, and . New regrouping of the imperialist powers. The insolubility of all the main contradictions of capitalism will be demonstrated in revolutionary upheavals and wars, involving the millions of the oppressed masses, India, with a rapidly ma- turing immediate revolutionary situation, is the outstanding example. With the ripening of the crisis and its consequences, the possibility must be recognized in this period of the breaking of one or another of the weaker—mainly from the point of view of the relations of class forces— links in the chain of world imperialism, and the extension of the front of the victorious world” revolution. Whether this will be realized de- pends also upon the organized will of the pro- letariat, upon its ability to mobilize all its forces, to rally its potential allies, and lead them in ruthless struggle. VII. Capitalist Crisis and Socialist Prosperity 3 7 18, The economic crisis and the collapse of the “American prosperity” myth is brought out in even sharper relief, by the contrast of the tre- mendous advances of socialist industrialization in the Soviet Union. At the moment that cap- italist economy falls into convulsions, into deep crisis, the socialist economy of the Dictator- ship of the Proletariat registers the magnifi- cent achievements of the first year’s operation of the Five Year Plan of Great Works. In the year 1929 production in industries (Continued on next page) “+