But what about the United States, which cannot be accused of employing cheap labour or of sending to Europe “cheap and nasty” produce? Their great industry is of yesterday’s date; and yet the States already send to old Europe constantly increasing quantities of machinery. In 1890 they began even to export iron, which they obtain at a very low cost, owing to admirable new methods which they have introduced in metallurgy. In the course of twenty years (1870-1890) the number of persons employed in the American manufactures was more than doubled, and the value of their produce was nearly trebled; and in the course of the next fifteen years, the number of persons employed increased again by nearly fifty per cent., while the value of the produce was nearly doubled.[26] The cotton industry, supplied with excellent home-made machinery, has been rapidly developing, so that the yearly production of textiles attained in 1905 a value of 2,147,441,400 dollars, thus being twice as large as the yearly production of the United Kingdom in the same branch (which was valued at about £200,000,000); and the exports of cottons of domestic manufacture attained in 1910 the respectable figure of £8,600,000.[27] As to the yearly output of pig-iron and steel, it is already in excess of the yearly output in Britain;[28] and the organisation of that industry is also superior, as Mr. Berkley pointed out, already in 1891, in his address to the Institute of Civil Engineers.[29] But all this has grown almost entirely within the last thirty or forty years--whole industries having been created entirely since 1860.[30] What will, then, American industry be twenty years, hence, aided as it is by a wonderful development of technical skill, by excellent schools, a scientific education which goes hand in hand with technical education, and a spirit of enterprise which is unrivalled in Europe? * * * * * Volumes have been written about the crisis of 1886-1887, a crisis which, to use the words of the Parliamentary Commission, lasted since 1875, with but “a short period of prosperity enjoyed by certain branches of trade in the years 1880 to 1883,” and a crisis, I shall add, which extended over all the chief manufacturing countries of the world. All possible causes of the crisis have been examined; but, whatever the cacophony of conclusions arrived at, all unanimously agreed upon one, namely, that of the Parliamentary Commission, which could be summed up as follows: “The manufacturing countries do not find such customers as would enable them to realise high profits.” Profits being the basis of capitalist industry, low profits explain all ulterior consequences.