The Fruits of Victory: A Sequel to The Great IllusionAngell, Norman
History
The Fruits of Victory: A Sequel to The Great Illusion
Angell, Norman
Economic history -- 1918-1945; World War, 1914-1918 -- Influence
As money acquired a stable value and transport and communication became
easy and cheap, the manor ceased to be self-contained, to weave its own
clothes and make its own implements. But the Russian peasants are
proving to-day that if the railroads break down, and the paper money
loses its value, the farm can become once more self-sufficing. Better to
thresh the wheat with a flail, to weave clothes from the wool, than to
exchange wheat and wool for a money that will buy neither cloth nor
threshing machinery. But a country-side that weaves its own cloth and
threshes its grain by hand is one that has little surplus of food for
great cities--as Vienna, Buda-Pest, Moscow, and Petrograd have already
discovered.
If England is destined in truth to remain the workshop of that world
which produces the food and raw material, then she has indeed a very
direct interest in the maintenance of all those processes upon which the
pre-war exchange between farm and factory, city and country,
depended.[3]
The 'farm' upon which the 'factory' of Great Britain depends is the
food-producing world as a whole. It does not suffice that the overseas
world should merely support itself as it did, say, in the tenth century,
but it must be induced by hope of advantage to exchange a surplus for
those things which we can deliver to it more economically than it can
make them for itself. Because the necessary social and political
stability, with its material super-structure of transport and credit,
operating trans-nationally, has broken down, much of Europe is returning
to its earlier simple life of unco-ordinated production, and its total
fertility is being very greatly reduced. The consequent reaction of a
diminished food supply for ourselves is already being felt.
3
_The 'Prosperity' of Paper Money_
It will be said: Does not the unquestioned rise in the standard of
wages, despite all the talk of debt, expenditure, unbalanced budgets,
public bankruptcy, disprove any theory of a vital connection between a
stable Europe and our own prosperity? Indeed, has not the experience of
the War discredited much of the theory of the interdependence of
nations?
Public-domain text, read in full here on John Shaqi.
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