The Decline of American Capitalism by Lewis Corey

By Lewis Corey

Louis C. Fraina (1892–1953) used to be a founding member of the yank Communist social gathering in 1919. After working afoul of the Communist overseas in 1921 over the alleged misappropriation of money, Fraina left the prepared radical move, rising in 1930 as a left wing public highbrow by way of the identify of Lewis Corey. throughout the McCarthy interval, deportation complaints have been initiated opposed to Fraina-Corey. After a prolonged felony conflict, Corey died of a cerebral hemorrhage sooner than the motion opposed to him was once officially deserted.

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The Decline of American Capitalism

Louis C. Fraina (1892–1953) was once a founding member of the yankee Communist get together in 1919. After working afoul of the Communist foreign in 1921 over the alleged misappropriation of money, Fraina left the geared up radical circulation, rising in 1930 as a left wing public highbrow through the identify of Lewis Corey.

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In post- war Europe the cyclical swings were not great, yet during the whole and depression, the tendency was for the general crisis of capitalism to become more acute and for permanent unemployment to increase clear indications of the decline of capiperiod, both in prosperity — taHsm. . In spite of relative economic decline, the output of industry and the productivity of labor scored substantial gains in the years although they were much 1 899-1914, lower than in the preceding period. 9%;^^ the inmining and on the railroads were slightly higher.

The Meaning in prices also raised of Prosperity the real value of money 27 capital accumulated during the war, augmenting investment and the output of capital goods. Industrialization proceeded rapidly; the output of machinery and other forms of capital goods w^as increased greatly by the mechanization of old industries and steel, and the development of new industries (iron boots and shoes, glass, petroleum, mining, mechanical trans- port equipment, milling, refrigeration, meat packing, and agricultural implements).

Regulation was weakened in the fat years of post-war prosperity, but the depression and economic decHne resulted in the need and demand for more regulation, more state capitalism. This newer regulation, unlike the old, openly accepts monopoly capitalism; according to an outstanding spokesman of the National Recovery Act and its institutional proposals: "We are resolved to recognize openly that competition in most of its forms is wasteful and cosdy; that larger combinations must in any modern society prevail.

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