TAILIEUCHUNG - THE CAUSES OF THE ECONOMIC CRISIS phần 10

chứ không phải là dễ dàng giật nghiêm trọng của nền kinh tế là kết quả không thể tránh khỏi các chính sách cản trở hoạt động thị trường, điều tiết của sản xuất tư bản. Nếu tất cả mọi thứ có thể được thực hiện để ngăn chặn thị trường thực hiện chức năng của nó đưa cung và | The Causes of the Economic Crisis An Address 179 the decision costs the masses a great deal. Moreover it will make the final confrontation still more difficult rather than easier. IV. Is There a Way Out 1. The Cause of Our Difficulties The severe convulsions of the economy are the inevitable result of policies which hamper market activity the regulator of capitalistic production. If everything possible is done to prevent the market from fulfilling its function of bringing supply and demand into balance it should come as no surprise that a serious disproportionality between supply and demand persists that commodities remain unsold factories stand idle many millions are unemployed destitution and misery are growing and that finally in the wake of all these destructive radicalism is rampant in politics. The periodically returning crises of cyclical changes in business conditions are the effect of attempts undertaken repeatedly to underbid the interest rates which develop on the unhampered market. These attempts to underbid unhampered market interest rates are made through the intervention of banking policy by credit expansion through the additional creation of uncovered notes and checking deposits in order to bring about a boom. The crisis under which we are now suffering is of this type too. However it goes beyond the typical business cycle depression not only in scale but also in character because the interventions with market processes which evoked the crisis were not limited only to influencing the rate of interest. The interventions have directly affected wage rates and commodity prices too. With the economic crisis the breakdown of interventionist economic policy the policy being followed today by all governments irrespective of whether they are responsible to 180 The Causes of the Economic Crisis parliaments or rule openly as dictatorships becomes apparent. This catastrophe obviously comes as no surprise. Economic theory has long been predicting such an outcome

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