ABSTRACT
The policy of the world, and particularly of America, toward Russia needs a similar new basis. A world policy of refusing to make loans to Russia should therefore have as its consistent counterpart an embargo on Russian exports. Recognition of Russia by the United States and a policy of helpful co-operation may lead toward economic relief from the burdens of armament and make for industrial development rather than international suspicion. The American policy of non-recognition may have had justification during the past ten years, but its justification is weakening with the change of events. The policy of world co-operation with Russia, and particularly American co-operation, is likely to lead to progress. A policy of co-operation could help to re-establish Russian credit. The high prices paid by Russia for her imports and the low prices realized on her exports are really an index of Russia's low credit.
