ABSTRACT
The policy which the Government adopted to meet the autumn crisis of 1923 was far from winning unanimous approval. It showed too little care for the clamour of industrialists to gain much favour in that quarter; and its opponents regarded it as the dark child of Narcomfin, born in departmental exclusiveness, and nourished on financial parsimony. Those who saw the main cause of the “scissors” in the under-development of industry, and desired to meet the shortage of manufactures by import of finished goods, brought the additional argument against currency stabilisation that it made a policy of “goods intervention” on any considerable scale impossible. The growth of State industry depended primarily on the accumulation of capital to finance industrial development; and the fundamental economic question of socialism became the question of the source and the forms of this socialist accumulation.
