ABSTRACT
In our review of world economy since the war we have directed special attention to Europe and to Britain in particular, and we have seen a distinct tendency since, roughly, 1922 for monetary and industrial affairs to stabilize round a certain average production, circulation, and general activity. The war magnified and accelerated certain tendencies which had set in even before 1914, and that it caused political revolutions in Central Europe, a social revolution in Russia, and widespread currency disturbances, through inflation and the expropriating of bondholders, over a large part of the Continent. The Communist International is a product of these conditions, intensified by the Great War, which made the Russian Revolution inevitable in the form that it took and created converts by the thousand to the idea of a catastrophic collapse of the old society, on the ruins of which the new alone could be born.
