MILLIONS FOR ARMS.
EFFECT ON WORLD STANDARD OF PROSPERITY. LONDON, Aug. 2. World expenditure on armaments was £8,000,000,000 in 1936—a rise of over £2,000.000,000 in a five-year period, according to the Federation of British Industries. The expenditure afFects 60 per cent, of industry in different countries.
“Can the industrial system of the world stand rearmament at this pace?’! asks the federation. “There are reasons for doubting if it can. Each hation must decide how far it is prepared to sacrifice the development of civil activities and needs to war. World trade is in a well-advanced boom phase in the present cycle. There is a world shortage of steel and of certain classes of skilled labour. Congestion is causing cumulative inflation of prices and wages.” The federation states that the British arms programme must intensify congestion. Sooner or later, a recession of trade, whether mild or severe, must be exacted. . “The choice of most countries is between allowing I a,nnaments to grow at the expense [of civil industry, or relaxing armamejnt pressure. Only the latter can provide an escape from the vicious circle threatening the peoples with further limitation of freedom and impoverishment of their standards of life.”
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Bibliographic details
Manawatu Standard, Volume LVII, Issue 216, 12 August 1937, Page 9
Word Count
197MILLIONS FOR ARMS. Manawatu Standard, Volume LVII, Issue 216, 12 August 1937, Page 9
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