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The New Zealand Railways Magazine, Volume 7, Issue 5 (September 1, 1932)

Rival Capitalisms

Rival Capitalisms.

Russian and American marketing policies are a study in contrast. The American policy of holding wheat for a price was the result of confidence in capital strength, lack of which impelled the Russians to a policy of selling. If (as is alleged) Russian State capitalism pays only a food wage, and is concerned not about present living standards but mainly about securing foreign credits with which to buy agricultural machinery, etc., then the motive is plain. It is equally plain that America is very much concerned with maintaining standards, and that private and State capital in the United States have stood together in the long fight for better prices. Evidently the fight is far from being over, for President Hoover has just induced Congress to expand the Federal Farm Loan System with 125 million dollars new capital. A rise in wheat between now and the Presidential election would be claimed for Hoover as a tremendous win.