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The New Zealand Railways Magazine, Volume 8, Issue 6 (October 2, 1933)

American Experiment

American Experiment.

Since international stabilisation of currencies was postponed, pending the result of individual attempts at stabilisation by different countries, economic attention has centred on the American experiment, as being the greatest for many reasons, including: (1) The immense size of the untariffed home market; (2) the lesser degree of dependence on exports; and (3) the novel methods of control of wages and hours and (in some cases) of production and price. That experiment is altogether incomplete. It is the greatest of its kind the world has seen. While the United States depends less on exports than does Great Britain, her agriculturists must necessarily feel the tariff tactics of the gold countries. France and Italy are both reported as raising their tariffs against countries with depreciated currencies. Sterling as well as the dollar is concerned in this.