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It is estimated that during the last year of the World War the daily expenses of the various fighting nations amounted to two hundred and forty millions of dollars gold. It is accepted by even the most conservative, that only one half of this sum was spent on munitions and other direct war supplies, that is, one hundred and twenty millions of dollars gold. Let us consider these war supplies from a commercial point of view. The battlefield is the market for these new industries, the consumers of which are the soldiers. Various industries had to be enlisted and many new ones created for the supplies. In order to increase the production of these war commodities day by day, people of the warring countries and even those of the neutral states had to be content with the barest necessities of life and had to give up all former comforts and luxuries.
Now the war is ended and the sole market of these war supplies has closed, let us hope, forever, for the good of humanity. So, from now on we are concerned with the problem as to how a readjustment may be brought about. What must be considered first is the reconstruction of the various countries, and next the supply of comforts and luxuries that will have to be resumed. We remember that one hundred and twenty million dollars were spent every day on direct war supplies. Let us then suppose that the two items mentioned will take up one half of this sum, that is, sixty millions of dollars a day which will still leave us a balance of sixty million dollars a day. Besides, the many millions of soldiers who were once consumers will from now on become producers again. Furthermore, the unification and nationalization of all the industries, which I might call the Second Industrial Revolution, will be more far-reaching than that of the first one in which Manual Labor was displaced by Machinery. This second industrial revolution will increase the productive power of man many times more than the first one. Consequently, this unification and nationalization of industries on account of the World War will further complicate the readjustment of the post-war industries. Just imagine sixty million dollars a day or twenty-one billions and nine hundred millions of dollars a year of new trade created by the war suddenly have to stop when peace is concluded! Where in this world can Europe and America look for a market to consume this enormous saving from the war?