▁bal anced ▁budget ▁at ▁any ▁cost . ▁ ▁In ▁October ▁ 1 9 2 9 , ▁the ▁Stock ▁Market ▁Cr ash ▁in ▁New ▁York ▁her ald ed ▁the ▁world wide ▁Great ▁De pression . ▁John ▁May n ard ▁Ke yn es , ▁who ▁had ▁not ▁predicted ▁the ▁sl ump , ▁said , ▁"' There ▁will ▁be ▁no ▁serious ▁direct ▁consequences ▁in ▁London . ▁ ▁We ▁find ▁the ▁look ▁ahead ▁decided ly ▁encourag ing ." ▁ ▁Do oms ay ers ▁on ▁the ▁left ▁such ▁as ▁Sid ney ▁and ▁Be atrice ▁Web b , ▁J . A . ▁Hob son , ▁and ▁G . D . H . ▁Cole ▁repeated ▁the ▁dire ▁warnings ▁they ▁had ▁been ▁making ▁for ▁years ▁about ▁the ▁im min ent ▁death ▁of ▁capital ism , ▁only ▁now ▁far ▁more ▁people ▁paid ▁attention . ▁Starting ▁in ▁ 1 9 3 5 ▁the ▁Left ▁Book ▁Club ▁provided ▁a ▁new ▁warning ▁every ▁month , ▁and ▁built ▁up ▁the ▁cred ibility ▁of ▁Soviet - style ▁social ism ▁as ▁an ▁alternative . ▁ ▁The ▁en su ing ▁American ▁economic ▁collapse ▁shook ▁the ▁world : ▁World ▁trade ▁contract ed , ▁prices ▁fell ▁and ▁govern ments ▁faced ▁financial ▁crisis ▁as ▁the ▁supply ▁of ▁American ▁credit ▁d ried ▁up . ▁Many ▁countries ▁adopted ▁an ▁emer gency ▁response ▁to ▁the ▁crisis ▁by ▁ere ct ing ▁trade ▁bar riers ▁and ▁tar iffs , ▁which ▁w ors ened ▁the ▁crisis ▁by ▁further ▁h ind ering ▁global ▁trade . ▁The ▁British ▁Empire ▁tried ▁to ▁hang ▁together ▁by ▁lower ▁tar iffs ▁among ▁the ▁members