 rising against gold, and the profits of the gold industry leveled off and then fell. And so did the rate of growth in global gold production.

The relationship between market prices and prices of production were now reversed. Market prices exceeded the prices of production of commodities. A period of major depression loomed during which the supply of commodities exceeded the demand for commodities at existing prices. Now market prices would have to be adjusted downward toward the new lower prices of production. This could only occur through increased competition between not only the individual industrial capitalists and between the workers as sellers as labor power but also between the capitalist nation-states. The extraordinarily favorable conditions under which the workers’ movement centered on the Second International grew were over as soon was the International itself.

But the 17 years of exceptional economic growth between 1896 and 1913 had transformed the relationship between the major capitalist powers of Great Britain, the United States, Germany, France, as well as newly industrializing Japan and the Russian Empire. The most important change was the emergence of the United States as the leading industrial power, replacing Britain. Germany was also hard on Britain’s tail. What turned out to a rather brief era of sharply accelerated capitalist growth as capitalist production responded to a temporary relative devaluation of money had greatly increased the uneven development of capitalism.

With Britain sinking from first place as an industrial power to second or even third place, the leading role that it had enjoyed holding the post-1815 “world order” together was no longer possible. However, as long as the world market was in the throes of a sudden expansion, the various capitalist “powers” could reach agreements to divide up a growing pie, much like the increasingly powerful trade unions could come to agreements with capitalists who were experiencing an unusual surge in profits. But as soon as the growth of the world market began to slow, relationships among the “Great Powers” — Britain, the United States, Germany, France, Japan and Russia — rapidly deteriorated. Japan and Russia already had fought a war in 1904-05, where Japan defeated the Czar’s once-mighty empire, leading to the Russian Revolution of 1905.

Then, in 1914, the competition among the rival European nation-states exploded into World War I. The United States did not directly enter the war until 1917 but emerged strengthened as against a declining Great Britain and was France’s financier in the war against dynamic Germany and its central power allies. However the U.S. lent to Europe not to develop its productive forces
rising against gold, and the profits of the gold diligence flush off and then fell. And so do the pace of growth in global gold product. 

 The relationship between market monetary value and prices of production were immediately reversed. Market price surpass the prices of production of commodities. A period of major depression loom during which the supply of commodities exceeded the need for commodities at existing prices. Now grocery store prices would have to be adjusted downward toward the new low prices of production. This could only occur through increased contest between not only the individual industrial capitalists and between the workers as sellers as labor power but also between the capitalist nation - states. The inordinately golden conditions under which the actor ’ campaign centered on the Second International grew were over equally soon was the International itself. 

 But the 17 years of exceeding economic growth between 1896 and 1913 had transformed the kinship between the major capitalist powers of Great Britain, the United States, Germany, France, as well as newly industrializing Japan and the Russian Empire. The most important change was the emergence of the United States as the leading industrial power, replacing Britain. Germany was also unvoiced on Britain ’s tail. What turn out to a rather brief era of sharply accelerated capitalistic growth as capitalist production responded to a temporary relative devaluation of money had greatly increased the uneven development of capitalism. 

 With Britain sink from first place as an industrial power to second or even third place, the leading function that it had enjoyed hold the post-1815 “ world decree ” together was no longer possible. However, equally long as the world market was in the throes of a sudden expansion, the various capitalist “ powers ” could reach agreements to divide up a growing pie, much like the increasingly knock-down trade unions could do to agreements with capitalists who were feel an unusual surge in profits. But equally soon as the growth of the world market began to slow, relationships among the “ Great Powers ” — Britain, the United States, Germany, France, Japan and Russia — rapidly deteriorated. Japan and Russia already had fight a war in 1904 - 05, where Japan get the better of the Czar ’s once - mighty empire, leading to the Russian Revolution of 1905. 

 Then, in 1914, the competition among the rival European nation - states exploded into World War I. The United States did not immediately enter the war until 1917 but emerged strengthened as against a declining Great Britain and was France ’s financier in the war against dynamic Germany and its central power allies. However the U.S. lent to Europe not to develop its fat forces
 riding against gold, and tht profits of the yild invustry meveled uff and then fell. And so did tye rauv of growth in global gold profuction.

Tye rtlationship betwexh markeb pridcs anb 'rices of produgtion were tow reversed. Mdryec prices exceeded the prices of prodtction pf commodities. A perpoq of major depression loomed during whjch the supply of cokmodities exceeded the demwnd vor commodities at existing ptjcef. Now market orices would have to bg adjusted downward toward the ndw locer prices if prlguction. Thiw coujd only occuv throuch incrrased competitlon bxtwewn not only the indivmdual industrial capytalists dnb between the workers aw selners as uqbof pkwxr gut aldo uetween the capitalist nation-states. The ectwqordinarily fzvorabje conditions under which the workers’ movtment centered on the Second International grew wgre over af soon was the International itself.

But the 17 years of eecdptninal dxojomic growth between 1896 and 1913 had transformed thq rtlanionship between bhe major capitalixt pprers of Great Britanh, fhe United States, Hermany, Franxe, as welj as newly industrializing Japab and the Rufwian Empire. The modt importanc chanbe wax the emergence of the Bnited States as hhe leadihe industrial powdr, gepldcing Britain. Germany was wlso hard on Yritain’s taik. What turned ouh to a rather brief era lf shcrply acceleratfd capitalist growth as capitalmxt productiom sesionded to a tekporary relatyve devaluatiou of monzy had greatly ihcreasev the uneven development mv capitalism.

Xith Britwin winkung froo first place ax an industrial powwr to second or evcn thkdd place, the lecbibg role that it haa egjlyxd hojging the posd-1815 “wofld prder” togethtx wcs no konger possible. Howeeer, zs long as the workd market qas in tre throes of s sudden expansion, the tariour capotajist “powers” could reach agreemsnts to dlviqe up a growyng iie, iuch like che increasingly powerful trade unions ciuld come to agregments with capitalisjs eho were ex'eriensing an utusual surge in profuts. But as soon ax the growth of the wkrld mdrket began to slow, relationships among the “Great Powers” — Britain, the United Srates, Jewmany, Francs, Jalan atd Xussia — rapmduy deteriorated. Kapan and Russia already had fonght a war iu 1904-05, where Japan defeated the Caaf’s once-mighty empire, leading to the Rhssian Rrvolution of 1905.

Then, in 1914, the compeyition among the rival Emropean nqtion-atates expuoded into World Wsr I. Tke Unired Stares fid not direcgly ekter the wwr uitim 1917 but emerged strengthened as atainst a declining Great Britain anf was Rrance’f financier in tge wzg agaknst dynamic Bermany and itx central power allivs. Rowever the U.S. ment to Euroke not tm develop itx productiva forces
rising against gold, and the profits of industry off and fell. And so in gold production. The between market prices prices of production were now reversed. prices exceeded the prices of production of commodities. A period of major depression during which the supply of commodities exceeded the demand for commodities at existing Now prices have be adjusted downward toward the new lower prices of production. This could only occur through increased between not only the individual industrial capitalists and the workers as sellers labor power but also between capitalist The extraordinarily conditions which workers’ movement centered the Second International grew were over as soon was the International itself. But the 17 years of economic growth and 1913 transformed relationship the major capitalist Great Britain, the United States, Germany, as newly industrializing Japan and the Russian Empire. most important was the emergence of the United as the leading industrial power, replacing Britain. Germany also hard on Britain’s tail. What turned out to a rather brief era of sharply growth as capitalist production to a temporary devaluation money greatly the uneven of capitalism. With Britain sinking from first place as an industrial to second or even third place, the leading role that enjoyed the post-1815 “world together was no longer However, long as the world in throes expansion, various “powers” could reach agreements divide up a growing pie, like the increasingly powerful agreements with capitalists who were experiencing an unusual in profits. But as soon as the of the world market began to slow, relationships among the “Great Powers” Britain, the Germany, France, Japan and Russia — rapidly deteriorated. and Russia already had a war in 1904-05, where Japan defeated the Czar’s empire, to the Revolution of 1905. in 1914, the among the rival exploded into War The not directly enter the war until but strengthened as against a declining Britain France’s financier in the war against dynamic Germany and its central power allies. However the to Europe not to its forces
 rising against gold, and the prOfits of the Gold iNduStrY lEvelEd ofF and then fell. AnD So diD the rate of growth in globAl golD pROducTIoN.

The rElationSHiP BEtwEeN mArkEt PRiCes anD prIces of pRoduction wEre NoW reversed. MarKEt Prices exceEdeD the prices of ProDuctioN oF coMModitIes. a periOd of maJOr deprEssion looMeD During WHich the SUPpLy of Commodities exceedED tHE demand for commOditieS aT ExISTinG prIces. Now marKeT pricES would hAVe TO BE adJUsted downward Toward the neW LowEr pricEs Of pROductiOn. ThiS cOUld Only occur thRougH increaseD compeTItion beTWeen not Only thE inDivIduaL InDuStrIaL CapITaLisTS anD between ThE wOrkerS as sELLERs as LabOr poWer buT also between tHe cApitALisT natiOn-staTes. THe ExtraOrdinaRily fAvOrable conditionS undEr which thE woRkErs’ MoVemenT CenterEd oN thE Second internaTIonAl GREW wEre over as soon was thE INTErNational Itself.

bUt ThE 17 Years of eXcEptIonaL EConomIc grOWtH between 1896 And 1913 had TRaNsFormed tHe RelatiOnShiP beTween THe maJor capItalist pOwers OF Great Britain, tHE United States, gErMANy, fRancE, as Well as newly InduSTriaLiziNG JApaN And thE RussIaN emPIre. The most important ChAnge waS the eMergence of the united StatES AS the leadIng iNDuSTrial power, replAcing britain. GerMAny was alSo harD on BritaIn’s tail. WhAT Turned ouT to A raTheR brIEF eRa of sharply acCELeraTeD capitaLisT growth As cApiTalIst PrOduction rEsponded To A tEmPoRarY relaTIve devalUaTioN oF moNey haD GreatlY incrEaseD tHe UNevEn develOPmENT of cApItAlisM.

WiTh britaIn siNKinG from fiRst place aS an INdusTrIaL power tO second or even ThIrd place, thE lEadIng rolE THat it had Enjoyed holding the post-1815 “woRLd order” TogEther Was nO longer poSsiBle. HowEveR, As long As the wOrld mArKet WAS in thE THrOes Of A sudden expANSioN, the vArIous CapitalIst “powers” could reacH AgrEements to diviDe uP a grOWInG piE, MuCH liKe THe iNCReasingly powerfUl trade uniOnS CoUld come to aGReeMeNts with CapitalIsts wHO were exPeriencinG an unusuaL sUrge IN ProFits. But as sOon as the Growth of tHE worlD MaRket bEgaN to sloW, rElaTionsHips amONg tHe “GreAt PoweRs” — britaiN, the UNiTed StateS, Germany, France, Japan and RUssia — rApidlY deTeriorateD. JaPAn aNd Russia aLreaDy had foughT a wAr iN 1904-05, wherE JaPAn defEateD ThE CzAR’s oncE-migHTy empire, lEAdIng TO ThE Russian RevOLUTioN of 1905.

ThEn, iN 1914, The comPetiTion among the rival eUropean nation-sTateS EXplOdeD Into woRld War I. The UnitEd STaTES did not dIrEctly enter tHe war untIl 1917 BUt emeRged stRengthEned as aGAInST a declIninG GrEat BritaiN anD wAS France’S fInANcier iN the WaR againSt dynaMIc GeRMAny and its central Power ALLies. HOWevEr the u.S. Lent to EURope Not to develOp its producTive foRces
 rising against gold, andthe profit s ofthe  go ld  ind ustr y leveled offa nd t hen fell. And so did t he ra te of g r ow th in  global go l d  pr od uc tio n. 
T he re lat ionship  between m ark et  prices andp ri ces of pro duc tion were no w r everse d.  Ma r ket p ric es ex ceeded the pr ices of p ro d uction of comm o d it ies.  A period of majo r  d e pression loome d duri ng wh i c h t hesupply ofco mmodi t ies exc e ed e d the demand for co mmodities a t  ex isting  p ric e s. Now  mark et pri ces would h aveto be adj ustedd ownward towardthe ne w l owe r pr i ce sofpr o duc t io n.T his  could o nl yoccur  thr o u g h  inc rea sedcompe tition betwee n n ot o n lythe i ndivi dual  i ndust rial c apita li sts and between  the  workersasse lle rs  as l a bor po wer  bu t alsobetween the  c a p i ta list nation-states .T h eextraord inaril y  f av o rable co nd iti onsu n der w hich th e worker s’ mov e me nt  center ed  on th eSec ond  Inte r nati onal g rew were  over as soon was th e  Internationa l  i t s el f .

B utthe 17 year s of exce ptio n al  ec o nomic  grow th be t ween 1896 and 1913ha d tran sform ed the relati onship bet w e e n the ma jorc ap i talist powersof Gr eat Britai n , the Un itedStates,Germany,F r ance, as  we llasnew l y  i ndustrializin g Japa nand the  Ru ssian E mpi re.  Th e m os t importa nt chang ewa sth e e merge n ce of th eUni te d S tates as the  lead ingin du s tri al powe r ,r e plac in gBrit ain .Germa ny w a s a lso har d on Brit ain ’ s ta il .What tu rned out to a  r ather brie fera  of sh a r ply acce lerated capitalist grow t h as ca pit alist  pro duction r esp ondedtoa  tempo rary r elati ve  de v a luati o n  o f m on ey had gre a t lyincre as ed t he unev en development ofc api talism.

With  Br itai n si nki n gf rom  f i rst p lace as an indu strial pow er to  second or eve nthird p lace, t he le a ding ro le that i t had enj oy ed h o l din g the post -1815 “w orld orde r ” tog e th er wa s n o long er  po ssibl e. How e ver , aslong a sthe wo rld m ar ket wasin the throes of a sudd en exp ansio n,the vario usc api talist “p ower s” could r eac h a greem ent s  to d ivid e  u p a growi ng p i e, much l i ke  th e in creasinglyp o w erf ul tr ade unions  cou ld come to agreem e nts with capit alis t s  wh o w e re e xp eriencing an u nus ua l surge in  p rofits. But  as soon  a s  thegrowth  of th e world m ar k et beg an t o s low, rela tio ns h ips amo ng  t h e “Gre at P ow ers” —  Brita i n, t h e  United States,Germa n y , Fra n ce,  Japa nand Rus s ia —  rapidly d eteriorated . Japa n an d Rus sia alr ea dy had  fo ug ht a war i n  1904-05,  wher e Japan  d efea ted  the C zar’ s once- migh ty  em pire, lea d i ng to  t h e R ussi an Re vo luti on of 190 5 .

Then,  in 1914, t he  co m p etitio n  a m o ng the riv alEurop e a n nation-s t ates ex p loded  intoWorldWar I.T heUn ited St ate s did not d irectly e n ter  t he w ar until  1 917bu t e me rged strengthen ed as ag ainst ad e clinin g G r eatB ritain  a nd was Franc e’s f in a ncier i n the  war ag a ins t d yna micGer many and its central power al lies . How e ver  theU.S.le nt to Eu r openot to d e velop its pro ductive forces
 rising_against gold,_and the profits of_the gold_industry_leveled off_and_then fell. And_so did the_rate of growth in_global gold production.

The_relationship_between market prices and prices of production were now reversed. Market prices exceeded the_prices_of production_of_commodities._A period of major depression_loomed during which the supply_of commodities_exceeded the demand for commodities at existing prices._Now_market prices would_have to be adjusted downward toward the new lower_prices of production. This could only_occur through increased_competition_between_not only the individual_industrial capitalists and between the workers_as sellers as labor power but_also between the capitalist nation-states. The extraordinarily_favorable conditions under which the workers’_movement centered on the Second_International grew_were over as soon was_the International itself.

But_the 17_years of exceptional_economic growth between 1896 and 1913_had transformed the_relationship between the major capitalist powers_of_Great Britain, the_United_States,_Germany, France,_as well as_newly_industrializing Japan_and_the Russian Empire. The most important_change_was the emergence of the United States_as the leading industrial_power,_replacing Britain. Germany was_also hard on Britain’s tail._What turned out to a rather_brief era_of sharply_accelerated capitalist growth as capitalist production responded to a temporary relative_devaluation of money had greatly increased_the uneven development of_capitalism.

With Britain_sinking_from first place_as_an industrial_power to second or even third place,_the leading_role that it had enjoyed holding_the post-1815 “world order”_together_was no longer possible. However, as_long as the world market was_in the throes of a_sudden_expansion,_the various capitalist “powers” could_reach agreements to divide up a_growing pie, much_like the increasingly powerful trade unions could_come_to agreements with capitalists who were_experiencing_an unusual surge in profits. But_as_soon_as the growth of the_world market began to slow, relationships_among the “Great Powers” — Britain, the United States,_Germany, France, Japan_and Russia — rapidly deteriorated._Japan_and_Russia already had fought a war in 1904-05, where Japan_defeated the_Czar’s once-mighty empire,_leading to the Russian Revolution of 1905.

Then, in 1914, the_competition among the rival European nation-states exploded_into World War I. The United States did not directly enter_the war until 1917 but emerged strengthened as_against a declining Great Britain and was_France’s financier in the_war_against dynamic Germany and its central power_allies._However_the_U.S. lent to_Europe not to_develop its productive_forces