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 new economic program is an attempt to hack a way directly out of this vicious circle. It attacks the problem in both its phases, industrial and agricultural, simultaneously. The general plan of it is, on the one hand, to run beyond the poor industrial productive apparatus of Russia and quickly secure an abundant supply of manufactured articles especially to satisfy the needs of the peasants; and on the other hand, to get the peasants to produce a plentitude of food for the city workers in anticipation of receiving such articles in return for it.

The first three measures deal primarily with the industrial phase of the problem. (1), With trade relations established generally, Russia will be able to export the raw and semi-finished materials which she can easily produce in quantity, and to get in exchange the locomotives and other essentials which she needs so badly to put the industries on their feet again. Thus will be avoided the many years' struggle which otherwise would be required to build the equipment necessary to produce all these vital commodities in RussaRussia [sic]; (2), by means of foreign concessions large quantities of products, taken in payment for rent and leases, will be thrown into the general stream of commodities in the country and thus serve to diminish the industrial crisis. Kamenev recently declared that the concessions can further the economic emancipation of Russia by assisting materially in the electrification of her industries. This great project can be completed in two general ways: Russia may either struggle along for many years with her impoverished equipment trying to bring it about; or she may buy the materials, etc., from. the capitalist countries. In the latter event she would have to pay world capitalism a tribute of twelve billion dollars, the cost of the electrification work, for her industrial independence. Kamenev urged the concessions as one way in which this tribute might be paid (3), Through the establishment of free trade individual initiative is stimulated. Small industry is invigorated and made to produce a large amount of commodities, which help materially to tide over the crisis until large-scale industry can be organized. Besides large stores of goods, hidden by their owners at the outbreak of the