Western assessments of the Soviet economic prospects for 1932 differed widely. In a widely circulated speech, the British industrialist Leslie Urquhart proclaimed that ‘the failure of the five-year plan in its fourth year 1931 enables one to predict an imminent catastrophe for 1932 … This crisis will inevitably mean the end of the communist system of economy and the return to some form of private capitalism.’ [1] On the other hand the French Ambassador, disturbed by the limited reforms in the second half of 1931, warned his Minister that ‘the return to capitalist methods of management bears witness to an effort at normalisation and economic rationalisation which, if it diminished communist theories, on the other hand could favour the consolidation of the dangerous power of expansion of Soviet Russia.’ [2]


Budget Resource Communist System Steel Plan Trade Union Conference British Industrialist 
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© R. W. Davies 1996

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