Foreign News: Unemployment

The unemployment question and its cause, industrial and trade depression, engaged much of the attention of the British public last week.

In general terms, Capital sees the necessity of reducing wages and increasing hours in order to place industry in a position to compete with foreign enterprise which is everywhere underbidding it. So long as the costs of production are high, the capitalists declare, trade must stagnate and unemployment increase.

Labor faces the problem differently, but with equal logic. The volume of wages is higher than in 1913, but their value, owing to...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!