Jeeves’ England

dations among thousands of enterprises, but upon a union of economic factors: land, capital, labor and organizational technique. It cannot result from mere infusions of capital into arbitrarily selected projects. Clark demonstrates that growth, historically, is not a dependable coefficient of capital investment per se; productivity increases per unit of capital input, he shows, vary considerably from nation to nation.

Returning to the subject of the Soviet Union, he establishes that, where other factors are not favorable (that is, where we find inept organization, inhibitions on the free movement of the market, lack of incentive to produce), the capital-out-put ratio is low in any event. “It is clear,” he concludes, “that the amount of additional product obtained from succeeding investments of new capital in Soviet Russia . . . has been falling very rapidly; in other words, a great deal of capital investment in Soviet Russia has been wasted.”

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Anthony Lejeune

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dations among thousands of enterprises, but upon a union of economic factors: land, capital, labor and organizational technique. It cannot result from mere infusions of capital into arbitrarily selected projects. Clark demonstrates that growth, historically, is not a dependable coefficient of capital investment per se; productivity increases per unit of capital input, he shows, vary considerably from nation to nation.

Returning to the subject of the Soviet Union, he establishes that, where other factors are not favorable (that is, where we find inept organization, inhibitions on the free movement of the market, lack of incentive to produce), the capital-out-put ratio is low in any event. “It is clear,” he concludes, “that the amount of additional product obtained from succeeding investments of new capital in Soviet Russia . . . has been falling very rapidly; in other words, a great deal of capital investment in Soviet Russia has been wasted.”