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328 THE COMMUNIST

only be maintained if the productive forces of capitalism were not allowed to function to the full possibilities offered by the latent credit available, stated that the only possible partial solution was that "if the purchasing power could be returned to individual investors either through dividends of through the retirement of the underlying securities, with the assurance that the bulk of it would be used for the purchase of goods for consumption, the results might be beneficial.:
It was this increase in (capitalist) consumer purchasing power arising out of the stock market phantasmagoria that built an important part of the basis for American "prosperity." "But such a solution is manifestly out of the question,"added the Guaranty Survey. Such a "solution" was impossible because it did not solve the contradiction between the purchasing power of the working masses and the volume of goods they produce, it could not solve that contradiction between the purchasing power of the working masses and the volume of goods they produce, it could not solve that contradiction which is inherent in capitalism, that contradiction which is the expression of capitalism. 

VII.

One other means by which American capitalism managed to get its good sold was by means of installment selling. ^6 Automobiles, radios, refrigerators, furniture, vacuum cleaners, clothing, etc,. were the chief commodities which were thus disposed of and to such a degree that the respective industries producing them have not only been stimulated by installment sales but at the present time are absolutely dependent to a greater or less degree on installment selling to get rid of their products at all. It is estimated that the total volume of installment sales for 1928 approximated eight billion dollars. It is further estimated that of the total installment sales, 20 per cent are of household goods, and that 80 per cent of all phonographs are purchased on the installment basis, 75 per cent of washing machines, 65 per cent of vacuum cleansers, 50 per cent of pianos, sewing machines, radios and electrical refrigerators. (N.Y. Times, Feb. 1930) This in addition to the fact that automobile production during the past few years has been maintained largely by installment sales -- 60 per cent of total auto sales having been made by that means.
The basis of this rapid expansion of installment selling was the vast volume of credit available for American capitalism in the post war years. American    capitalism was able to add installment selling to its repertoire because it had available the necessary bank credit.
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6. Comrade Ross has outlined the most important development of growth of installment in selling The Communist of December, 1928.