The years of the economic depression have been years of political reaction, and that is why the economic crisis has generated a world peace crisis.

In short, it may be said that on paper the obligations to settle international disputes peacefully are now so comprehensive and far-reaching that it is almost impossible for a state to resort to war without violating one or more solemn treaty obligations.

In our modern world of interdependent nations, hardly any state can wage war successfully without raising loans and buying war materials of every kind in the markets of other nations.

In some states militant nationalism has gone to the lengths of dictatorship, the cult of the absolute or totalitarian state and the glorification of war.

The more the history of the World War and what led up to it is studied, the more clearly those tragic years become revealed as a vast collapse of civilization.

The nations must be organized internationally and induced to enter into partnership, subordinating in some measure national sovereignty to worldwide institutions and obligations.

As a first step there must be an offer to achieve equality of rights in disarmament by abolishing the weapons forbidden to the Central Powers by the Peace Treaties.