-15-
 
      
 
 
Republics of South America are, actually or virtually, dictatorships 
      and that the ground is, in consequence, not unprepared far the 
      seed of National-Socialism, which would in the first instance 
      be given a South American character, but would soon be revealed 
      as the projection of its European prototype into the New World. 
      The menace which such a development would constitute to the continuance 
      of democracy in the United States does not require to be underlined.
 
      
 
 
Finally, the depression in the American standard of living 
      consequent upon the high cost of necessary armament, and the 
      serious effect upon industrial production from the reduction 
      and interruption in America's foreign trade, would cause much 
      unrest and dissatisfaction. Such a state of affairs would provide 
      just the proper soil in which foreign ideologies could take root.
 
      
 
 
Conclusion
 
      
 
 
Great Britain and France are no longer able to maintain the 
      old world order. They are on the defensive; the totalitarian 
      states are on the offensive with the rise of air power. The pre-eminence 
      of Great Britain has disappeared, for