They are harder in the United States and England than in Germany, harder in Germany than in France, harder in western Europe than in eastern Europe, harder in Christendom than in heathendom.

They are less severe in rural districts, where prosperity depends more on crop conditions, and business has in it less of financial speculation.

Their effects are least felt in the staple industries, for when hard times come people economize on the less essential things.

The glove-factory, the silk-factory, the golf-club-factory are more likely to close than the flour-mill.

In a crisis wages and salaries are less affected than are profits, but wageworkers suffer in the loss of employment.