The Polish left-wing Catholics, who are to be dealt with in this paper, are not the confessed fellow-travellers, who were at the height of their influence during the Stalinist period. They are rather the members of the “Znak” parliamentary group and others associated with the Catholic weekly, Tygodnik Powszechny, which comes close to being the mouthpiece of the Polish Primate, Cardinal Wyszyński. The left-wing Catholics to be considered, therefore, have been dependent for their activities on the comparatively tolerant attitude of Polish Communist leadership. So it will be logical and convenient to deal with the liberal Marxists first.

Rosa Luxemburg, the greatest intellectual leader that the Polish Marxist movement has so far produced, was murdered in 1919. Yet she was so typical of Polish Communism, and she exerted so great an influence on the character that it has assumed, that a brief reference to her will be made by way of introduction. She was an outstanding revolutionary and a great woman, combining such varied qualities as physical and mental courage, great energy and powers of endurance, and unusual oratorical gifts, with more characteristically feminine attributes, such as a deep sensitivity and love of beauty in all its forms. She could stand up to Lenin when she differed from him, but she commanded his respect. However, what concerns us most here is that her deep Marxist convictions were tempered by liberal elements characteristic of what would now be called Western democracy.

The external value of the Canadian dollar was remarkably stable during most of the recently ended regime of the flexible exchange rate. Short-term capital movements which tended to offset net shortages or surpluses of foreign currency arising from other transactions made an important contribution to this stability. This paper is an investigation of the causes of those generally stabilizing short-term capital movements.

Each of seven categories of short-term capital movements is considered, some categories being components of others. The seven categories, taken from the international accounts published by the Dominion Bureau of Statistics, are as follows. An arbitrary short name for each is given in brackets.

1. 1. (Total private). The sum of the three following items, consisting of capital movements of a short-term nature not carried out by the Canadian government or central bank.

2. 2. (Bonds). Net trade between Canada and other countries in outstanding Canadian bonds and debentures.

3. 3. (Canadian dollars). The change in foreigners' holdings of Canadian dollars.

4. 4. (Other). Other capital movements, adjusted. This is the balancing item D17 in the official Canadian international accounts, adjusted to remove a variety of irrelevant transactions.

5. 5. (US dollars). The change in Canadian holdings of bank balances and other short-term funds abroad, excluding the official reserves. It consists largely of US dollar assets. It is one component of “Other” above.

6. 6. (Commercial credits). This is the remainder of “Other” above, and consists of all other non-government transactions including changes in loans and accounts receivable and payable.

7. 7. (Official). The change in the official reserves of gold and foreign exchange.

“Political science,” as the term is understood in Canada and the United States, is still not recognized in the USSR as a distinct academic discipline. Although the phrase “Soviet political sciences(s)” has been occasionally used in Soviet literature of recent years, and though in 1960 a “Soviet Association of Political (State) Sciences” was formed, the Academy of Sciences and the institutions of higher learning in the USSR continue to view “political science” as a somewhat alien concept, ideologically ambiguous and academically suspect.