Financial Crises and Periods of Industrial and Commercial Depression

Financial Crises and Periods of Industrial and Commercial Depression

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Financial Crises and Periods of Industrial and Commercial Depression

Financial Crises and Periods of Industrial and Commercial Depression

Read FREE!

Excerpt

No subject of economic discussion has provoked a greater variety of conflicting opinions than that of financial crises and periods of depression. Numerous explanations of their causes have been advanced. Some of them will be found in Appendix A of this book. It will be seen that they display irreconcilable differences. Nor is it in explaining their causes alone that differences appear. Those who review the history of business in past years do not agree upon the seasons which can be considered as prosperous or the contrary; some maintaining that certain years were years of crises or depression, while others deny that such was the fact.

Notwithstanding the general dread of these periodical visitations, the question has recently been much discussed whether they are, after all, calamities. It has been strenuously asserted that crises are a necessary and beneficial check to increasing expansion and extravagance; also, that periods of depression, while bringing misfortune to some, afford . . .

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