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Progress and Poverty; An Inquiry Into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth - The Remedy Volume 1 -

Progress and Poverty; An Inquiry Into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth - The Remedy Volume 1 -


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1880* edition. Excerpt: ... time, large stocks must be kept in store and in transit, and this, as I have already explained, I take to be the great function of capital, in addition to that of supplying tools and seed. These exchanges are, perhaps necessarily, largely made upon credit--that is to say, the advance upon one side is made before the return is received on the other. Now, without stopping to inquire as to the causes, it is manifest that these advances are, as a rule, from the more highly organized and later developed industries to the more fundamental. The West Coast African, for instance, who exchanges palm oil and cocoanuts for gaudy calico and Birmingham idols, gets his return immediately; the English merchant, on the contrary, has to lay out of his goods a long while before he gets his returns. The farmer can sell his crop as soon as it is harvested, and for cash; the great manufacturer must keep a large stock, send his goods long distances to agents, and, generally, sell on time. Thus, as advances and credits are generally from what we may call the secondary, to what we may call the primary industries, it follows that any check to production which proceeds from the latter, will not immediately manifest itself in the former. The system of advances and credits constitutes, as it were, an elastic connection, which will give considerably before breaking, but which, when it breaks, will break with a snap. Or, to illustrate in another way what I mean: The great pyramid of Gizah is composed of layers of masonry, the bottom layer, of course, supporting all the rest. Could we by some means gradually contract this bottom layer, the upper part of the pyramid would for some time retain its form, and kthen, when gravitation at length overcame the adhesiveness of the...


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Product Details
  • ISBN-13: 9781154361261
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 162
  • Spine Width: 9 mm
  • Width: 189 mm
  • ISBN-10: 1154361268
  • Publisher Date: 01 Jul 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 299 gr


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