Commercial crises (1863/1873)

Clément Juglar Translated by Cécile Dangel-Hagnauer

A chapter in A Research Annual, 2010, pp 115-147 from Emerald Group Publishing Limited

Abstract: The symptoms that precede crises are utterly undistinguishable from the signs of great prosperity; ventures and speculations of all sorts proliferate; the price of products, the value of land and houses rise; the demand for labor increases and wage rates augment, interest on the contrary diminishes. Add to that a gullible public – whose doubts vanish at the sight of the first successful undertaking – and a taste for gambling, which spreads as prices continue to rise and as the hope of becoming rich in a short time takes hold of people's imagination. Finally, increasing luxury leads to excess spending, fueled less by greater income than by the higher value of capital estimated at market prices.

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rhetzz:s0743-4154(2010)000028a008

DOI: 10.1108/S0743-4154(2010)000028A008

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