Economy (1931)

John Maynard Keynes

Chapter 6 in Essays in Persuasion, 2010, pp 135-149 from Palgrave Macmillan

Abstract: Abstract The slump in trade and employment and the business losses which are being incurred are as bad as the worst which have ever occurred in the modern history of the world. No country is exempt. The privation and—what is sometimes worse—the anxiety which exist today in millions of homes all over the world is extreme. In the three chief industrial countries of the world, Great Britain, Germany and the United States, I estimate that probably 12 million industrial workers stand idle. But I am not sure that there is not even more human misery today in the great agricultural countries of the world—Canada, Australia, and South America, where millions of small farmers see themselves ruined by the fall in the prices of their products, so that their receipts after harvest bring them in much less than the crops have cost them to produce. For the fall in the prices of the great staple products of the world such as wheat, wool, sugar, cotton, and indeed most other commodities has been simply catastrophic. Most of these prices are now below their pre-war level; yet costs, as we all know, remain far above their pre-war level. A week or two ago, it is said, wheat in Liverpool sold at the lowest price recorded since the reign of Charles II more than 250 years ago.

Keywords: International Position; Insurance Contribution; British Broadcasting Corporation; Revenue Tariff; Government Borrowing (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-59072-8_11

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349590728

DOI: 10.1007/978-1-349-59072-8_11

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().