John Pierpont Morgan, der Weltbankier

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Monograph

Identifikator:: 1780948581

URN:: urn:nbn:de:zbw-retromon-168414

Document type:: Monograph

Author:: Smith, Henry Justin http://d-nb.info/gnd/124454801

Title:: John Pierpont Morgan, der Weltbankier

Place of publication:: Dresden

Publisher:: Reissner

Year of publication:: 1928

Scope:: 310 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Zwölftes Kapitel. Eine Zeit der Rückschläge

Collection:: Economics Books

WAGES, PROFITS AND INTEREST 183 undeveloped ; and, in the third place, capital is exported from' rich countries to poor countries so that, in consequence, the rate of interest in the rich countries is kept up. As regards this last point, the warning \vill not be out of place that we must not jump to the conclusion that the prohibition of the export of capital would necessarily be beneficial — or the reverse — to the non-capitalists in a rich country. Were the exportation of capital prohibited, much of the capital which would otherwise have been exported would not have been saved ; and the exported capital makes cheaper the goods imported into the country. For instance, English capital which goes to Canada helps to furnish us with cheaper bread. The key-stone in the theory of distribu tion is left to discuss, that is the manner in which the remuneration of the employer is governed. His remuneration is sometimes spoken of as profit, but “ profit ” is an equivocal term which is sometimes employed to indicate gross interest, and sometimes to indicate what the employer makes in his business, whether his earnings are of the nature of interest or of reward for the work that he does. In order to avoid ambiguity,

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