Zwei Bücher zur socialen Geschichte Englands

Die Geldvermehrung im Weltkriege und die Beseitigung ihrer Folgen

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Monograph

Identifikator:: 1891000233

URN:: urn:nbn:de:zbw-retromon-260008

Document type:: Monograph

Author:: Held, Adolf http://d-nb.info/gnd/116681667

Title:: Zwei Bücher zur socialen Geschichte Englands

Place of publication:: Leipzig

Publisher:: Duncker & Humblot

Year of publication:: 1881

Scope:: XIV, 775 Seiten; 1 Portrait

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Zweites Buch. Entwicklung der Grossindustrie.

Collection:: Economics Books

CHAPTER IX INCREASED CONSUMPTION AND PROSPERITY ACCEPTED AS AN OUTGROWTH OF LOWER COSTS AND HIGHER WAGES Leaders of industry, by accepting and applying the prin- ciple of increased productive efficiency as the underlying factor for determining wages, found a way by which, even in the face of the depression that continued after the break- down in 1921, rates of pay of industrial workers might be maintained or increased without the impairment of profits or returns to capital. Fundamentally, this new policy did not have its origin in any humanitarian considerations, but arose from the realization that if prosperity was to be re- vived there must be a corresponding expansion in domestic consumption. Europe was impoverished, and, urgent as were her needs, she could not buy our goods except through the pro- ceeds of loans or credits extended by the United States. In the period 1921-1922, the bases for giving either public or private credit abroad were very limited. The payment of war debts to this country had not been arranged. Almost all the leading foreign nations were still on a de- preciated paper basis; budgets had not been balanced, and private industry had not been rehabilitated since the war. As a consequence, the possibilities of European purchasing power were very limited. It was, therefore, evident that American prosperity must be stimulated and maintained, for a considerable time, at least, on the basis of its own re- sources. From this situation came the practical working procedure that advances in wages would make possible 30)

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