Die Nationalökonomie in Frankreich

Laienbrevier der National-Ökonomie

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Monograph

Identifikator:: 890892032

URN:: urn:nbn:de:zbw-retromon-34137

Document type:: Monograph

Author:: Waha, Raymund de http://d-nb.info/gnd/117560855

Title:: Die Nationalökonomie in Frankreich

Place of publication:: Stuttgart

Publisher:: Verlag von Ferdinand Enke

Year of publication:: 1910

Scope:: 1 Online-Ressource (XIX, 540 Seiten)

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Buch III Interventionismus, Solidarismus und Protektionismus

Collection:: Economics Books

CHAPTER VI THE COURSE OF THE CRISIS OF 1893 ‘To bring on a sudden crisis it but needs that some considerable creditor should sonclude that the present earning capacity of the debtor no longer warrants the capitalization upon which his collateral is appraised. When this happens liquida- tion begins and the depression arrives.’ —WESLEY MITCHELL, Business Cycles. Foreign loans are, with few exceptions, an unmitigated curse. Usually they arrive in Victoria in the very class of commodities that excite to waste and extravagance, aegativing the likelihood of profitable investment.’—JInsurance and Banking Record, 20 Nov. 1893. The banking crisis was not a sudden crash, but an agony, lasting in its acute stage about sixteen weeks; and the economic sickness which preceded it extended over several years,’ —CoaHLAN, Labour and Industry in Australia. This dramatic reaction from the prosperity and inflation of the previous years orought in its train a long catalogue of frauds, embezzlements, and breaches of srust, not to speak of damage to reputations.’ —Insurance and Banking Record, 16 Apr. 1893. AND now we enter upon that period of recession and final crisis that was to shake the Australian economic organization to its foundations ; and, by the lessons burnt into the minds of bankers and business men, of traders and tradesmen, to shape the financial policy of the continent till the outbreak of the Great War.l It marksin a definite and drastic fashion the end of a phase of riotous living and unsound banking, a phase made possible by the great productiveness of British factories during the cen- bury and induced by those conditions of Australian development which seemed to offer a tempting field for the investment of surplus capital.? The social and economic effects of the disaster reacted upon every phase of Australian life and industry ; and, while the results upon welfare and development were most serious, it brought a very valuable and steadying influence to Austra- lian affairs. More especially is this true for Victoria, the colony around which the greatest fury of the financial storm raged; but, although the following pages are devoted almost wholly to the course of events in the Victorian theatre, the economic life of every Australian community was similarly affected. So outstandingly is this the classic instance of business crisis for Australia that a sketch of the final stages of the collapse cannot be omitted. * For a good summary of the causes of the crisis see Turner, p. 292. } Paper by Nathaniel Cork, Council of Inst. of Bankers, 1893.

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