Free Trade in Capital Or Free Competition in the Supply of Capital to Labour
Free Trade in Capital Or Free Competition in the Supply of Capital to Labour
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From this then it is reasonable to conclude that the object of banking is to facilitate the production of wealth by the supply of indirect credit as a medium of exchange. From experience we know, that as circumstances have compelled or induced communities to have recourse to indirect credit as a medium of exchange, so their prosperity has advanced, and that they have attained to a volume of business, or — to use an economic term — an extension of the division of labour, which would be perfectly... impossible without that medium of exchanere, or with coin alone.
It follows from this that for a certain amount of DIVOECE OF CAPITAL AND LABOUR 121 prosperity a certain amount of banking accommo- dation is indispensable. From both experience and theories we know that such individuals or classes as have enjoyed the advantage of indirect credit as a medium of exchange have been much benefited, and that such individuals and classes as are de- prived of it, and whose exchanges and co-operation are limited to what can be accomplished with that small part of the universally coveted coin which they, through much sacrifice, can secure, have suffered enormously ; and from this we may infer that when the benefit of banking is extended to the masses of the nation, their poverty may be changed into prosperity.
What to read after Free Trade in Capital Or Free Competition in the Supply of Capital to Labour?
You can find similar books in the "Read Also" column, or choose other free books by A Egmont Alfred Egmont Hake to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
From this then it is reasonable to conclude that the object of banking is to facilitate the production of wealth by the supply of indirect credit as a medium of exchange. From experience we know, that as circumstances have compelled or induced communities to have recourse to indirect credit as a medium of exchange, so their prosperity has advanced, and that they have attained to a volume of business, or — to use an economic term — an extension of the division of labour, which would be perfectly... impossible without that medium of exchanere, or with coin alone.
It follows from this that for a certain amount of DIVOECE OF CAPITAL AND LABOUR 121 prosperity a certain amount of banking accommo- dation is indispensable. From both experience and theories we know that such individuals or classes as have enjoyed the advantage of indirect credit as a medium of exchange have been much benefited, and that such individuals and classes as are de- prived of it, and whose exchanges and co-operation are limited to what can be accomplished with that small part of the universally coveted coin which they, through much sacrifice, can secure, have suffered enormously ; and from this we may infer that when the benefit of banking is extended to the masses of the nation, their poverty may be changed into prosperity.
What to read after Free Trade in Capital Or Free Competition in the Supply of Capital to Labour?
You can find similar books in the "Read Also" column, or choose other free books by A Egmont Alfred Egmont Hake to read onlineMoreLess
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