Publisher's Synopsis
Excerpt from Commercial Crises of the Nineteenth Century
The causes and effects of industrial crises must be reckoned among the most important subjects for consideration in the concluding years of the nine teenth century. From time to time all civilised countries are now exposed to a com lete upset of their industrial, commerci a1, an financial machinery, at the very moment when the great majority even of those who are directly engaged in business imagine that trade is at its best and that no danger threatens them. Suddenly, in the midst of the greatest apparent prosperity, when the promoters and contractors have their hands full of work; when merchants and traders are congratulating themselves on the extent of their turnover; when m anufacturers, mine-owners and shipping companies are dividing most satis factory profits; and when the workers are being paid a somewhat better rate of wages - at that juncture a change for the worse begins. Prices, which have risen all along the line of commodities that enter into our social life, fall with great rapidity, uneasiness and distrust spread through out the business community, there is a rush to obtain money either by sales of securities and goods, or by obtaining advances from the banks.
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