Business Cycles and the Depression of 1920-1 (Classic Reprint)

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Excerpt from Business Cycles and the Depression of 1920-1Another business cycle has about run its course. If one may hazard a guess based on previous experience and on a few current indices, we are somewhere near the middle of the busi ness depression which is liquidating the artificial boom of the war and the post-armistice period. As this is being written, in July, the between seasons month, normal midsummer dullness has aggravated the cyclical depression and the general tone of the business world has been not inaptly characterized as one of enthusiastic pessimism. Bad news is doubtless still in store for some trades, probably for business as a whole it may be next March before the worst is reached, and perhaps after that, recovery may be very gradual and halting. Yet funda mentally there is reason for confidence and courage. Indeed now almost for the first time, those who face facts squarely find solid ground for optimism. The gradual but substantial measure of liquidation already achieved, the increasing realiza tion of the necessity of a restored economic equilibrium 'on the part of groups like the building trades which had long resisted the inevitable, the settlement of some major strikes and the avoidance of others, the improved transportation situation, the easing of money rates, the back-to - work move ment in most European countries, and the improved political situation lead one to believe that we are already near the bottom and that the rest of the descent need not be so danger ously rapid as to result in a crash.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.