tailieunhanh - Social Credit By Clifford Hugh Douglas

Our identiÖcation relies on the standard assumption in the tax evasion literature that re- ported income is equal to true income for wage earners. 6 We thus estimate the sensitivity of credit o§ered to income o§ the wage earners. Since one needs a certain amount of cash mechan- ically to service debt, the true income-to-credit relationship should be the same for individuals only di§ering as to self-employment or not. (Self-employment itself may imply di§erent risk and income processes, an issue we take up by using Öxed e§ects for self-employment crossed with occupation and with soft information variables.) Since we know that the structure of the bankís adaptation model. | Social Credit By Clifford Hugh Douglas M. Inst. Mech. E. Author of Credit Power and Democracy Economic Democracy etc. First edition 1924 Third revised and enlarged edition May 1933 Reprinted July 1933 April 1934 1935 1937 Major Douglas s proposals have for some months occupied an important place among the various plans put forward to counter the economic crisis through which the country is passing. It is indeed possible that before many months have passed we may see them proposed. It would surely be a good thing therefore in a country that prides itself upon being a democracy that such ideas as these should be canvassed publicly and some definite opinion formed on them. - THE TIMES. Made and Printed in England for Eyre Spottiswoode Publishers Ltd. London PREFACE TO REVISED EDITION THE first edition of this book was issued in 1924 in order to correlate the financial theories which have since become widely known under the same title with the social industrial and philosophic ideals to which they are appropriate. At the time that it first appeared in 1924 it was generally assumed that the world was entering upon a period of increasing prosperity and such prosperity in a material sense did accrue in the United States to an extent never previously experienced. It will be noticed that the view that this prosperity could be of long duration was not held to be consistent with the theories of Social Credit so long as the conditions imposed by the existing financial system remained unchanged and it was suggested that such prosperity would be followed by a crisis of the first magnitude. The same views were expressed in a long cross-examination before the select Committee of the v Canadian House of Commons on Banking and Industry in 1923 and have unfortunately proved to be only too well founded. The pressure of the world crisis and the fear that it may develop into forms threatening the extinction of civilisation have brought home to large numbers of people in every country .

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