§5. ECONOMIC CRISES DURING THE EARLY PERIOD OF CAPITALISM.

Any account of the historical course of cycles and crises is always made very difficult by the fact that even for the nineteenth century, and still more for the earlier period, we are dependent upon very scrappy and inaccurate data, which are for the most part based more upon impressions than upon economic statistics.

§ 9. INTRODUCTORY.

In the preceding chapters an attempt has been made to acquaint the reader with the general phenomenon of crises and cycles, both from a morphological and from an historical approach. Our next and infinitely more difficult task must be to find out the cause or—what even prima facie seems more probable—the causes, of the said phenomenon.

§ 18. THE EFFECTS OF CRISES AND CYCLES.

Under trade-cycle policy we understand the totality of all measures by means of which it is sought to remove, or at least to mitigate, crises and cycles. There are here two questions involved. The first is, should we combat crises and cycles? and the second, can we combat them? It is evident that the first question must be answered before the second, and the answer to this question depends on how we judge the effects exerted by crises and cycles in the economic, social, and financial sphere.

Abel, W., 22

Adams, A. B., 37, 148

Adams, B., 39

Aftalion, A., 25, 32, 37, 75, 78, 98, 103, 104

Akerman, 14, 15, 37, 113

Altschul, E., 22

Andrew, A., 36

Bacchi, R., 15, 148

Balogh, Th., 198

Barth, P., 39

Bean, L. H., 22

Bellerby, J. R., 148, 149

Bergmann, E. v., 62

Berle, 106

Agriculture, crisis of, 6, 21-22, 197, 216-217

Anticipatory cycles, 14-15

Armaments, 128, 206

Automobile, 27, 52, 104

Australia, 204

Austria, 44, 145, 163, 191

Balance of payments (trade), 27, 58-60, 165-166, 190, 208

Bank money, 17, 36-37, 57-58, 113-116, 122, 152-155

Budget deficit, 129, 141-144, 155-159, 199-201

Budget policy, 155-159, 173, 174

AGAINST
THE TIDE

wilhelm röpke

translated by Elizabeth Henderson

HENRY
REGNERY
COMPANY
CHICAGO

Translation © 1969 by Elizabeth Henderson. All rights reserved.
Manufactured in the United States of America
Library of Congress Catalog Card Number: 77-88854