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Such economists will naturally be disappointed with this book I venture to believe that all others will find nothing in it to offend their favourite theories, but perhaps something of helpful suggestion which they may utilise hereafter. What, then, is Darkest England?
A powerful press syndicate brings out a series of well-advertised articles declaring that the privileges of the Bank of England and the law as to the gold reserve are 'strangling British Industry. The contents bills of two hundred newspapers denounce every day the 'monopolists' and the 'gold-bugs, the 'lies and shams' of the Bank Returns, and the 'paid perjurers of Somerset House. The group of financiers who control the syndicate stand to win enormous sums by the creation of a more 'elastic' currency, and subscribe largely to a Free Money League, which includes a few sincere paper-money theorists who have been soured by the contempt of the professional economists.
All the economists, since Adam Smith, have pointed out the ADVANTAGES and the INCONVENIENCES of the law of division, but at the same time insisting much more strenuously upon the first than the second, because such a course was more in harmony with their optimistic views, and not one of them ever asking how a LAW can have INCONVENIENCES. This is the way in which J. B. Say summed up the question:
For unskilled, it is as certainly the tendency, which, if constantly repeated and so intensified, would end as law. Many standard economists regard it as already fixed; and writers like Lasalle, Proudhon, Bakunin, and Marx heap every denunciation upon it. Were the fact actually established, no words could be too strong or too bitter to define this new form of slavery.
The economists claimed that it would be far better to leave the manufacturer to carry on his business in his own way. They urged the king to adopt the motto, laissez faire, "Let things alone," if he would see his realms prosper. In 1774 the old king, Louis XV, died after a long and disgraceful reign.
In a paper titled "IMF Financing and Moral Hazard", published June 2001, the authors Timothy Lane and Steven Phillips, two senior IMF economists state: "... In order to make the case for abolishing or drastically overhauling the IMF, one must show ... that the moral hazard generated by the availability of IMF financing overshadows any potentially beneficial effects in mitigating crises ... Despite many assertions in policy discussions that moral hazard is a major cause of financial crises, there has been astonishingly little effort to provide empirical support for this belief."
Others begin to feel that, whatever economists may say about wealth being the reward of capacity, their own reward is exaggerated.
They were suggested, in the first instance, to philosophers, by the absurd restrictions on the commerce of grain which existed in France under the old monarchy, and which Turgot and the Economists laboured so assiduously to abolish.
Study hard; divert yourself heartily; distinguish carefully between the pleasures of a man of fashion, and the vices of a scoundrel; pursue the former, and abhor the latter, like a man of sense. LONDON, February 5, O. S. 1750 MY DEAR FRIEND: Very few people are good economists of their fortune, and still fewer of their time; and yet of the two, the latter is the most precious.
According to the accepted theory among political economists, where the soil produces with slight labour an abundant nutriment for man, there we ought to find a teeming population, unless other counteracting causes are to be found. The history of the country, as far as we can get at it, indicates a movement in the opposite direction.
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