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Updated: May 10, 2025
Imagine yourself in a ship, large among vessels, but a mere cork upon the waters of that mighty main. On every side, turn where you would, a huge mountain of irregular form was rising-dark, smooth, of unbroken surface, but seeming about to burst from over-extension.
In short, when it is brought about by an industrial crisis or when an industrial crisis is actively threatened. In this case the decline is usually preceded by a period of rapidly rising prices which brings about an over-extension of credit and puts heavy pressure upon the banking system. Maladjustments in industry manifest themselves and fear comes to govern all production.
The danger of industrial collapse in England does not spring from what is happening in Germany but from what is happening in England itself. England, like most of the other countries in the world, is suffering from the over-extension of government and the decline of individual self-help.
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