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A most powerful piece of well organized analysis with high aesthetic qualities, though written more perhaps than you see yourself for the cognoscenti in the temple and not for those at the gate. Anyhow I prefer it for intellectual enjoyment to any recent attempts in this vein.
If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy. Variant reported in Time magazine, Monday, Feb. But if you owe a million, it has. As quoted in The Economist 13 Februaryp.
The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems — the problems of life and of human relations, of creation and behaviour and religion. First Annual Report of the Arts Council They offer me neither food nor drink — intellectual nor spiritual consolation On the Conservative Party; Skidelsky But when he forever sentimentalises about his own stupiditythe charm is broken.
It is an extraordinary example of how, starting with a mistake, a remorseless logician can end up in bedlam. Men will not always die quietly. The power to become habituated to his surroundings is a marked characteristic of mankind.
Chapter II, Section I, pp. Chapter II, Section I, p. Their preoccupations, good and bad alike, related to frontiers and nationalities, to the balance of power, to imperial aggrandizements, to the future enfeeblement of a strong and dangerous enemy, to revenge, and to the shifting by the victors of their unbearable financial burdens on to the shoulders of the defeated.
Chapter IV, Section I, p.
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By a continuing process of inflationgovernments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.
Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right.
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.
Chapter VII, Section 1, p. Thus a change in the monetary unit, which is uniform in its operation and affects all transactions equally, has no consequences. If, by a change in the established standard of value, a man received and owned twice as much money as he did before in payment for all rights and for all efforts, and if he also paid out twice as much money for all acquisitions and for all satisfactions, he would be wholly unaffected.
During the lengthy process of production the business world is incurring outgoings in terms of money-paying out in money for wages and other expenses of production-in the expectation of recouping this outlay by disposing of the product for money at a later date. That is to say, the business world as a whole must always be in a position where it stands to gain by a rise of price and to lose by a fall of price. Whether it likes it or not, the technique of production under a regime of money-contract forces the business world always to carry a big speculative position; and if it is reluctant to carry this position, the productive process must be slackened.
The best way to cure this mortal disease of individualism must be to provide that there shall never exist any confident expectation either that prices generally are going to fall or that they are going to rise; and also that there shall be no serious risk that a movement, if it does occur, will be a big one. If, unexpectedly and accidentally, a moderate movement were to occur, wealth, though it might be redistributed, would not be diminished thereby.
Inflation is unjust and Deflation is inexpedient. Of the two perhaps Deflation is, if we rule out exaggerated inflations such as that of Germany, the worse; because it is worse, in an impoverished world, to provoke unemployment than to disappoint the rentier. But it is not necessary that we should weigh one evil against the other. It is easier to agree that both are evils to be shunned. The Great Slump of [ edit ] appeared in the Nation and Athenaeum This is a nightmare, which will pass away with the morning.
For the resources of nature and men's devices are just as fertile and productive as they were. The rate of our progress towards solving the material problems of life is not less rapid.
We are as capable as before of affording for everyone a high standard of life … and will soon learn to afford a standard higher still. We were not previously deceived. But to-day we have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand. The result is that our possibilities of wealth may run to waste for a time — perhaps for a long time. Churchill [ edit ] This state of affairs is not an inevitable consequence of a decreased capacity to produce wealth.
I see no reason why, with good management, real wages need be reduced on the average. It is the consequence of a misguided monetary policy. By what modus operandi does credit restriction attain this result? In no other way than by the deliberate intensification of unemployment. Why should coal miners suffer a lower standard of life than other classes of labour? They may be lazy, good-for-nothing fellows who do not work so hard or so long as they should.
John Maynard Keynes
But is there any evidence that they are more lazy or more good-for-nothing than other people? On grounds of social justice, no case can be made out for reducing.
They are the victims of the economic Juggernaut. They and others to follow are the "moderate sacrifice" still necessary to ensure the stability of the gold standard. The plight of the coal miners is the first, but not—unless we are very lucky—the last, of the Economic Consequences of Mr.
The End of Gold Standard [ edit ] Are the solutions offered us always to be too late? Shall we in Great Britain invite three-quarters of the world, including the whole of our Empire, to join with us in evolving a new currency system which shall be stable in terms of commodities? Or would the gold standard countries be interested to learn the terms, which must needs be strict, on which we should be prepared to re-enter the system of a drastically reformed gold standard?
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A Short View of Russia [ edit ] Originally three essays for the Nation and Athenaeum, later published separately as A Short View of Russiathen edited down for publication in Essays in Persuasion Leninism is a combination of two things which Europeans have kept for some centuries in different compartments of the soul — religion and business.
We are shocked because the religion is new, and contemptuous because the business, being subordinated to the religion instead of the other way round, is highly inefficient. Comfort and habits let us be ready to forgo, but I am not ready for a creed which does not care how much it destroys the liberty and security of daily life, which uses deliberately the weapons of persecution, destruction and international strife. How can I admire a policy which finds a characteristic expression in spending millions to suborn spies in every family and group at home, and to stir up trouble abroad?
How can I accept a doctrine which sets up as its bible, above and beyond criticism, an obsolete economic textbook which I know to be not only scientifically erroneous but without interest or application for the modern world?
How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeois and the intelligentsia who, with whatever faults, are the quality in life and surely carry the seeds of all human advancement?
Am I a Liberal? The End of Laissez-faire [ edit ] A study of the history of opinion is a necessary preliminary to the emancipation of the mind. I do not know which makes a man more conservative — to know nothing but the presentor nothing but the past.
Even the idea is not present in a dogmatic form in any of these authors. Adam Smith, of course, was a Free Trader and an opponent of many eighteenth-century restrictions on trade. But his attitude towards the Navigation Acts and the usury laws shows that he was not dogmatic.
Even his famous passage about 'the invisible hand' reflects the philosophy which we associate with Paley rather than the economic dogma of laissez-faire. Economic Possibilities for our Grandchildren [ edit ] appeared in the Nation and Athenaeum When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.
We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exalted some of the most distasteful of human qualities into the position of the highest virtues. We shall be able to afford to dare to assess the money-motive at its true value. The love of money as a possession — as distinguished from the love of money as a means to the enjoyments and realities of life — will be recognised for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease … But beware!
The time for all this is not yet. Its corners the three countries and its sides the three bilateral relationships are unequal, while its overall nature the capacity of the three to work together has varied considerably as the economic and strategic positions of the three have changed and post—Cold War tensions and uncertainties have emerged. The authors analyze the social, cultural, and political meaning attached to the cult of Confucius; its history; the legends, images, and rituals associated with it; the power of the descendants of Confucius; the main temple in the birthplace of Confucius; and the contemporary fate of temples to Confucius.
Telecommunications and Japanese Expansion in Asia, Yang, Daqing In the extension of the Japanese empire in the s and s, technology, geo-strategy, and institutions were closely intertwined in empire building.
The central argument of this study of the development of a communications network linking the far-flung parts of the Japanese imperium is that modern telecommunications not only served to connect these territories but, more important, made it possible for the Japanese to envision an integrated empire in Asia. Even as the imperial communications network served to foster integration and strengthened Japanese leadership and control, its creation and operation exacerbated long-standing tensions and created new conflicts within the government, the military, and society in general.
To the contrary, other factors—social, economic, political—have stimulated religion. How and why this has happened are central issues in this book. But the emergence in the 17th century of a style modeled on the rough, broken epigraphs of ancient artifacts led to the formation of the stele school. Eminent calligrapher and art theorist Fu Shan — was a dominant force in this school. Foxes and Late Imperial Chinese Narrative Huntington, Rania Ming and Qing China were well populated with foxes, shape changers who transgressed the boundaries of species, gender, and the metaphysical realm.
Huntington investigates the fox as alien and attempts to establish the boundaries of the human. Consumer Culture and the Creation of the Nation Gerth, Karl In the early 20th century, China began to import and then to manufacture thousands of consumer goods.
Politicians feared trade deficits. Intellectuals feared loss of national sovereignty. And manufacturers wondered how they could survive a flood of cheap imports. However, there have also been some none-headline changes that have improved parallel planning and thus spatial queries. PostgreSQL 11 has slightly improved parallel spatial query: Under default PostGIS costings, parallel plans do not kick in as soon as they should.
Parallel aggregates parallelize readily under default settings. Parallel spatial joins require higher costings on functions than they probably should, but will kick in if the costings are high enough. Setup In order to run these tests yourself, you will need: I used a 4-core desktop for my tests, so I could expect 4x improvements at best. The setup instructions show where to download the Canadian polling division data used for the testing: Setting this value to 0 disables parallel query execution.
Before running tests, make sure you have a handle on what your parameters are set to: We get a 3-worker parallel plan and execution about 3x faster than the sequential plan.