![]() ![]() “Big business” had strutted onto the stage of history. (Earlier, economic crises had typically been caused by underproduction, a situation in which demand exceeded supply.) In most industrially developed countries, namely in Western and Central Europe, but also in the United States, countless small producers fell by the wayside as a consequence of this newfangled economic “depression.” A relatively restricted number of gigantic firms, essentially corporations rather than family-owned enterprises, associations of firms known as “cartels” and, of course, big banks, henceforth dominated the economic landscape. Supply thus overtook demand and that produced the very first crisis of overproduction as early as 1873. The nineteenth century was the century of the Industrial Revolution, and in each industrializing country, economic productivity increased rapidly. Pauwels, published by James Lorimer, Toronto, 2016) (An excerpt from The Great Class War 1914-1918, by Jacques R. Share on WhatsApp Share on Facebook Share on Twitter Share on Telegram Share on Reddit Share on Email ![]()
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