On Capitalism and Inequality by Robert U. Ayres

Author:Robert U. Ayres
Language: eng
Format: epub
ISBN: 9783030396510
Publisher: Springer International Publishing

Yankee Doodle spends it

And then he snaps his fingers at

The jolly flat who lends it

Ask him when he means to pay

He shows no hesitation

But says he’ll take the shortest way

And that’s repudiation.

The verse told part of the story. Of course, the investors who lost money were not entirely innocent. They were looking for a “fast buck” and got stung. For some banks in Mississippi and Florida there was no way out, and the banks failed, but most did eventually work out terms for repayment.

In the second “boom” period for railways (1844–46), new railway companies were formed with an aggregate capital of 180 million pounds, most of it invested after 1845 (Fig. 5).

Fig. 5Index of railway share prices in Britain 1830–1850

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