Excerpt from Commercial Crises
In a series of essays I have attempted to explain various interesting aspects of economic problems which are apt to be ignored. All of them involved nearly identical considerations, and as each was intended to be complete in itself, repetition was inevitable. In former essays I discussed the meaning of Business, the Meaning of Property, and Inflation and Prosperity.
This essay is an attempt to show why crises are inevitable wherever business is conducted with borrowed money.
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