Excerpt from The Credit System
This book explains what credit is, what it does, and how it works. It is hardly to be expected that all those who welcome its scope should accord an immediate adherence to the methods by which it proposes to attain its ends. Men weary of old explanations, but they are suspicious of new ones. What kind of analysis satisfies scientific, scholarly, and orthodox fastidiousness? Evolutionary explanation has revolutionized the latter-day universe, and yet it makes slow progress in political economy, the very domain from which it sprung. In wages-theory, it accounts for the groups of workers; and in value-theory, it appears in a mathematical phase to explain how the forces in play come to an agreement. The department of credit has not, hitherto, made its acquaintance. The friendship would naturally begin with a pervasive use of biological analogy, which is believed to be of the essence of explanation.
Analogy consists in a forceful picturing which carries conviction that the process in hand forms part and parcel of the real world that we know. Thus the field of reality is extended and education is advanced. The application is not confined to mere illustration, nor, on the other hand, is analogy carried to an extreme. One or two biological notions only have been selected. The simple promise to pay money is regarded as the characteristic, ultimate fact of credit, out of which all credit phenomena are constructed, cellwise; the circumstances under which such promises are made are looked upon as environmental.
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