The Little Less: An Essay in the Political Economy of Restrictionism

After the First World War, and partly because of it, nineteenth century capitalism began to be denounced by the critics both of the Left and of the Right- as an unintelligent system for producing too much of everything and for providing for the labour and capital engaged in the process a poor and unsatisfying level of rewards. Some adjustment was clearly called for. By tacit agreement between Left and Right, the various ingenious devices of economic restrictionism were introduced so as to i...