Tuesday, July 18, 2017

Offsite Post: ‘An Introduction to Southern Agrarian Economic Thought’

Our thanks to the folks at the Geopolitica web site for posting this essay of ours.  It begins,

A book thought lost for good that Prof John Crowe Ransom, a major figure in Southern literature in the 20th century, wrote in 1932 has appeared in 2017 in print:  Land!  The Case for an Agrarian Economy (Jason Peters, edr., Notre Dame, Ind.: U of Notre Dame Press, 2017).  

While perhaps not his greatest work, it is timely in that Southerners and the wider world are still being ravaged by the economic illness that is capitalism, namely, periods of great economic growth followed by periods of great economic decline - the boom and bust cycle.  

One of the great strengths of Mr Ransom’s book is that he is able to lay his finger on one of the main problems with capitalism:  

‘ . . . Evidently capital longs solely to earn income, and finds a thousand handsome ways to gratify this longing.  . . . The basic and incessant impulse of capital is reproduction.

‘The fateful thing about this impulse is a property which capital shares with guinea pigs and tame rabbits:  it breeds fast.  It knows no technique of birth control.  It breeds and breeds until, periodically, there has come definitely too much capital into existence.

‘ . . . The business cycle may well be regarded as the consequence of the proclivities of capital for rapid breeding.  In this cycle we may perhaps distinguish three general stages:  (1) Large income from capital and large fresh capitalization out of income; (2) a definite overcapitalization, overproduction, stagnation of business; (3) shrinkage of capital through bankruptcy and liquidation, and a reorganization that amounts to a decapitalization’ (pgs. 35-6).

 . . .

The rest is here for those who would like to read it:  https://www.geopolitica.ru/en/article/introduction-southern-agrarian-economic-thought


Holy Ælfred the Great, King of England, South Patron, pray for us sinners at the Souð!

Anathema to the Union!

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