Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion.
James Buchan's quote highlights the moral undertones of recession in the pre-Depression era. He suggests that recession was seen as a necessary evil to purge the economy of excess and greed. This moral character of recession was thought to promote a more balanced and just society.
Buchan's quote emphasizes the idea that recession was not just an economic phenomenon, but also a moral one. It implies that the economy was seen as a reflection of societal values and that recession was a way to correct the excesses of the previous boom.
The quote is set in the pre-Depression era, a time when the economy was experiencing rapid growth and expansion. The idea of recession as a moral corrective was a common theme during this period.
James Buchan is a British author and historian. He is known for his insightful and engaging writings on economic and financial history.
While Buchan's quote is more philosophical than practical, it highlights the importance of considering the moral implications of economic decisions. It encourages individuals to think about the values and principles that underlie their economic actions.