Day: December 25, 2015

2015-Dec-24

http://www.lewrockwell.com/2014/12/gary-north/dining-with-scrooge/

Dining With Scrooge
By Gary North
December 25, 2014

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Specialization of production in 1843 was slowly extending its reign through voluntary exchange, releasing mankind from the tyranny of the weather. Excepting only the famine of the 1840s in Ireland, which began while Dickens was writing his story, the West would not again experience a famine. That long-dreaded horse of the apocalypse was put out to pasture.

The driving force of this revolution was specialization — specialization funded by capital, itself the product of thrift, by double-entry bookkeeping, and by attention to detail. In short, it was men like Ebenezer Scrooge who were the architects of capitalism.

In a heartless environment marked by scarcity, there must be careful attention to details, to ledgers, to costs of production. There must be alertness to profit opportunities, which are found where consumers demand to be served — demand through competitive bidding, one against the other. In short, there must be attention to business.

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Another reason why Scrooge should be an positive icon and someone to be admired!

Argh!

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