FOOTNOTES:
[231] E. M. Patterson, The Theories Advanced in Explanation of Economic Crises. Annals of American Academy of Political and Social Science, Vol. 59, May, 1915, pp. 133-6.
[232] Address by Edwin R. A. Seligman, The Crisis of 1907 in the Light of History, in The Currency Problem and the Present Financial Situation, A Series of Addresses Delivered at Columbia University, 1907-1908, ix-xxv. The Columbia University Press, 1908.
[233] Wesley Clair Mitchell, Business Cycles, pp. 5-19. The University of California Press. Berkeley, 1913.
[234] The not infrequent statement that prosperity sometimes merges into depression without the intervention of a crisis means simply that the writers understand by crisis a violent disturbance of business conditions. It is in closer accord with every-day usage to call such occurrences "panics," and to apply the term "crisis" to the transition from prosperity to depression even when accomplished quietly. On closer inspection, a business cycle is often found to be complicated by minor changes, such as the interruption of depression by a premature resumption of activity, the occurrence of a pause or even a slight crisis in the midst of prosperity, and the like. But for the present it is wise to confine attention to the broadest features of the cycle.
[235] Compare W. Sombart, Versuch, einer Systematik der Wirtschaftskrisen, Archiv für Sozialwissenschaft, 1904, pp. 1-21.
[236] The first type of theories mentioned in the preceding section.
[237] W. H. Beveridge, Unemployment, ed. 3 (London, 1912), chapter iv.
[238] R.E. May, Das Grundgesetz der Wirtschaftskrisen (Berlin, 1902).
[239] I have followed Mr. Hobson's latest exposition, The Industrial System (London, 1909), chapters iii and xviii.