ABSTRACT
The consumption of more than two generations was held back while this capital was built up. Liberals everywhere improved social conditions and foretold better times from the fruits of capital. The consumption of more than two generations was held back while this capital was built up. Liberals everywhere improved social conditions and foretold better times from the fruits of capital. In 1890 the consumption standards, productive efficiency, and capital and horse-power per head in Britain and the United States were roughly equal. The important fact is that capital matters. The ends which capital serves are legion and not mutually exclusive: war or peace, consumers’ welfare or much more capital for much later welfare, individually-decided welfare or State-decided-and-distributed welfare, apparatus and consumers’ goods for the State or for ultimate consumers. British society since 1945 has been far from dynamic in material economic terms.
