362 THE GENERAL THEORY OF EMPLOYMENT bk. vi

and a more real Treasure than the Gold of Brazil or theSilver of Potosi.

No wonder that such wicked sentiments called downthe opprobrium of two centuries of moralists andeconomists who felt much more virtuous in possessionof their austere doctrine that no sound remedy was dis-coverable except in the utmost of thrift and economyboth by the individual and by the state. Petty’s“entertainments, magnificent shews, triumphal arches,etc.*’ gave place to the penny-wisdom of Gladstonianfinance and to a state system which “could not afford”hospitals, open spaces, noble buildings, even the pre-servation of its ancient monuments, far less thesplendours of music and the drama, all of which wereconsigned to the private charity or magnanimity ofimprovident individuals.

The doctrine did not reappear in respectable circleslor another century, until in the later phase of Mai thusthe notion of the insufficiency of effective demand takesa definite place as a scientific explanation of unemploy-ments Since I have already dealt with this somewhatfolly in my essay on Malthus , 1 it will be sufficient if Irepeat here one or two characteristic passages which Ihave already quoted in my essay:

We see in almost every part of the world vast powers ofproduction which are not put into action, and I eseplain thisphenomenon fey saying that from the want of a proper <dfe~ttifeutfe® of the actual produce adequate motives are wotfittwfehed to continued production— , I distinctly maintainthat an attempt to accumulate very rapidly, which STCsessarilyfinpltejs a eotddetaMe diminution of unproductive con-fey greatly impairing the usual motives to productionpromatniely cheek the progress of wealth.. , , , But ifiit fee troe that an attempt to aeeumufeite very taptdly willeesssfea such a division between feafeow and profits as ahnestto.destroy feoth the motive and the power of future aostam®-tetfen and eopstquently the power of waintaifflutg; and