Page:The Economics of Unemployment.djvu/31

when they come to pay for the goods we could supply.

These diseases aggravate and complicate the present problem of depression, and for many divert it from its normal character into a special case of the collapse of credit. This process is facilitated by the undeniable fact that in every cyclical depression the collapse of credit plays an important part.

But if we are to understand that part of our present trouble which consists of cyclical depression, we must treat these special post-war factors as supplementary to the main process. Indeed, I propose later on to show grounds for treating the whole psychological-financial play of credit as a secondary and dependent process.