this question can be in danger of turning into pure scholasticism, since in any case the costs of training add to the investment costs of a firm. At the same time, insofar as training is generalised across the system as a whole, it increases average labour productivity and so serves to reduce the value in terms of socially necessary labour of each unit of output-and in doing so reduces the gains accruing to the individual capitalist from undertaking the training.
36 The "free rider" problem: see, for instance, Mary O'Mahony, "Employment, Education and Human Capital", in R Floud and P Johnson, The Cambridge Economic History of Modern Britain, Volume Three (Cambridge University Press, 2004).
37 Assuming the labour they train is going to end up as productive labour.
38 See Richard Johnson, "Notes on the Schooling of the English Working Class 1780-1850", in Roger Dale and others (eds), Schooling and Capitalism (London, Routledge & Kegan Paul, 1976), pp44-54. See also Steven Shapin and Barry Barnes, "Science, Education and Control", in the same volume, pp55-66.
39 For a full account of developments in the major industrial countries of the time, see Chris McGuffie, Working in Metal (London, Merlin, 1985).
Chapter Six: The Great Slump
1 Charles Kindleberger, The World in Depression 1 929-39 (London, Allen Lane, 1973), pl 17. See also Albrecht Ritschl and Ulrich Woitek, "What Did Cause the Great Depression?", Institute for Empirical Research in Economics, University of Zurich Working Paper 50, 2000, p13.
2 See the estimates for GNP in Angus Maddison, "Historical Statistics for the World Economy: 1-2003 AD", available at: http://w.ggdc.net/maddison/ Historical\_Statistics/horizontal-file\_03-2007.xls
3 For a much more detailed account of the spread of the crisis, with sources, see my Explaining the Crisis, pp55-62.
4 See figures given in Fritz Sternberg, The Coming Crisis (London, Victor Gollancz, 1947), p23; Lewis Corey, The Decline of American Capitalism (London, Bodley Head, 1935), p27. Available at http://w.marxists.org/archive/corey/1934/decline/ch05.html
5 Quoted in R Skidelsky, John Maynard Keynes, Volume 2 (London, Macmillan, 1994), p341.
6 Quoted in W Smaldone, Rudolf Hilferding, p105.
7 See, for instance, Randall E Parker, Economics of the Great Depression, p14.
8 See the summary of the Austrian view by Randall E Parker, Economics of the Great Depression, pp 9-10. See also F A Hayek, Pure Theory of Capital (London, Routledge and Keegan Paul, 1941), p408, and Profit, Interest and Investment (London, Routledge, 1939) pp33, 47-49, and 173. For a very good contemporary exposition of Hayek's position see John Strachey, The Nature of Capitalist Crisis (London, Victor Gollancz, 1935), pp56-82.
9 Figures given by Corey in The Decline of American Capitalism. Robert Brenner and Mark Glick, "The Regulation Approach: Theory and History", New Left Review, 1:188 (1991), argue that wages rose sharply in the years before the Crash, but the graph they provide from S Lebergott, Manpower in Economic Growth (New York, McGraw-Hill, 1964) only suggests a rise of about the same level as Corey's figures.
10 Michael A Bernstein, The Great Depression (Cambridge University Press, 1987), p187. He adds that for the population as a whole it rose 13 percent, and for the top 1 percent of the non-farm population the figure was 63 percent.
1 1 Robert J Gordon, "The 1920s and the 1990s in Mutual Reflection", paper
Notes
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