Quote by James Buchan

Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion.

Up until the Depression, recession had a moral character: it

Summary

This quote suggests that prior to the Great Depression, economic recessions were seen as having a moral purpose. They were believed to cleanse the economy from greed and excessive behavior that often accompanies periods of economic growth. In other words, recessions were viewed as necessary and beneficial for restoring balance and maintaining ethical standards within the business world. However, the quote does not address how this perception may have changed after the Depression.

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By James Buchan

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