From the TUC

Keynes on speculators

08 Sep 2009, by in Economics

A great quote taken from the UNCTAD report

“Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. The measure of success attained by Wall Street, regarded as an institution of which the proper social purpose is to direct new investment into the most profitable channels in terms of future yield, cannot be claimed as one of the outstanding triumphs of laissez-faire capitalism – which is not surprising, if I am right in thinking that the best brains of Wall Street have been in fact directed towards a different object. ” – J.M. Keynes, The General Theory of Employment, Interest and Money (1936: 159)

One Response to Keynes on speculators

  1. Shamik Das
    Sep 8th 2009, 3:09 pm

    Hi there, can I have you email address please? I’d like to send you an email about a new blog I’m working on, Left Foot Forward – and I’d also like to link to you.

    Regards,

    Shamik