by Somary
[Front Matter and Table of Contents]: Title page, publication details from 1929, and a laudatory review by Professor Fritz Fleiner. Includes the table of contents covering 16 chapters on the transformation of the global economy after World War I. [Preface]: Somary explains that the book originated from lectures at the University of Heidelberg. He outlines four guiding principles: the dependence of economic policy on state structure, the inability of revolutions to achieve economic efficiency, the inadequacy of current parties, and the rejection of bureaucratic state monopolies for class elimination. [Chapter 1: The Transformation of Economic Parties]: Somary analyzes the shift of Liberalism and Socialism from universalist, internationalist ideologies to national interest parties. He argues that the rise of agrarian protectionism and the failure of socialist agrarian programs (especially in Russia and Eastern Europe) have stripped these movements of their universal claims. He notes that Socialism has increasingly become a national interest party for industrial workers, losing its free-trade roots. [Chapter 2: The British Empire]: A detailed examination of Britain's post-war decline from a global economic leader to a land of 'unsolved problems.' Somary discusses the shift from free competition to organizational/monopolistic tendencies, the rise of the Labour Party, and the changing relationship with Dominions like Canada and Australia. He highlights the loss of financial supremacy to New York and the tension between socialist domestic policies and the necessity of maintaining a colonial empire. [Chapter 3: The Transformation of the Union from Colonial to World Power]: Somary analyzes the United States' ascent to a global hegemon. Key themes include the end of free immigration (leading to higher wages and social stability), the rise of industrial trusts, and the shift from a debtor to a creditor nation. He explores why Socialism has not taken root in America, attributing it to rapid upward mobility and the lack of a fixed class structure. He also discusses the 'rationalization' of American industry and the dominance of the New York capital market over Europe. [Chapter 4: The Relationship between England and the United States]: This section explores the shifting power balance between Britain and the US. Somary argues that Britain is now in a defensive position, losing trade and financial influence in its own Dominions (especially Canada) to America. He suggests that the only path forward is close cooperation or eventual subordination, as Britain can no longer afford to rival the US militarily or economically. [Chapter 5: The Relationship of the European Continent to the United States]: Somary describes the European continent's dependency on American capital and raw materials. He notes that European central banks are now subordinate to the Federal Reserve's discount policies. He warns that unless Europe (specifically France and Germany) can achieve financial independence and higher returns, it risks becoming a permanent debtor with 'frozen credits' and a mere 'hotelier' for American tourists. [Chapter 6: The European Continent since the World War]: Somary laments the fragmentation of Europe into 26 small, nationalistic states. He contrasts this with the unified American market. He argues that the only way for Europe to survive economically against other continents is through a Franco-German economic union, which would serve as the core for a broader European consolidation, despite the current barriers of nationalism and protectionism. [France and Germany: The Shift in European Hegemony]: Somary analyzes the shifting power dynamics in Europe, noting that France has succeeded Germany as the leading continental power. He contrasts France's social stability, agricultural strength, and capital abundance with Germany's post-war struggles, including territorial losses, debt obligations, and extreme sensitivity to capital market fluctuations following the hyperinflation period. The section argues that Germany's technical progress is hampered by a lack of reliable long-term capital, which only France currently possesses in surplus. [Prerequisites for a Franco-German Economic Union]: This segment explores the potential for an organic economic union between France and Germany. Despite historical animosities and differing social structures, Somary argues that their economies are complementary: France has surplus capital while Germany has surplus labor. He suggests that the mobilization of German reparations could actually serve as a financial bridge, making French savers stakeholders in German solvency and eventually leading to a unified market with free movement of goods, labor, and capital. [Italy and the Rest of Europe: Contrasts in Stability]: Somary compares Italy's economic situation with Germany's, noting that Italy relies more on consumption restriction than productivity increases and benefits from the remittances of its diaspora. He then highlights the dramatic shift in financial power toward neutral states like Switzerland, the Netherlands, and Sweden. Using banking statistics from 1913 and 1928, he illustrates the decline of Vienna and the rise of Zurich as a dominant wealth manager, attributing Swiss prosperity to centuries of political stability and the avoidance of 'hereditary follies' like war. [Eastern Europe: Fragmentation and Social Conflict]: The text examines the economic decay of the successor states of the Austro-Hungarian Empire. Somary argues that extreme nationalism and the creation of small, protected markets have stifled industrial growth. He notes a peculiar psychological phenomenon where class hatred between the bourgeoisie and the proletariat intensifies as their income levels converge. The segment concludes that these fragmented states have become objects of foreign policy for stronger powers, unable to industrialize effectively without a larger economic union. [Russia: The Economic Reality of Bolshevism]: Somary provides a deep critique of the Soviet economic system, arguing that despite revolutionary rhetoric, the fundamental problem remains the same as under the Tsars: how to extract surplus from the peasantry to fund industrialization. He contends that without access to foreign long-term capital, the Soviet state is forced to squeeze its own population, leading to a 'rentier socialism' that stifles innovation. He argues that a planned economy inherently tends toward stationarity and the suppression of the 'speculative' spirit necessary for technical progress. [Russia and Europe: Divergent Mentalities]: This section contrasts the European commitment to economic and technical progress with the Russian situation. Somary argues that Europe's strength lies in its 'living intelligence' and constant drive for improvement, a trait shared by both the bourgeoisie and the working class. In contrast, he perceives a growing indifference among the Russian masses toward actual industrial advancement, creating a profound mental rift between Russia and the rest of the continent. [Monopoly Tendencies and Wage Differentiation]: Somary discusses the rise of large-scale corporate organizations and the decline of the individual entrepreneur. He notes a surprising convergence between the 'trust-magnate' and the 'Soviet commissar' in their shared preference for monopolies and planned production. He analyzes how modern industrial systems (like the assembly line) lead to the standardization of wages and the marginalization of older workers, while also creating opportunities for 'factory communities' where workers share in monopoly profits. [The State, Classes, and Economic Ideologies]: In the concluding section of this chunk, Somary examines the evolving relationship between the state and social classes. He argues that both the bourgeoisie and the proletariat have become more state-bound due to the end of international mobility. He critiques the 'democratic state' for its tendency to favor present consumption over future investment, whereas 'autocratic' systems (like Fascism or Bolshevism) can force savings but lack the corrective mechanism of economic failure (bankruptcy). He calls for the removal of class barriers through education and the elimination of inherited positions in industry to create a meritocratic 'economic intelligence' capable of competing with America. [Publisher's Catalog: Grundriss der Sozialökonomik]: A detailed publisher's advertisement and catalog for the multi-volume series 'Grundriss der Sozialökonomik'. It lists various sections covering historical foundations, natural and technical relations of economy, trade, transport, banking, and the social system of capitalism, featuring works by prominent scholars like Max Weber and Friedrich von Wieser. [Recent Publications on American Capitalism and Social Theory]: A list of recent academic publications from the publisher J.C.B. Mohr (Paul Siebeck) focusing on the sociology of American capitalism, the nature of the American spirit, and the social function of legal institutes. Includes notable works by Erich Voegelin on American metaphysics and Werner Sombart's famous inquiry into the absence of socialism in the United States. [Economic and Social Policy Publications]: A catalog of works regarding economic and social policy, covering topics such as the psychology of the Marxist worker, the rights of the propertyless classes, social theories of capitalism, and technical economic investigations into index numbers and international price formation. [Academic Journals: Archiv für Sozialwissenschaft and Zeitschrift für die gesamte Staatswissenschaft]: Subscription information and recent article highlights for two major German social science journals: 'Archiv für Sozialwissenschaft und Sozialpolitik' and 'Zeitschrift für die gesamte Staatswissenschaft'. Lists contributors such as Joseph Schumpeter, Alfred Weber, and Otto Hintze, covering topics from agricultural trends in the US to the economic ethics of Protestantism.
Title page, publication details from 1929, and a laudatory review by Professor Fritz Fleiner. Includes the table of contents covering 16 chapters on the transformation of the global economy after World War I.
Read full textSomary explains that the book originated from lectures at the University of Heidelberg. He outlines four guiding principles: the dependence of economic policy on state structure, the inability of revolutions to achieve economic efficiency, the inadequacy of current parties, and the rejection of bureaucratic state monopolies for class elimination.
Read full textSomary analyzes the shift of Liberalism and Socialism from universalist, internationalist ideologies to national interest parties. He argues that the rise of agrarian protectionism and the failure of socialist agrarian programs (especially in Russia and Eastern Europe) have stripped these movements of their universal claims. He notes that Socialism has increasingly become a national interest party for industrial workers, losing its free-trade roots.
Read full textA detailed examination of Britain's post-war decline from a global economic leader to a land of 'unsolved problems.' Somary discusses the shift from free competition to organizational/monopolistic tendencies, the rise of the Labour Party, and the changing relationship with Dominions like Canada and Australia. He highlights the loss of financial supremacy to New York and the tension between socialist domestic policies and the necessity of maintaining a colonial empire.
Read full textSomary analyzes the United States' ascent to a global hegemon. Key themes include the end of free immigration (leading to higher wages and social stability), the rise of industrial trusts, and the shift from a debtor to a creditor nation. He explores why Socialism has not taken root in America, attributing it to rapid upward mobility and the lack of a fixed class structure. He also discusses the 'rationalization' of American industry and the dominance of the New York capital market over Europe.
Read full textThis section explores the shifting power balance between Britain and the US. Somary argues that Britain is now in a defensive position, losing trade and financial influence in its own Dominions (especially Canada) to America. He suggests that the only path forward is close cooperation or eventual subordination, as Britain can no longer afford to rival the US militarily or economically.
Read full textSomary describes the European continent's dependency on American capital and raw materials. He notes that European central banks are now subordinate to the Federal Reserve's discount policies. He warns that unless Europe (specifically France and Germany) can achieve financial independence and higher returns, it risks becoming a permanent debtor with 'frozen credits' and a mere 'hotelier' for American tourists.
Read full textSomary laments the fragmentation of Europe into 26 small, nationalistic states. He contrasts this with the unified American market. He argues that the only way for Europe to survive economically against other continents is through a Franco-German economic union, which would serve as the core for a broader European consolidation, despite the current barriers of nationalism and protectionism.
Read full textSomary analyzes the shifting power dynamics in Europe, noting that France has succeeded Germany as the leading continental power. He contrasts France's social stability, agricultural strength, and capital abundance with Germany's post-war struggles, including territorial losses, debt obligations, and extreme sensitivity to capital market fluctuations following the hyperinflation period. The section argues that Germany's technical progress is hampered by a lack of reliable long-term capital, which only France currently possesses in surplus.
Read full textThis segment explores the potential for an organic economic union between France and Germany. Despite historical animosities and differing social structures, Somary argues that their economies are complementary: France has surplus capital while Germany has surplus labor. He suggests that the mobilization of German reparations could actually serve as a financial bridge, making French savers stakeholders in German solvency and eventually leading to a unified market with free movement of goods, labor, and capital.
Read full textSomary compares Italy's economic situation with Germany's, noting that Italy relies more on consumption restriction than productivity increases and benefits from the remittances of its diaspora. He then highlights the dramatic shift in financial power toward neutral states like Switzerland, the Netherlands, and Sweden. Using banking statistics from 1913 and 1928, he illustrates the decline of Vienna and the rise of Zurich as a dominant wealth manager, attributing Swiss prosperity to centuries of political stability and the avoidance of 'hereditary follies' like war.
Read full textThe text examines the economic decay of the successor states of the Austro-Hungarian Empire. Somary argues that extreme nationalism and the creation of small, protected markets have stifled industrial growth. He notes a peculiar psychological phenomenon where class hatred between the bourgeoisie and the proletariat intensifies as their income levels converge. The segment concludes that these fragmented states have become objects of foreign policy for stronger powers, unable to industrialize effectively without a larger economic union.
Read full textSomary provides a deep critique of the Soviet economic system, arguing that despite revolutionary rhetoric, the fundamental problem remains the same as under the Tsars: how to extract surplus from the peasantry to fund industrialization. He contends that without access to foreign long-term capital, the Soviet state is forced to squeeze its own population, leading to a 'rentier socialism' that stifles innovation. He argues that a planned economy inherently tends toward stationarity and the suppression of the 'speculative' spirit necessary for technical progress.
Read full textThis section contrasts the European commitment to economic and technical progress with the Russian situation. Somary argues that Europe's strength lies in its 'living intelligence' and constant drive for improvement, a trait shared by both the bourgeoisie and the working class. In contrast, he perceives a growing indifference among the Russian masses toward actual industrial advancement, creating a profound mental rift between Russia and the rest of the continent.
Read full textSomary discusses the rise of large-scale corporate organizations and the decline of the individual entrepreneur. He notes a surprising convergence between the 'trust-magnate' and the 'Soviet commissar' in their shared preference for monopolies and planned production. He analyzes how modern industrial systems (like the assembly line) lead to the standardization of wages and the marginalization of older workers, while also creating opportunities for 'factory communities' where workers share in monopoly profits.
Read full textIn the concluding section of this chunk, Somary examines the evolving relationship between the state and social classes. He argues that both the bourgeoisie and the proletariat have become more state-bound due to the end of international mobility. He critiques the 'democratic state' for its tendency to favor present consumption over future investment, whereas 'autocratic' systems (like Fascism or Bolshevism) can force savings but lack the corrective mechanism of economic failure (bankruptcy). He calls for the removal of class barriers through education and the elimination of inherited positions in industry to create a meritocratic 'economic intelligence' capable of competing with America.
Read full textA detailed publisher's advertisement and catalog for the multi-volume series 'Grundriss der Sozialökonomik'. It lists various sections covering historical foundations, natural and technical relations of economy, trade, transport, banking, and the social system of capitalism, featuring works by prominent scholars like Max Weber and Friedrich von Wieser.
Read full textA list of recent academic publications from the publisher J.C.B. Mohr (Paul Siebeck) focusing on the sociology of American capitalism, the nature of the American spirit, and the social function of legal institutes. Includes notable works by Erich Voegelin on American metaphysics and Werner Sombart's famous inquiry into the absence of socialism in the United States.
Read full textA catalog of works regarding economic and social policy, covering topics such as the psychology of the Marxist worker, the rights of the propertyless classes, social theories of capitalism, and technical economic investigations into index numbers and international price formation.
Read full textSubscription information and recent article highlights for two major German social science journals: 'Archiv für Sozialwissenschaft und Sozialpolitik' and 'Zeitschrift für die gesamte Staatswissenschaft'. Lists contributors such as Joseph Schumpeter, Alfred Weber, and Otto Hintze, covering topics from agricultural trends in the US to the economic ethics of Protestantism.
Read full text