Handbuch der Nationalökonomie

[Title Page and Preface]: The title page and preface of Karl Engliš's 'Handbuch der Nationalökonomie'. Engliš explains that this German edition follows his 1925 Czech work and aims to present a unified system of economic theory, policy, and finance based on a specific epistemology detailed in his previous work on the foundations of economic thought. [Table of Contents]: A comprehensive table of contents covering the six main divisions of the book: general concepts, individual economy, the mechanism of exchange society, national economy (including population theory, state organization, money, credit, and production), world economy, and economics as a science (including history of thought and philosophy of economic thinking). [First Division: Overview and General Concepts - Individual, National, and World Economy]: The opening section of the first division defines the distinctions between individual (private) economies, national economies, and the world economy. Engliš argues that while individual and national economies are governed by a unified will or plan, the world economy is currently a web of interdependence without a central governing authority. [Common Concepts: Purpose and Means]: Engliš explores the teleological structure of economic activity, distinguishing between the subjective purposes of individuals (personal happiness and satisfaction) and the objective purposes of the statesman (national health and morality). He defines the 'central purpose' or 'original purpose' as the ultimate goal in a chain of means and ends that cannot be subordinated to a higher aim. [Utility, Harm, and Needs]: The author defines utility and harm as relational properties determined by a specific purpose rather than inherent qualities of an object. He distinguishes between subjective utility (reducing individual deprivation) and objective/social utility (serving the health of the collective), while defining 'need' as the will to acquire a means for a specific end. [Means and Goods]: Engliš categorizes economic means into objects (goods) and processes (such as labor). He explains that a good's nature is defined by its usability for a specific purpose, distinguishing between direct usability (physical properties) and indirect usability (exchange value), and introduces the concept of organizational goods like brands or rights. [Value and the Critique of the Austrian School]: This section defines value as the degree of utility relative to a purpose. Engliš provides a critical assessment of the Austrian School's concept of marginal utility (Grenznutzen), arguing that while it explains the value of a loss, it fails to sufficiently explain the logic of a purchase, which he argues is based on relative utility within a price framework. [The Individual Economy: Maximum Utility and Relative Costs]: Engliš describes the individual's economic activity as seeking maximum utility within limited means. He introduces the crucial distinction between absolute utility and relative utility (utility per unit of cost/price), arguing that rational actors align their consumption where relative marginal utilities and relative marginal costs equalize. [The Mechanism of Exchange and the Origin of Money]: The text explains the transition from barter to a money economy. Money is defined as an 'indirect abstract good' that overcomes the difficulties of barter (lack of mutual need and indivisibility of goods). Engliš outlines the functions of money as a medium of exchange, payment, and value storage, and explains how prices emerge from earlier exchange relations. [Enterprises, Households, and Capital]: Engliš distinguishes between the enterprise (profit-oriented organization) and the household (consumption-oriented organization). He defines capital as goods used for acquisitive purposes within an enterprise, contrasting this with consumption goods in a household. He introduces a schematic of the economic cycle connecting production, income, and consumption. [The System of Economic Figures and the Monetary Unit]: The author analyzes the relationship between the real economic content (goods/services) and the system of economic figures (prices/income). He provides a mathematical and conceptual definition of the monetary unit as a 'miniature measure of life' (Miniaturlebensmaß), representing a fraction of the total national consumption divided by the total national income. [The Usual Explanation of Prices and Its Critique]: Engliš critiques the traditional economic explanation of prices based on supply, demand, and the law of costs. He argues that these factors cannot explain absolute price levels or price relations because they are interdependent; demand and supply are themselves influenced by price, and production costs often adapt to market prices rather than determining them. [Economic Equilibrium and the Market]: This section explores the concept of economic equilibrium, where prices serve to balance real production and consumption. It defines the market as a concentration of buyers and sellers whose mental interconnectedness leads to a uniform price for goods, while noting that artificial price shifts (like price ceilings) disrupt this stability. [Explanation of the Absolute Price Level]: Engliš explains the absolute price level as the ratio of total production to the 'economic number' (the sum of all incomes and returns). He discusses how the shift from commodity-backed money to paper money affects price stability and how changes in production or income levels (e.g., during wartime inflation) alter the general price level and welfare. [Explanation of Price and Exchange Relations]: The author rejects labor-based or cost-based theories of price relations (Ricardo, Marx) in favor of subjective utility. Through a detailed mathematical example involving three persons (A, B, C) and two goods (bread and meat), he demonstrates how marginal utility determines exchange ratios, prices, and income distribution, and how production costs only indirectly influence these relations by affecting supply. [The Exchange Society and the Perspective of Time]: This section introduces the 'National Economy' as a state-guided exchange community and incorporates the dimension of time into economic thought. It discusses the origin of interest (Zins) as compensation for capital use, referencing theories by Henry George and the Austrian School (Böhm-Bawerk), and explains how foresight regarding future needs shapes current economic behavior. [Interest, Prices, and Real Savings]: Engliš analyzes the reciprocal relationship between interest rates and price levels. He distinguishes between monetary savings and real savings (investments like factories or infrastructure), arguing that interest maintains the balance between production for current consumption and production for future progress. [The National Economy and the Social Ideal]: The author defines the national economy from the perspective of the state, which directs the economy toward a 'social ideal' of health, education, and morality. He critiques Bentham's notion of happiness as too subjective, proposing instead an objective ideal of human development, illustrated by the demographic 'population pyramid' and the balance between progress and social leveling. [Population Theory: From Antiquity to Mercantilism]: This section surveys historical population policies. It covers the quantitative focus of Greek philosophers (Plato, Aristotle) and the Romans, and the Mercantilist era's obsession with increasing population to boost industrial power and national wealth, including specific measures to encourage births and immigration while restricting emigration. [The Malthusian Doctrine and Its Critique]: Engliš provides an in-depth analysis of Malthus's theory that population grows geometrically while food supply grows arithmetically. He details the subsequent academic debate, presenting arguments from both supporters and opponents (such as Carey, Spencer, and Oppenheimer) regarding whether technological progress and rising cultural standards automatically limit fertility and prevent absolute overpopulation. [Gesellschaftliche Not und Übervölkerung]: Englis examines the debate between Malthusian theories of absolute overpopulation and socialist/sociological views that attribute social distress to the existing social order. He argues that current poverty stems not from natural limits but from economic systems that prioritize entrepreneurial interest over technical production capacity, particularly regarding unemployment and the treatment of labor as a mere tool. [Anwendung der Lehre des Malthus und Bevölkerungspolitik]: This section traces the influence of Malthus on Ricardo's wage theory and Lassalle's 'Iron Law of Wages,' noting Marx's critique of these applications. It then describes the shift from quantitative population control to qualitative population policy (Menschenökonomie) under the influence of individualism and modern social policy. [Bevölkerungsstatistik]: A technical overview of demographic statistics, including methods for measuring population density, natural changes (births/deaths), migration, and infant mortality. It details the classification of populations by gender, age, religion, and especially economic status (employment, profession, and social position). [Die Natur als Grundlage der wirtschaftlichen Tätigkeit]: Englis discusses nature as the material basis for human economic activity, influencing character, needs, and lifestyle. He outlines how physical geography, climate, and raw materials (coal, ores) determine the character of national economies, while noting that technology increasingly allows humans to overcome natural constraints. [Die Entwicklung der Volkswirtschaft]: An extensive analysis of the historical stages of economic development. Englis reviews various stage-theories, including List's production stages, Hildebrand's exchange stages, and most prominently, Karl Bücher's progression from closed household economy to town economy, national economy, and finally world economy. He contrasts 'bottom-up' organic development driven by individual interest with 'top-down' state-led organization as described by Schmoller. [Die organisatorische Tätigkeit des Staates: Begriff der Gesellschaftsordnung]: Englis defines the social and legal order as a systematic framework of norms that shapes economic life. He argues that social policy aims to reform this order toward a human ideal, but warns that absolute solutions like pure liberalism or socialism are utopian. He emphasizes that law must interact with established customs and adapt to changing technical and natural conditions. [Das Wesen der geltenden Gesellschaftsordnung]: This section analyzes the transition from restrictive guild and agrarian systems to the modern individualistic order. Englis identifies private property and freedom of contract as the 'pillars' of the current system, born from Enlightenment ideals of natural law. He critiques the assumption that free competition automatically leads to social harmony, noting that the system inherited historical inequalities. [Allgemeine Kritik der bestehenden Gesellschaftsordnung]: A critical evaluation of the individualistic system based on production and distribution. While acknowledging unprecedented technical progress, Englis argues that production is often restricted by the interests of property owners (relative overpopulation). He critiques the distribution of goods based on 'power' (derived from property) rather than 'need' or 'merit,' leading to social crises and underutilization of resources. [Individualismus — Sozialismus]: Englis contrasts the ethical foundations of individualism (egoism/self-responsibility) with socialism (justice/merit) and communism (altruism/need). He explores various socialist models (state socialism, syndicalism, agrarian communism) and argues that while collectivism is ethically higher, it fails in practice if introduced among egoistic people, as seen in the economic collapse of Soviet Russia. He posits that social order must evolve alongside the moral level of the population. [Kollektivistische Elemente in der geltenden Gesellschaftsordnung]: Englis describes how modern states incorporate collectivist elements into the individualistic order to protect the public interest. This includes labor laws, public utilities, compulsory insurance, and the 'war economy' (gebundene Wirtschaft). He argues that while these elements mitigate the excesses of individualism, certain demands like the 'right to work' are fundamentally incompatible with an individualistic system and would lead to its dissolution. [Der freie Wettbewerb: Begriff und Wirkungen]: An analysis of free competition as an economic regulator. Englis defines competition against monopoly and explains how it serves the public interest by driving efficiency and lower prices. He uses a mathematical example to show how a monopolist restricts production to maximize profit, whereas competition pushes production toward the technical maximum. He concludes by addressing the social critiques of competition, attributing them more to property distribution than the competitive process itself. [Die Ausschaltung des freien Wettbewerbes: Monopole und Kartelle]: Engliš analyzes the various ways free competition is eliminated, distinguishing between natural monopolies (unique resources), legal monopolies (state concessions and regulations), and contractual monopolies (cartels and trusts). He explains how cartels aim for maximum profit by fixing prices and production quotas, contrasting their centralized efficiency with the 'anarchy' of free production. The text argues that the trend toward syndicalization fundamentally transforms the individualistic economic system, potentially endangering public interest and necessitating state oversight or co-management to balance private profit motives with national economic welfare. [Die staatliche Organisation des Geldes: Metallgeld und Münztechnik]: This section examines money from the perspective of state organization and national economy, rather than individual utility. It details the historical transition from weighing metal to state-guaranteed coinage (minting) and explains why precious metals, particularly gold, became the standard due to their physical properties and stable exchange relations. The text introduces Gresham's Law—the principle that 'bad money drives out good'—using historical examples of debased coinage under Bohemian kings to illustrate how market actors react to currency devaluation. [Das Münzwesen in Österreich-Ungarn und der Čechoslowakei]: A detailed technical overview of the monetary systems of Austria-Hungary and the early Czechoslovak Republic. It specifies the exact weights, fineness, and alloys for various denominations including gold kronen, ducats, silver gulden, and base metal small change (heller). The section outlines the legal framework for minting on private versus state accounts, the limits on mandatory acceptance of small coins, and the transition of the Czechoslovak currency system following the 1919-1923 legislation. [Vergleich der Vorkriegsmünzeinheiten und Währungsparitäten]: This segment provides a comparative analysis of pre-war international currencies based on their gold content. It includes a comprehensive parity table for 21 states, showing the relative values between major units like the Krone, Pound Sterling, Frank, Mark, and Dollar. The text defines the subdivisions of these national currencies (e.g., pence, centimes, öre) and notes that while these parities are based on metal content, actual market prices may fluctuate due to transport and minting costs. [Die Rechtsorganisation des Metallgeldes: Währung und Kurantmünzen]: Engliš explores the legal definitions surrounding currency, distinguishing between 'Währung' (legal tender) and 'Handelsmünzen' (trade coins). He defines 'Kurantmünzen' as coins with unlimited debt-clearing power and 'Kleingeld' (token coins) as those with limited acceptance requirements. The section explains how the state establishes fixed legal ratios between different types of money (gold, silver, bronze) to create a unified monetary unit, and discusses the practical importance of identifying which metal or unit serves as the fundamental basis for the entire system's value. [Währungsmünzen mit und ohne freie Ausprägung]: Englis distinguishes between coins with and without free coinage. Coins with free coinage maintain an intrinsic value (Eigenwert) tied to the metal market, while coins without free coinage derive their value from legal norms or the primary currency unit. He uses the historical example of Austrian gold crowns to illustrate intrinsic value. [Das Kleingeld (Scheidemünze)]: This section explains the economic necessity of subsidiary coins (Scheidemünzen). Because full-value small coins would be physically impractical or prone to being melted down if metal prices fluctuate (Gresham's Law), the state issues undervalued coins. Their value is derived from the currency unit via legal tender laws and limited issuance (quotas or redemption obligations). [Beschränkungen der Scheidemünzenausgabe]: Discusses the necessary limits on the state's power to issue subsidiary coins to prevent currency debasement. Limits include restricted legal tender status and issuance quotas (absolute or per capita), citing the German law of 1908 as an example. [Unvollständige Doppelwährung und der Silbergulden]: Analyzes the 'incomplete double standard' using the Austrian silver florin (Gulden) as a case study. Although legally a full tender (Kurantmünze), the florin functioned economically like a subsidiary coin after free coinage was suspended in 1878, as its value was derived from the gold standard. [Isolierte Kurantmünzen und die abstrakte Geldeinheit]: Englis explores the transition to a nominal currency in Austria after 1878. He argues against 'metallists' by claiming that once free coinage is suspended, the currency unit becomes an abstract measure of utility determined by income and production levels rather than its metallic substrate. [Geld- und Währungseinheit: Charakterisierung der Währung]: Distinguishes between the technical/legal 'currency unit' (Währungseinheit) and the economic 'monetary unit' (Geldeinheit). A currency is defined by what determines its exchange value (gold, silver, or nominal income levels) rather than the material of the coins. [Die Organisation des Papiergeldes: Unelastizität des Metallgeldes]: Examines the limitations of metal-only currencies, specifically their 'inelasticity' in the face of seasonal fluctuations in demand (e.g., harvest cycles). Englis introduces paper money and giro systems as technical solutions to provide liquidity for currently illiquid goods and to smooth out income formation. [Die Banknoten und die Zettelbank]: Defines the role of central banks (Zettelbanken) and the different types of banknotes: gold-backed (non-elastic), 'actual' banknotes backed by commercial paper (elastic), and extraordinary notes (state loans). He emphasizes the automatic regulation of banknotes based on economic demand. [Schutz der Geldeinheit und Regulierung des Notenumlaufs]: Discusses legal and economic mechanisms to protect currency value from over-issuance of banknotes. Methods include absolute quotas (Peel Act), relative metal-to-paper ratios, redemption obligations, and the use of the discount rate (interest rate) as a regulatory tool to manage demand for credit. [Staatsnoten und Papierwährung]: Contrasts central bank notes with state notes (Staatsnoten). While banknotes respond to economic needs, state notes are issued for fiscal reasons, often leading to inflation and the decoupling of the currency from its metallic base. Englis explains the phenomena of Agio and Disagio and the eventual transition to a pure paper standard. [Begriff und Wesen der Papierwährung]: Englis defines paper currency (Papierwährung) from both legal and economic perspectives. Legally, it is defined by a forced exchange rate (Zwangskurs); economically, it exists when the value of the monetary unit is no longer determined by the intrinsic value of metal but by income formation and nominal units. [Der Tauschwert der Papierwährung und Kritik der Quantitätstheorie]: An analysis of how the exchange value of paper currency is determined, contrasting Englis's income-based theory with the creditworthiness (bonity) theory and the Quantity Theory of Money. He critiques Irving Fisher's equation, arguing that money supply affects prices indirectly through the artificial expansion of national income and purchasing power. [Metallismus und Nominalismus in der Geldtheorie]: Englis mediates the conflict between Metallism (intrinsic value) and Nominalism (abstract unit). He argues that while Nominalism correctly identifies the calculative nature of money, Metallism provides a practical anchor for stability. He notes that metal-backed systems are historically more stable but not immune to fluctuations caused by gold production or social wage struggles. [Erscheinungen und Folgen des Währungsverfalles]: This section details the socio-economic consequences of paper currency depreciation, including wealth redistribution from creditors to debtors, the disappearance of gold coins from circulation (hoarding and export), and the eventual ruin of public finances as tax revenues lose real value. [Beseitigung des Währungsverfalles und Organisation des Kredits]: A brief transition regarding currency reform followed by a deep dive into the legal and economic foundations of credit. Englis defines credit as a relationship between property spheres involving trust in the debtor's will, ability, and legal obligation to fulfill claims. [Arten und Bedeutung des Kredits]: Classification of credit types (public vs. private, real vs. personal, productive vs. consumptive) and an evaluation of credit's economic role. Englis argues credit improves capital utilization and balances markets, though it risks over-indebtedness and speculation. [Die Organisation der Kreditinstitute und Wertpapiere]: Discussion on the institutionalization of credit through banks and the legal evolution of debt instruments. Englis explains how claims became objectified into transferable securities (Wertpapiere) such as bearer and order instruments to facilitate economic exchange. [Systematik der Wertpapiere: Schuldverschreibungen und Pfandbriefe]: A detailed technical explanation of various debt instruments. It covers partial bonds, priority obligations, and specifically the mechanics of mortgage bonds (Pfandbriefe). Englis references Rodbertus regarding the protection of agricultural landowners from interest rate fluctuations through rent-based debt. [Anweisungen, Wechsel und Schecks]: Technical breakdown of payment instructions, focusing on checks and bills of exchange (Wechsel). Englis explains the roles of the drawer, drawee, and acceptor, as well as the financial mechanics of discounting (Eskomple) and the abstract nature of exchange obligations. [Aktien, Warrants und die Organisation der Erwerbstätigkeit]: Covers equity instruments (stocks/dividends) and warehouse receipts (warrants). It then transitions to the broader organization of economic activity, distinguishing between the technical unit (Betrieb/factory) and the economic unit (Unternehmung/enterprise) driven by profit motive. [Die Funktion des Unternehmers in der Tauschgesellschaft]: Englis justifies the role of the entrepreneur and profit as the steering mechanism of a market economy. He argues that entrepreneurs perform a vital organizational function for society—balancing production with consumer needs—which would otherwise require a less efficient state bureaucracy. [Die Organisation der Arbeit: Begriff und Unterschiede]: Englis discusses the conceptual evolution of productive labor, contrasting the Physiocratic focus on primary production with Adam Smith's broader definition. He categorizes labor based on social status (independent vs. wage labor), skill level, and economic function (services vs. material production). [Die technische Organisation der Arbeit: Arbeitsteilung]: This section examines the technical organization of labor, specifically the division and unification of work. Englis argues that division of labor arises from economic efficiency rather than an innate drive to trade, and details its historical development and its profound social consequences, including increased productivity but also worker alienation and class stratification. [Die rechtliche Organisation der Arbeit: Arbeitsrecht und Verträge]: Englis outlines the legal frameworks governing labor, focusing on the transition from forced labor to the system of labor freedom. He analyzes the power imbalance in individual labor contracts and explains how collective bargaining and tariff agreements (Tarifverträge) serve to protect workers and standardize conditions. [Die Organisation des Kapitals]: An analysis of capital organization from both technical and economic perspectives. Technically, capital involves tools and machines that enhance human productivity; economically, it involves private control over goods for profit. Englis addresses the critique that machines cause unemployment, attributing this instead to the private property system. [Die Unternehmungsformen: Einzel- und Gesellschaftsunternehmungen]: A comprehensive overview of business structures. Englis compares individual enterprises with various corporate forms (OHG, KG, AG, GmbH), evaluating them based on liability, management flexibility, and capital requirements. He highlights the Aktiengesellschaft (joint-stock company) as a tool for impersonal capital concentration and large-scale production. [Gewerkschaften und Genossenschaften]: This section covers specialized organizational forms: mining unions (Gewerkschaften) and cooperatives (Genossenschaften). Englis traces the history of the cooperative movement from Rochdale to Germany (Schulze-Delitzsch and Raiffeisen), categorizing them into consumer, production, and credit cooperatives as tools for self-help among the capital-weak. [Produktion: Begriff, Regelung und Tendenzen]: Englis defines production as the creation of utility through the transformation of natural forces and human labor. He explains how production is regulated by market prices and consumer needs under economic freedom, and critiques Marx's theory of universal concentration, noting that small and medium enterprises persist, especially in agriculture. [Die landwirtschaftliche Produktion: Gesetze und Eigentumsformen]: A detailed look at agricultural production, governed by the Law of the Minimum and the Law of Diminishing Returns. Englis traces the legal history of land ownership from feudal serfdom to modern private property and land reform, discussing the economic implications of inheritance laws and tenancy (Pacht). [Produktivität, Rentabilität und Intensität in der Landwirtschaft]: Englis distinguishes between productivity (output per unit of land), profitability (net financial gain), and intensity (input per unit of product). He uses a numerical example to demonstrate how the Law of Diminishing Returns limits the rational intensity of production, as farmers seek to maximize net profit rather than gross output. [Fürsorge zur Hebung der landwirtschaftlichen Produktivität]: Englis discusses state interventions aimed at increasing agricultural productivity. He argues that under economic freedom, productivity increases must align with the farmer's private interest in maximizing net profit (Reinertrag). He outlines various means for improvement, including land reform (Kommassation), education, soil improvement (Melioration), and the provision of capital and machinery. [Wirtschaftliche Unternehmungseinheiten und der Arbeitsfaktor]: This section examines the optimal size of agricultural units and the removal of obstacles like fideicommissa. It details the process of land consolidation (Kommassation) to reduce costs and the importance of agricultural education—from winter schools to universities—and research (Versuchswesen) to overcome traditionalism in farming methods. [Technische und finanzielle Mittel: Melioration, Maschinen und Kredit]: Englis analyzes technical improvements such as irrigation, drainage, and mechanization (replacing human labor with motors and electricity). He distinguishes between short-term operating credit (best served by Raiffeisenkassen) and long-term investment credit, discussing the risks of over-indebtedness and Rodbertus's theories on land value and interest. [Preise, Zölle und sonstige Förderungsmaßnahmen]: The text explores the relationship between market prices and production intensity. Englis explains how historical competition from American grain necessitated tariffs to maintain domestic productivity. He also covers state monopolies, maximum prices during currency devaluation, agricultural insurance, transport tariffs, and the role of the 'veterinary police' in preventing livestock disease. [Soziale Probleme und Organe der landwirtschaftlichen Politik]: Englis addresses the social preservation of the peasantry as a middle class, noting that unlike industry, large-scale farming does not naturally displace small farms due to diminishing returns. He discusses the 'Ausgedinge' (retirement provision for farmers), the specific challenges of landless laborers, and the organizational structure of agricultural policy through voluntary associations and state councils like the Landeskulturrat. [Besonderheiten der Waldproduktion und des Bergbaus]: This segment covers forestry and mining. Forestry is characterized by long production cycles and public interests (climate, flood protection), requiring state oversight or ownership. Mining is defined by the extraction of finite minerals, the concept of 'Bergrente' (mining rent), and the 'Bergregal' (state mining rights). Englis emphasizes the need for systematic extraction to avoid 'Raubbau' (predatory exploitation) and mentions early social security for miners (Bruderladen). [Die industrielle Produktion: Begriff und Standortfaktoren]: Englis defines industry as the mechanical or chemical processing of raw materials and distinguishes it from the broader term 'Gewerbe'. He analyzes industrial location factors (raw materials, power, labor, transport) and the fundamental difference between industry and agriculture: in industry, increasing the scale of production generally lowers the relative cost per unit, leading to concentration in large factories. [Entwicklung der industriellen Organisation: Vom Handwerk zur Fabrik]: The historical evolution of industrial production is traced from household production and 'Stöhr' to independent crafts, the putting-out system (Verlagssystem), manufactories, and finally modern factories. Englis describes the social downsides of home-based industry (Heimarbeit) and the modern trend toward higher organizational forms like cartels and trusts. [Rechtsorganisation der Industrie: Zünfte und Wirtschaftsfreiheit]: This section examines the legal history of industry, focusing on the rise and fall of guilds (Zünfte). Guilds provided social stability but hindered productivity, leading to their replacement by the system of economic freedom (Gewerbeordnung 1859). Englis then describes the late 19th-century reaction, where social concerns led to the reintroduction of certificates of competence (Befähigungsnachweis) and mandatory associations to protect the middle class. [Die gewerbliche Frage: Handwerk gegen Großkapital]: Englis analyzes the 'Handwerkerfrage'—the struggle of small-scale crafts against large-scale capital. The superiority of large industry stems from machinery, intensive division of labor, and commercial advantages in credit and purchasing. He notes how changing consumer needs and the rise of consumer cooperatives (Konsumvereine) further pressure small businesses, leading to a slow but steady concentration of production. [Gewerbepolitik und Gewerbeförderung]: The text discusses two solutions for the craft crisis: restricting competition (prohibitive measures) or strengthening small producers through 'Gewerbeförderung' (promotion of crafts). Englis argues that promotion—through education, technical aid, and credit—is more effective than returning to guild-like restrictions. He also mentions the 1925 Czechoslovak law for social insurance of the self-employed. [Hebung der industriellen Produktivität: Arbeit, Kapital und Organisation]: Englis details methods for increasing industrial productivity: 1) Labor factors, including technical education and Taylorist 'scientific management' (normalizing and typifying processes); 2) Protection of intellectual property (patents, trademarks, and design protection); 3) Capital factors, specifically credit for small businesses and the role of electrification; and 4) Organizational forms, such as the GmbH and the facilitation of corporate fusions. [Preise, Zölle und sonstige Mittel der Industriepolitik]: This section examines the historical development of industrial prices compared to agricultural ones, noting that industrial prices tend to fall faster due to concentration and technological progress. It discusses state and guild price monitoring, the use of tariffs as protection against foreign competition, and various administrative tools used to promote industrial productivity, such as transport tariff reductions and tax exemptions. [Organe der Industriepolitik: Freiwillige und Zwangsorganisationen]: Englis describes the various organizational bodies of industrial policy, distinguishing between voluntary associations (like industrial unions and cooperatives) and compulsory organizations (like modern guilds and chambers of commerce). He explains the economic function of cooperatives for small businesses to balance the power of large enterprises and details the administrative and advisory roles of chambers of commerce and state industrial councils. [Der Handel: Begriff, Einteilung und volkswirtschaftliche Bedeutung]: This segment defines trade as the mediation between producers and consumers and categorizes it by object, scope, and legal status (e.g., wholesale vs. retail, commission agents). Englis argues for the economic productivity of trade as an organizational function that bridges the gap between specialized production and consumption, while also addressing criticisms regarding price markups and the rise of consumer cooperatives. [Organisation und staatliche Regelung des Handels]: The text explores the self-organization of trade through markets, fairs, and exchanges, followed by an analysis of state intervention. It covers personal regulations (reciprocity for foreigners, certificates of competence) and substantive interventions (consumer protection, licensing). It also addresses the 'social question' in trade, noting that small traders are less threatened by large enterprises than in industry due to the necessity of local distribution. [Von den Börsen insbesondere]: A detailed examination of exchanges (Börsen) as specialized markets for fungible goods and securities. Englis details the history of exchanges from the Middle Ages to the 19th-century boom, their internal organization, the roles of brokers and commissioners, and the mechanics of various transactions including spot, futures, and speculative 'à la Baisse' or 'à la Hausse' trades. He notes the economic importance of exchanges for capital raising and price discovery. [Das Transportwesen: Bedeutung und Arten]: This section introduces the transport system as the totality of means for moving persons, goods, and information. It analyzes the economic impact of transportation on the division of labor, the growth of large-scale production, and the transition to a world economy. It specifically discusses road administration, shifting from toll systems to tax-funded maintenance, and the regulatory role of the state in road traffic. [Die Eisenbahnen: Technik, Verwaltung und Tarifwesen]: Englis discusses the revolutionary impact of railways on modern society and the economy. He argues that the technical and economic nature of railways necessitates a monopolistic and often state-run administration to ensure public interest over mere profit. A significant portion is dedicated to the theory of railway tariffs, explaining how rates are differentiated based on the value of goods and transport distance (zone systems) to maximize both traffic and economic utility. [Schiffahrt, Luftschiffahrt und Nachrichtenübermittlung]: This segment covers water and air transport, as well as electronic communication. It highlights the cost-effectiveness of shipping for bulk goods, the emerging legal framework for aviation, and the state's role in managing telegraph, telephone, and postal services as public monopolies. The history of the postal service and its evolution into a unified state enterprise for letters, packages, and payments is also detailed. [Das Geldwesen: Banken und Bankgeschäfte]: Englis provides a comprehensive overview of the banking system, starting with its historical roots in money changing and medieval giro banks. He classifies bank activities into passive transactions (deposits, bond issuance, banknotes) and active transactions (current accounts, discounting bills, Lombard loans, mortgages). The section also explains 'indifferent' services like payment mediation (giro/clearing), safekeeping, and securities management. [Die Zettelbanken (Central Banks)]: Englis discusses the function and organization of central banks (Zettelbanken) as regulators of the national economy. He argues that while they can be private entities, they must operate according to public interest principles rather than pure profit maximization. He outlines different international models of central banking, including state-owned systems (Sweden, Bulgaria), centralized private systems (Austria, France), mixed systems (Germany, England), and decentralized systems (USA). [Die Hypothekenbanken (Mortgage Banks)]: An analysis of mortgage banks and their role in providing credit through Pfandbriefe (mortgage bonds). The author traces the historical development of these institutions from the Prussian 'Landschaften' in the 18th century to the establishment of various land and soil credit institutions in Austria, Germany, and Bohemia. He also distinguishes specific types of credit such as Meliorationskredit (improvement credit) and Rentenbanken for small-scale agricultural colonization. [Spezialisierte Bankformen: Gründungs-, Makler-, Sparkassen und Genossenschaften]: This section categorizes various specialized financial institutions. It covers Gründungsbanken (investment/founding banks) and their risks; Maklerbanken (brokerage banks) for exchange transactions; Sparkassen (savings banks) and their dual need for security and liquidity; and self-help credit cooperatives like Raiffeisenkassen (Kampelicky). It also mentions historical district agricultural funds, Waisenkassen (orphan funds), and Pfandleihanstalten (pawn shops) for consumer credit among the poor. [Der Ertrag der Unternehmungen und seine Verteilung (Enterprise Yield and Distribution)]: Englis explores the concept of enterprise yield, moving from the Physiocratic view (which saw yield only in agriculture/matter) to a modern value-based definition. He defines net profit (Reinertrag) as the increase in value beyond the goods consumed in production. He emphasizes the importance of distinguishing between operational yield and capital value changes (like stock price gains) for correct accounting and balance sheet management. [Der Ertrag der nationalen Arbeit (National Product)]: A discussion on the aggregate yield of national labor, synonymous with national income. Englis warns against double-counting when summing individual yields, noting that products of one firm are often raw materials for another. He defines the national net yield as the actual increase in goods after subtracting consumed capital and raw materials, though noting that for practical purposes, this must be expressed in monetary value. [Die Verteilung des Ertrages: Theorie und Faktoren]: Englis critiques classical distribution theories that rely solely on land, capital, and labor. He argues that distribution cannot be explained without considering the legal and social order (individualism). He introduces the entrepreneur's organizational role and risk-taking as a distinct factor. He posits that the market, rather than technical productivity alone, determines the actual distribution of the yield within the enterprise. [Der Kampf zwischen Kapital und Arbeit (Capital vs. Labor)]: This section examines the conflict between capital and labor over their respective shares of the enterprise yield. Englis discusses the lower limits for both: the existence minimum for wages and the minimum interest rate for capital. He critiques the 'Iron Law of Wages' (Lassalle/Ricardo) and Henry George's view of parallel interests, arguing that while both benefit from higher absolute yield, their interests are inherently opposed regarding the relative share (quota) of that yield. [Macht und Organisation im Arbeitsvertrag (Power and Collective Bargaining)]: Englis argues that power and organization determine the actual distribution of yield within the established limits. He analyzes how labor unions and collective bargaining shift the power balance away from individual competition. He introduces the concept of the 'social wage' (the labor share of national product) and discusses the wage-price spiral, noting that nominal wage increases are often offset by price increases as other classes fight to maintain their own real income levels. [Der Anteil des Staates und Rentenerträge (State Share and Rents)]: The author discusses the state as a 'compulsory partner' in every enterprise's yield through taxes and social insurance. He then transitions to the theory of 'Rente' (economic rent), defined as yield differences above the norm caused by monopolies, superior skill, or location. He focuses on ground rent (Grundrente), explaining it through the Ricardian model of differential fertility and location-based advantages relative to the market. [Bodenrente, Baurente und Bodenreform (Land and Urban Rent)]: Englis details the mechanics of agricultural and urban house rent (Baurente). He cites Thünen's model of intensity rings around a market center. He addresses the social question of 'unearned' land value increases, discussing Henry George and the land reform movement (Damaschke). He evaluates the 'value-added tax on land' (Wertzuwachssteuer) as a means for municipalities to capture socially created value, while noting the complexities of tax shifting. [Die Wirtschaft der öffentlichen (Zwangs-) Verbände (Public Sector Economy)]: This section defines public 'compulsory associations' (Zwangsverbände) such as the state, municipalities, and professional chambers. Englis explains that these entities fulfill objective public tasks (education, infrastructure, social care) that private initiative cannot sufficiently guarantee. He distinguishes between public regulation of private industry and direct public enterprise, noting that public economic activity is guided by 'objective utility' related to the public task rather than profit. [Klassifizierung öffentlicher Wirtschaften]: Englis classifies public economies based on their relationship to profitability and public interest. He distinguishes between public enterprises (where profit is subordinate but desirable), fee-based economies (Gebührenwirtschaft, where specific services are paid for by individuals), and pure expenditure economies (where services like police or roads are provided free of charge to everyone). [Einnahmen der öffentlichen Verbände und das Steuersystem]: This section details the various sources of income for public bodies, focusing heavily on the theory of taxation. It outlines financial principles (sufficiency and elasticity), economic principles (the capacity of the population to pay without destroying productivity), and ethical principles (justice and proportionality). Englis argues that while proportionality is a common standard, progression is often necessary to protect the 'existence minimum' and ensure equality of sacrifice. [Arten der Steuern: Ertrag-, Einkommen- und indirekte Steuern]: A comprehensive breakdown of tax types. Englis categorizes taxes into those hitting sources of income (Ertragsteuern), those hitting finished income directly (Einkommensteuer), and those hitting income indirectly through consumption or capital transactions (indirekte Steuern). He discusses the technical advantages of indirect taxes despite their social imperfections, and explains various forms of collection like monopolies, stamps, and financial customs. [Steuerüberwälzung, Verteilung und der öffentliche Kredit]: This segment covers the dynamics of tax shifting (Überwälzung), the distribution of tax rights between different levels of government (state vs. municipality), and the theory of public debt. Englis defines the limits of sustainable credit, distinguishing between productive investment loans and unproductive debt, and discusses the risks of foreign loans and the necessity of debt conversion when interest rates fall. [Der Voranschlag und die Verbrauchswirtschaft]: Englis explains the formal requirements of the public budget (Voranschlag), such as specialization and the prohibition of 'viriment' (reallocating funds). He then transitions to the theory of the consumption economy (Verbrauchswirtschaft) in households. He defines income not just by its source but by its purpose—enabling sustainable consumption—and categorizes income into individualistic (contract-based) and collectivistic (norm-based) types. [Kollektivistische Einkommen und Einkommensverteilung]: Englis categorizes collective incomes (public employees, insurance, support) and discusses the distribution and regulation of income. He argues that while unequal distribution stems from property ownership rather than merit, absolute equality is not a moral ideal as it stifles incentive; instead, he advocates for state intervention through progressive taxes and social welfare to mitigate the hardships of the individualistic system. [Die Verwendung der Einkommen: Verbrauch, Kapitalisierung und Sparen]: This section examines how income is used, either for consumption or capitalization, governed by the law of relative utility. It details consumption categories, the use of household statistics to determine price indices, and the social implications of luxury versus the existence minimum. Englis also explains that saving and investment are drivers of economic progress, transforming money capital into productive real assets. [Die sozialen Probleme der heutigen Gesellschaft: Gesellschaftsklassen]: Englis analyzes the formation of social classes based on economic interests and property ownership. He identifies three primary groups: the working class (dependent on labor contracts), the middle class (small independent producers), and large capitalists. He notes that while class boundaries are not absolute and social mobility exists, the fundamental tension arises from the dependency of the propertyless on those who control the means of production. [Das Problem der Armut und das Armenwesen]: An exploration of poverty as an inherent shadow of the private property system. Englis critiques Malthus, arguing that poverty is often a result of social legal orders rather than absolute overpopulation. He justifies public poor relief as a necessary intervention for social stability and human dignity, while distinguishing between public welfare and private charity, and advocating for the transition of certain relief forms into formal social insurance like old-age pensions. [Das Mittelstandsproblem und Gewerbeförderung]: Englis defines the middle class (Mittelstand) as independent producers with a medium standard of living who serve as the pillars of the existing legal order. He discusses the challenges faced by small farmers and craftsmen against large-scale industry. He argues that middle-class policy should focus on 'strengthening for the fight' through technical and commercial promotion (Gewerbeförderung) rather than artificial protections that hinder overall productivity. [Die Arbeiterfrage: Arbeitslosigkeit und Betriebsverfassung]: The final section addresses the 'Labor Question,' focusing on the integration of workers into the production process, the regulation of labor contracts, and the provision for the unemployed. Englis discusses the inevitability of unemployment within the current system and the lack of a legal 'right to work.' He also introduces the concept of 'Constitutionalism in the Enterprise,' where works councils and profit-sharing represent a shift toward industrial democracy. [Der Arbeitsvertrag: Entwicklung bei freiem Wettbewerb]: Englis examines the nature of the labor contract under free competition, noting that while legally equal, the worker is practically in a weaker position due to economic necessity. He argues that unrestrained contractual freedom leads to social tension rather than harmony, prompting workers to organize into unions and use strikes to replace individual competition with collective solidarity. [Kollektivierung des Arbeitsvertrages und Tarifverträge]: This section describes the transition from individual to collective labor contracts and the emergence of the 'Tarifvertrag' (collective bargaining agreement). Englis discusses the role of trade unions and employer associations, the use of strikes and lockouts as power tools, and how collective agreements fix labor conditions and wages over time to reduce competition based on low pay, though they may also lead to rigidity during economic downturns. [Der Arbeitsvertrag und die Staatsgewalt]: Englis analyzes the state's role in regulating labor relations through information gathering, supporting worker self-help (such as coalition laws and industrial courts), and direct protective legislation. He highlights the necessity of state intervention to prevent exploitation and discusses the challenges of international competition, which necessitates international labor protection standards. [Subjekt und Objekt des Arbeitsvertrages: Arbeitsleistung und Hygiene]: This segment focuses on the subjects (who can work) and objects (the nature of the work) of the labor contract. Englis critiques purely negative prohibitions on child and female labor without positive welfare support and details the state's role in enforcing workplace hygiene and safety standards to protect the physical integrity of the worker against the dehumanizing effects of industrial production. [Die Arbeitszeit: Ökonomische und Soziale Perspektiven]: Englis explores the conflict over working hours from the perspectives of employers, workers, and society. He discusses the historical trend toward shorter hours, the impact of technical progress on labor demand, and the introduction of the eight-hour day in Czechoslovakia. He argues that productivity gains should lead to reduced labor burdens and that the worker must be viewed as an end in himself, not just a tool. [Lohnsysteme und Lohntheorien]: A comprehensive analysis of wage determination, distinguishing between nominal and real wages. Englis critiques classical theories like Ricardo's natural wage and Lassalle's 'Iron Law of Wages' using Marxian and modern insights. He details various payment methods (time-based, piece-rate, bonuses), the role of consumer cooperatives in protecting real wages, and mechanisms like sliding scales and profit-sharing intended to align worker interests with enterprise success. [Versorgung der arbeitslosen und arbeitsunfähigen Arbeiter: Begriff und Bedeutung der Sozialversicherung]: Englis discusses the transition from individual responsibility and public poor relief to the system of social insurance. He argues that social insurance is a form of collective risk management where workers contribute to cover shared risks like illness, accidents, and old age. He distinguishes between private, self-help, and state-mandated compulsory insurance, favoring the latter for its ability to pool risks effectively and ensure comprehensive coverage. The section also frames social insurance as a tool of income policy, redistributing income from productive to unproductive periods and across social classes to ensure subsistence without the stigma of alms. [Die Bedeckung und Arten der Sozialversicherung]: This segment examines the financing and organizational structures of social insurance. Englis analyzes why both workers and employers contribute, noting that employer contributions often function as a hidden wage component adjusted for risk. He contrasts insurance-based systems with state-funded old-age pensions (like those in England or Denmark) and details the 'Ghent System' for unemployment relief, which combines municipal subsidies with trade union self-help. The text also identifies the various organs of social policy, from the state as the supreme authority to local associations and voluntary organizations. [Die Wirtschaftskrisen]: Englis explores the nature and causes of economic crises within a decentralized market economy. He describes crises as disturbances in the complex organic cooperation of global production, triggered by factors like crop failures, technical changes, or speculative overproduction during booms. He critiques the socialist view that crises are purely a result of legal order, arguing that natural catastrophes would affect any system, though a socialist state might distribute the loss differently. The role of central banks (Zettelbanken) in mitigating crises through credit control is also highlighted. [Die Weltwirtschaft: Begriff und Weltwirtschaftsrecht]: This section introduces the concept of the world economy as a global organism of division of labor and exchange. Englis explains that while economic interdependencies cross borders, there is no central global authority; international law (Weltwirtschaftsrecht) rests solely on treaties between sovereign states. He discusses the formal character of this law, noting the absence of a global executive or parliament, and outlines its content, which includes the regulation of citizenship, tariffs, transport, and intellectual property. [Der internationale Tausch und die Souveränität der Volkswirtschaften]: Englis analyzes the economic and political foundations of international trade. Economically, trade is driven by differences in exchange relations (prices) between countries. Politically, however, trade is often restricted by sovereign states to protect national identity and cultural development. He provides a deep sociological analysis of 'nationality' as a community of blood and culture, arguing that nations strive for statehood to ensure their harmonious development. This national ideal often overrides the purely economic benefits of global free trade, leading to protective measures. [Historische Entwicklung der Handelspolitik: Merkantilismus bis Protektionismus]: A historical overview of trade theories. It covers Mercantilism (focus on gold and active trade balance), Physiocracy and the Classical School (advocating free trade and international division of labor), and the return to Nationalism and Protectionism led by Friedrich List. List's theory of 'educational tariffs' (Erziehungszölle) is explained as a means for less developed nations to build industry before facing global competition. The segment also discusses how agricultural protectionism arose in response to cheap American grain imports in the late 19th century. [Handelsverträge und Zollwesen]: This segment details the technical and legal aspects of international trade regulation. It explains the structure of trade agreements, including the 'most-favored-nation' clause (Meistbegünstigungsklausel) and the distinction between autonomous and treaty-based tariffs. Englis describes different types of duties (ad valorem vs. specific), the process of 'refinement' (Veredlungsverfahren) where duties are refunded for re-exported goods, and spatial concepts like customs unions and free ports. It concludes with the administrative organization of customs within the state's financial system. [Das wirtschaftliche Zollsystem und seine Zusammenhänge]: This section explores the structural dependencies of the customs system on other administrative areas, particularly indirect taxation and currency management. Englis argues that a unified customs area necessitates uniform taxation of imported goods and a centralized currency administration to prevent exchange rate fluctuations from undermining customs protections. [Die wirtschaftliche Funktion des Zolles]: Englis categorizes customs duties into three primary functions: statistical fees for trade monitoring, fiscal duties (Finanzzoll) for state revenue, and economic duties (volkswirtschaftlicher Zoll). He further distinguishes between educational tariffs (Erziehungszoll) for infant industries and protective tariffs (Schutzzoll) against structural disadvantages or currency dumping, while also analyzing the impact of general versus specific duties. [Zoll und Preise]: An analysis of how customs duties influence domestic prices relative to world market prices. Englis describes three scenarios based on whether the domestic price is below, at, or above the world market price plus the tariff, and mentions the 'sliding tariff' system used for grain in England. [Die übrigen Mittel der Außenhandelspolitik]: This section details non-tariff trade policy instruments, including import/export prohibitions, licensing systems, state monopolies, and export subsidies (both direct and indirect, such as tax restitutions or rail freight discounts). It also touches on the role of diplomatic and consular representation in supporting international trade. [Die Internationalen Zahlungen: Handels- und Zahlungsbilanz]: Englis explains the transition from natural trade to monetary exchange in international relations. He defines the trade balance (Handelsbilanz) versus the broader payment balance (Zahlungsbilanz) and describes the technical mechanism of using bills of exchange (Devisen) to settle international debts without physical gold transport. [Die Wechselparität und Devisenkurse]: A detailed technical analysis of exchange rate formation under different monetary systems (gold, silver, and paper). Englis defines 'parity' in metal-based currencies, explains the 'gold points' that limit fluctuations, and discusses the more volatile nature of exchange rates between paper currencies, which are driven by relative purchasing power and the balance of payments. [Zusammenhang zwischen Zahlungsbilanz und Währung]: Englis examines how the balance of payments affects domestic currency stability. Under a gold standard, imbalances are corrected by gold flows and discount rate adjustments. Under paper currency, the balance of payments influences the gold agio and exchange rates. He also discusses artificial interventions like foreign loans (Valutaanleihen) and central bank market operations to protect the currency. [Wiederherstellung einer gesunkenen Papierwährung]: This final section discusses the restoration of depreciated currencies. Englis outlines three prerequisites for stability: financial equilibrium (balanced budget), economic equilibrium (balanced payments), and effective central bank management. He critiques deflationary methods based solely on reducing money supply, suggesting instead that exchange rate interventions and 'economization' (productivity increases) are more effective for sustainable currency recovery. [Kritik der Deflation]: Englis provides a critical analysis of artificial deflation, arguing that it is often a mere 'optical illusion' of numbers rather than a true increase in wealth. He systematically refutes six common arguments in favor of deflation—such as price reduction, cheaper raw materials, and debt reduction—and outlines seven negative consequences, including production crises, unemployment, and the increased burden on debtors and public finances. [Die technischen Ziele der Währungsreform]: This section discusses the technical implementation of monetary reform, focusing on the choice between a gold-backed currency and a nominal (paper) currency. Englis argues that while nominal currencies can be stable through central bank intervention, a return to a metal-based currency remains the technical goal to mechanize central bank tasks and international payment balancing. [Die čechoslovakische Währungspolitik]: An overview of Czechoslovak monetary policy from the 1918 collapse of the Austro-Hungarian Empire through 1925. Englis divides this history into four periods: the decretal period (separation and stamping of notes), the first stabilization period (balancing the budget), the deflation period (1922-1925), and the second stabilization period. He details the economic exhaustion of the post-war era and the technical steps taken to establish currency independence. [Dekretalische und Stabilisierungsperioden in der Tschechoslowakei]: Detailed account of the first two phases of Czechoslovak monetary policy. It covers the 1919 currency stamping, the creation of the Bank Office of the Finance Ministry, the introduction of a wealth tax to cover state debt, and the 1921 efforts to balance the state budget through tax increases and administrative economization. It notes the impact of international speculation and the transition to a more stable exchange rate. [Die Deflationsperiode und zweite Stabilisierung]: This segment describes the severe deflationary period in Czechoslovakia (1922-1924), triggered by capital flight from Germany and Austria. Englis details the resulting production crisis, mass unemployment, and bank failures. He then explains the shift toward a second stabilization period starting in late 1924, where the government abandoned further deflation in favor of a stable exchange rate pegged to the dollar, eventually leading toward a planned return to a gold-based system. [Internationale wirtschaftliche und soziale Beziehungen]: Englis examines the development of international economic and social institutions. He highlights cooperation in agriculture (Rome), intellectual property, transport, and communications. A major focus is placed on international social policy and labor protection laws, noting that such regulations require international conventions (like the International Labor Office of the League of Nations) to prevent competitive disadvantages between states. [Geschichte der Wirtschaftswissenschaft: Altertum bis Merkantilismus]: A historical survey of economic thought starting from Greek antiquity (Plato, Aristotle) and the Middle Ages (Scholasticism) to the rise of Mercantilism. Englis defines Mercantilism not as a theory but as a system of economic policy aimed at increasing national gold reserves through favorable trade balances. He lists key figures like Colbert, Mun, and Bodin, and mentions the German/Austrian variant known as Cameralism. [Naturphilosophie, Physiokraten und die Klassische Schule]: This section traces the influence of 17th and 18th-century natural philosophy (Hobbes, Locke, Rousseau) on economic thought. It details the rise of the Physiocrats in France, who viewed agriculture as the only productive sector and advocated for a 'taxe unique'. It then introduces Adam Smith and the classical school, highlighting the shift toward individualism, the belief in a natural order (egoism as a regulator), and the expansion of the concept of productivity to include industry. [Die Physiokratische Lehre und ihre Vertreter]: A deeper look at Physiocracy, the first true economic theory. Englis explains their rejection of Mercantilist gold-obsession, their focus on 'produit net' from the soil, and their classification of other classes as 'sterile'. He lists key members of the school (Quesnay, Turgot, Mirabeau) and notes the practical influence of these ideas on enlightened monarchs like Joseph II and Leopold II. [Die Individualistische Schule: Klassiker und Epigonen]: Englis examines the Classical school of economics, led by Adam Smith, David Ricardo, and Robert Malthus. He discusses the transition from agriculture to large-scale industry and the theoretical foundations of economic liberalism (egoism, deductive method, value theory). The text tracks the practical implementation of these ideas—such as the repeal of the Corn Laws in England and the introduction of 'Gewerbefreiheit' (freedom of trade) in Prussia and Austria. [Wirtschaftsfreiheit in Österreich und der Naturalistische Sozialismus]: After briefly mentioning Austrian reforms (Joseph II, 1848), Englis explores the origins of 'naturalistic' or 'utopian' socialism. He argues that socialism grew from the same Enlightenment roots as liberalism but demanded material rather than just formal equality. He surveys French socialist thinkers from the pre-revolutionary era (Morelly, Mably) to the 1848 figures (Saint-Simon, Fourier, Louis Blanc, Proudhon), focusing on their critiques of private property and competition. [Sozialismus in England und Deutschland sowie praktische Versuche]: This segment covers English and German socialist thinkers (Owen, Rodbertus, Lassalle) and the history of practical socialist/communist experiments, such as the Amana colonies and New Harmony in America. It also discusses Agrarian Socialism (Henry George's single tax) and Anarchism (Stirner, Proudhon, Tolstoy). Englis concludes that many of these utopian attempts failed because they were incompatible with individualistic economic orders or relied on religious asceticism. [IV. Die neue Zeit. A. Übersicht.]: An overview of modern developments in economic science, highlighting the shift toward historical and organic views of society. It contrasts the individualistic bourgeois approach with the socialist theory of historical materialism. [B. Die Richtungen der bürgerlichen Lehre.]: A detailed classification of bourgeois economic schools, including List's national system, the Historical School (Roscher, Knies, Schmoller), and the Austrian School (Menger, Böhm-Bawerk, Wieser). It also discusses the organic view leading to state socialism and lists prominent international and Czech economists. [f) Der Einfluß auf die Wirtschaftspolitik.]: Analysis of how new economic theories influenced practical policy, leading to a decline in faith in free competition and an increase in state intervention, protective tariffs, and labor protection laws. [C. Der evolutionistische Sozialismus.]: An exposition of Marxist theory, covering historical materialism, class struggle, surplus value, and the theories of concentration and crisis. It also addresses the internal critique of Marxism known as Revisionism, led by Eduard Bernstein, and mentions the Russian Bolshevism of Lenin. [Literatur und Lehrbücher.]: A comprehensive bibliography of economic literature, including general textbooks, works on public finance, and statistics, categorized by country and author. [B. Philosophie des wirtschaftlichen Denkens. I. Grundbegriffe.]: An epistemological foundation for economic science. It discusses the relationship between the subject and object of knowledge, the formation of concepts through abstraction, and the distinction between quality and quantity, including the concept of polarity in qualities like utility. [II. Von der Wissenschaft und den Wissenschaften.]: A classification of sciences into formal (logic, math) and empirical. It distinguishes three fundamental ways of perceiving and explaining phenomena: causal (natural sciences), teleological (purposive/will-based), and normative (logic of 'ought'). It argues that economics is primarily a teleological science based on human motivation. [Theoretische und praktische Wissenschaften: Werten in der Wissenschaft]: Englis distinguishes between theoretical and practical sciences based on the role of valuation (Werten). While theoretical science treats value judgments as objects of study or describes what 'is' and what is 'willed', practical science actively values and seeks the most suitable means to achieve a given purpose, often resulting in systematic instructions like technology. [System der praktischen Wissenschaften]: The author argues that practical sciences are organized around human purposes rather than the similarity of knowledge types. He critiques the Baconian idea that every theoretical science has a corresponding practical one, suggesting instead that a system of practical sciences must be built upon a system of human ends. [Über die Wirtschaftswissenschaft: Bestimmungsversuche]: Englis examines various attempts to define the object of economic science, including definitions based on needs, the principle of economic efficiency (maximum utility/minimum sacrifice), and social or cultural frameworks. He concludes that these definitions are often formal and fail to capture the specific content or the higher value postulates that economics presupposes. [Die Wirtschaftswissenschaft als teleologische Wissenschaft]: The author argues that economics is fundamentally a teleological science rather than a natural or normative one. Economic concepts like utility, cost, and capital are relationship qualities that only emerge when phenomena are viewed as willed means and ends, which is incompatible with a purely causal natural science approach. [Das wirtschaftliche Postulat: Originär und Subjektiv vs. Objektiv]: Englis defines the 'economic postulate' as an original, non-derivative end-goal. He distinguishes between the subjective economic postulate (minimizing pain/unlust) and the objective economic postulate (the ideal of the human being and society). This distinction forms the basis for the tension between individualistic and collectivistic economic theories. [Das objektive wirtschaftliche Postulat und die Rechtsordnung]: This section explores how the objective economic postulate manifests through care for others and the legal order. While individuals act according to the subjective pain-minimum, the state and legal order pursue an objective ideal of society, leading to a dualism in economic phenomena that requires different theoretical approaches. [System der Wirtschaftswissenschaft: Subjektivistische und Objektivistische Theorie]: Englis proposes a dual system for economic theory. The subjective theory explains individual action within the limits of law and nature based on the pain-minimum. The objective theory (essential for collective systems like communism) views the legal order and national economy teleologically from the perspective of a social ideal. He notes that modern economics often confusingly mixes these two distinct viewpoints. [Wissenschaftliche Wirtschaftspraxis und Sozialpolitik]: The author discusses practical economic science as a systematic guide to action (policy). He argues that a subjective practical science is impossible; instead, practical economics must be objective, manifesting as social and economic policy aimed at realizing a societal ideal. He subordinates specific economic policies to a broader concept of social policy. [Wirtschaftsgeschichte und das Gesamtsystem der Wirtschaftswissenschaft]: Englis concludes by situating economic history and finance within his system. He argues that while theory provides formal principles (deduction), history provides concrete content (induction). He classifies finance as part of objective economic theory because it deals with the goal-oriented economic activity of compulsory associations (states/municipalities) rather than individual subjective satisfaction. [Laws of Economic Science: Formal and Material Laws]: Englis distinguishes between formal and material laws in economics. Formal laws, such as the principle of minimizing displeasure (Unlustminimumpostulat) and the law of relative marginal utility, are absolute and logically derived but do not describe the actual content of economic activity. Material laws, which describe regularities in human behavior and consumption, are derived from mass observation and possess only relative or probabilistic validity. [Inductive and Deductive Methods in Economics]: The author explores the relationship between inductive and deductive methods, arguing that both are necessary for a complete understanding of economic phenomena like price formation. While deductive laws are hypothetical and absolute, inductive laws are empirical and relative. He clarifies that deductive laws are not always formal; they can be material if based on specific assumptions like human egoism, which is distinct from the formal principle of minimizing displeasure. [Absolute Formal Laws vs. Natural Laws]: Englis critiques the naturalist approach that seeks absolute causal laws in society similar to those in physics. Instead, he proposes that economic laws are fundamental 'thought constructions' (Denkkonstruktionen) necessary to perceive economic objects. The principle of minimizing displeasure is presented as a central abstract postulate into which all subjective value judgments are projected to enable the comprehension of economic phenomena. [The Relationship Between Economy and Technology]: This section analyzes the distinction between economic and technical perspectives. While both follow a similar formal logic of seeking a specific goal (postulate), the technical postulate is objective and derived, whereas the economic postulate is subjective and primary. 'Economic technique' arises when technical tasks are constrained by the economic requirement of minimal expenditure (cost-efficiency). [Afterword: The Mission and Future of Economic Science]: In the concluding afterword, Englis reflects on the noble mission of economics. He argues that while it is not a guide to getting rich, it provides the essential knowledge for statesmen to alleviate human misery. He posits that the current economic order is adapted to human egoism, but suggests that as social responsibility and love for humanity progress, the very foundations of economic science may one day change.