By giving us a title such as Economics for Helen, Hilaire Belloc, was emphasizing something that many others at the time were also.
Table of contents
Belloc identifies this as an economic law, rather than a moral law. Moreover, Belloc implicitly refutes his accusers who charge him with collapsing economic law into moral law. If a nation does not provide its people, in their generality and in their individuality, with work that can sustain a man and his family at levels acceptable within the context of the national culture, men will not work and the nation will not prosper. The economic laws governing national economies also affect the outlay of capital.
Those two topics are money and banking.
A Review of Economics for Helen
In regard to money i. When money or currency is simply a medium of exchange, which is used to facilitate transactions between individuals with heterogeneous goods within the context of an economy based upon a highly specific division of labor, it serves as a useful human tool. It is, however, the consideration of modern banking, as this began to flourish in England and Holland during the 17th century, which provides the incentive for Belloc to consider those economic systems i.
Again, as in his consideration of paper currency, Belloc states that the origins of the modern banking enterprise were innocent and obvious enough.
Men who have capital to save look for those who have the means to guard deposited wealth. Those who control the deposits of others agree to return the money deposited to the depositors when that money is demanded. It is by these means that the bankers gradually gain a stranglehold on the financial resources of the nation. This clout even outweighs that of the capitalist who owns the means of production e. This situation continues to the point where:. As the great majority of enterprises lie in debt to the banks—any one of two competing industries can be killed by the bankers saying: This power makes the banks the masters of the greater part of modern industry.
Here we find Belloc giving succinct definitions of the major systems which have, throughout the history of mankind, ordered the distribution and control of property, property being, of course, a necessary part of human society. Without some specific entity e. He both views it as unworkable and states that it is totally contrary to his own wishes and intentions.
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Whereas Belloc wishes men to become masters of their own fate by possessing the property necessary to direct and sustain a life of fulfilling and efficacious work, Socialism, and its extreme form—Communism—would take such power and property out of the hands of the family man and put it into the hands of bureaucrats. If we, in the nascent 21st century, wish to sustain our honor, freedom, and happiness, Helen must not be the only one reading this text.
Although I understand his reasoning for selecting such a title, it makes it a hard sell to those unfamiliar with his work, and this is a fact that has repeatedly frustrated my attempts to convince others to read it. Your email address will not be published. Notify me of followup comments via e-mail.
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Oct 09, Stephen rated it did not like it Shelves: In fact, it has nothing to do with economics. It is essentially a religious primer. Jun 12, Roger Buck rated it it was amazing. The following review is a shortened version of one appear at my blog devoted to things Bellocian … http: Much of the writing that occupies Economics for Helen is hardly original thinking — but it is inspired writing. Hilaire Belloc was prolific — very prolific, chalking up over books in his lifetime.
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- Economics for Helen by Hilaire Belloc.
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It is hardly surprising that not everyone of them achieved the same standard. No doubt he was being too harsh on those volumes. Many people praise them highly indeed. He did not write to stave off the wolf at his door — he wrote for love. Indeed, one could say — he wrote for love of humanity. Economics for Helen clearly belongs to this heartfelt core of books, written purely for his ideals. And this is what makes Economics for Helen beautiful — even though, again, much of its contents is indeed common, not original. For here Belloc has aspired to give the layman a primer in economics.
He therefore is simply laying out ideas one might easily find in a hundred other economic textbooks. He explains then, very basic ideas — such as what land, labor and capital really mean. Or what things like the margin of production or economic rent are. He cared to give the layman a clear, concrete understanding of terms that are all-too-often drowned in abstractions. And he cared because he saw that economic science was essentially amoral. In itself, it was neither good, nor bad. But because it could be used by immoral people to cause suffering — on an immense, terrible scale — it was necessary, therefore, that moral people understand and work with economics.
And so Belloc undertakes to educate the layman about the very basics of economics. He has educated me. Moreover, he has fed my soul in the process. I must only add that not all the book is like I said.
For given the crying need to inject morality into economics, Belloc does exactly that at various turns. For example, Belloc takes pains to explain why Usury — as interest on an unproductive loan — is a moral monstrosity whereas interest on a productive loan is something entirely different. He explains then, if I have oil in the ground, but need funds to recover it, there is no moral reason why the bank should not also profit from my oil extraction. This, then, is a productive loan. But Belloc clarifies why so much bank lending is unproductive and therefore immoral, indeed savage.
Belloc wrote this book around Today, our economics would seem further removed from his moral vision than ever. His Distributism would seem all-but-impossible. Yet this is no excuse to surrender a moral vision or to stop thinking morally about economics. This book very much deserves to be read today.
Economics for Helen
Which is why I post this here and blog regularly about the great Belloc The book also features beautiful old illustrations, richly evocative of the rural and traditional life Belloc sought to preserve. One can find other editions of Economics for Helen — but I particularly recommend this edition from IHS Press for the evident love with which they have sought to re-present Belloc to the world. David Galloway rated it liked it Jan 04, Titus rated it really liked it Jan 07, Ross Dessert rated it liked it Jan 14, Jimmy rated it really liked it Oct 09, Ryan rated it liked it Apr 06,