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relations between the volume of production and of consumption in the social industries and in the economic system as a whole (thus compelling a restatement of my “heresy” of over-saving), I did not yet fully explore the saving and the spending processes so as to make over-saving a necessary implication of capitalism.
Though there was nothing novel in my survey of capitalism, it became an educational textbook in some colleges here and in America, and helped in some measure to cover up the discredit of my earlier work and almost to win for me a place of academic respectability. Yet, as I look back upon it, I find that it contains in germ nearly all the departures from economic orthodoxy which my subsequent writings disclosed.
