[T]he principle of accumulation based on inequality was a vital part of the pre-war order of Society and of progress as we then understood it, and... this principle depended on unstable psychological conditions... It was not natural for a population, of whom so few enjoyed the comforts of life, to accumulate so hugely. The war has disclosed the possibility of consumption to all and the vanity of abstinence to many. Thus the bluff is discovered; the labouring classes may be no longer willing to forgo so largely, and the capitalist classes, no longer confident of the future, may seek to enjoy more fully their liberties of consumption so long as they last, and thus precipitate the hour of their confiscation. (John Maynard Keynes)

[T]he principle of accumulation based on inequality was a vital part of the pre-war order of Society and of progress as we then understood it, and... this principle depended on unstable psychological conditions... It was not natural for a population, of whom so few enjoyed the comforts of life, to accumulate so hugely. The war has disclosed the possibility of consumption to all and the vanity of abstinence to many. Thus the bluff is discovered; the labouring classes may be no longer willing to forgo so largely, and the capitalist classes, no longer confident of the future, may seek to enjoy more fully their liberties of consumption so long as they last, and thus precipitate the hour of their confiscation.

John Maynard Keynes

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abstinence accumulation based bluff capitalist confident confiscation consumption few future hour inequality last life longer natural order population possibility precipitate principle progress seek society thus vanity vital war willing conditions comforts labouring

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