Quote of the day

Where we are, Where we could have been and where we are going….gulp!

By the late 1920s, America’s business and political elite had found a
way to defuse the dual threat of stagnating economic growth and a
radicalized working class in what one industrial consultant called “the
gospel of consumption”—the notion that people could be convinced that
however much they have, it isn’t enough. President Herbert Hoover’s
1929 Committee on Recent Economic Changes observed in glowing terms the
results: “By advertising and other promotional devices . . . a
measurable pull on production has been created which releases capital
otherwise tied up.” They celebrated the conceptual breakthrough:
“Economically we have a boundless field before us; that there are new
wants which will make way endlessly for newer wants, as fast as they
are satisfied.”

from the definitive Article


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