Those money lenders who have eliminated chance as far as possible and have taken a low rate of interest lose little; the risk-takers who draw their incomes from dividends on stock or from bonds of a less stable kind, often lose much.
Sec.8.

#"Glut" theories of crises#.

Many explanations of the causes of financial crises have been offered.[7] Nearly all of these belong to the general group of "glut" theories, of which genus there are two species, under-consumption and over-production theories.

These are, in truth, but two aspects of the same idea.[8] The one view is that too many goods are produced, the other that too few are consumed.

The over-production theorist seeing that in a crisis warehouses are filled with goods that cannot be disposed of for what they cost (or at best, not so as to give a profit), and that factories are shut down and men are out of employment for lack of demand, declares that productive power has grown too great.