140-397: Social credit is a distributive philosophy of political economy developed in the 1920s and 1930s by C. H. Douglas . Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them. To combat what he saw as a chronic deficiency of purchasing power in the economy, Douglas prescribed government intervention in the form of
280-613: A definite article ("the"), a demonstrative adjective ("that"), and demonstrative pronoun . Other demonstratives are þēs ("this"), and ġeon ("that over there"). These words inflect for case, gender, and number. Adjectives have both strong and weak sets of endings, weak ones being used when a definite or possessive determiner is also present. Verbs conjugate for three persons : first, second, and third; two numbers: singular, plural; two tenses : present, and past; three moods : indicative , subjunctive , and imperative ; and are strong (exhibiting ablaut) or weak (exhibiting
420-681: A version of the Latin alphabet . Englisċ , from which the word English is derived, means 'pertaining to the Angles '. The Angles were one of the Germanic tribes who settled in many parts of Britain in the 5th century. By the 9th century, all speakers of Old English, including those who claimed Saxon or Jutish ancestry, could be referred to as Englisċ . This name probably either derives from Proto-Germanic *anguz , which referred to narrowness, constriction or anxiety, perhaps referring to shallow waters near
560-511: A "Compensated Price" and a "National (or Consumer) Dividend", a National Credit Office would be charged with the task of calculating the size of the rebate and dividend by determining a national balance sheet , and calculating aggregate production and consumption statistics. The price rebate is based upon the observation that the real cost of production is the mean rate of consumption over the mean rate of production for an equivalent period of time. where The physical cost of producing something
700-398: A back vowel ( /ɑ/ , /o/ , /u/ ) at the time of palatalization, as illustrated by the contrast between fisċ /fiʃ/ ('fish') and its plural fiscas /ˈfis.kɑs/ . But due to changes over time, a knowledge of the history of the word in question is needed to predict the pronunciation with certainty (for details, see palatalization ). In word-final position, the pronunciation of sċ
840-406: A dental suffix). Verbs have two infinitive forms: bare and bound; and two participles : present and past. The subjunctive has past and present forms. Finite verbs agree with subjects in person and number. The future tense , passive voice , and other aspects are formed with compounds. Adpositions are mostly before but are often after their object. If the object of an adposition is marked in
980-517: A following ⟨m⟩ or ⟨n⟩ . Modern editions of Old English manuscripts generally introduce some additional conventions. The modern forms of Latin letters are used, including ⟨g⟩ instead of insular G , ⟨s⟩ instead of insular S and long S , and others which may differ considerably from the insular script, notably ⟨e⟩ , ⟨f⟩ and ⟨r⟩ . Macrons are used to indicate long vowels, where usually no distinction
1120-467: A friction that led to the erosion of the complicated inflectional word endings. Simeon Potter notes: No less far-reaching was the influence of Scandinavian upon the inflexional endings of English in hastening that wearing away and leveling of grammatical forms which gradually spread from north to south. It was, after all, a salutary influence. The gain was greater than the loss. There was a gain in directness, in clarity, and in strength. The strength of
1260-487: A good is $ 100, and the ratio of consumption to production is 3/4, then the real cost of the good is $ 100(3/4) = $ 75. As a result, if a consumer spent $ 100 for a good, the National Credit Authority would rebate the consumer $ 25. The good costs the consumer $ 75, the retailer receives $ 100, and the consumer receives the difference of $ 25 via new credits created by the National Credit Authority. The National Dividend
1400-497: A group of artists and craftsmen who established a community in Ditchling , Sussex, England, in 1920, with the motto "Men rich in virtue studying beautifulness living in peace in their houses". The guild sought to recreate an idealised medieval lifestyle in the manner of the Arts and Crafts Movement . It survived for almost 70 years until 1989. The Big Society was the flagship policy idea of
1540-399: A law that intensified production means a progressively higher ratio of overhead charges to direct labour cost, and, apart from artificial reasons, this is simply an indication of the extent to which machinery replaces manual labour, as it should. If overhead charges are constantly increasing relative to income, any attempt to stabilize or increase income results in increasing prices. If income
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#17328377077201680-428: A new civilization based upon " absolute economic security " for the individual, where "they shall sit every man under his vine and under his fig tree ; and none shall make them afraid." In his words, "what we really demand of existence is not that we shall be put into somebody else's Utopia , but we shall be put in a position to construct a Utopia of our own." The idea of social credit attracted considerable interest in
1820-520: A period of 700 years, from the Anglo-Saxon settlement of Britain in the 5th century to the late 11th century, some time after the Norman invasion . While indicating that the establishment of dates is an arbitrary process, Albert Baugh dates Old English from 450 to 1150, a period of full inflections, a synthetic language . Perhaps around 85% of Old English words are no longer in use, but those that survived are
1960-417: A period to time of articles produced by factories making consumable goods divided up into A1 costs which refer to money paid to individuals by means of salaries, wages, dividends, etc., and B1 costs which refer to money paid to other institutions. Let A2, B2 be the corresponding costs of factories producing capital equipment. The money distributed to individuals is A1+A2 and the cost of the final consumable goods
2100-428: A railway which was constructed a year, two years, three years, five or ten years ago, where charges are still extant), cannot be liquidated by a stream of purchasing power which does not increase in volume and which has a period of three weeks. The consequence is, you have a piling up of debt, you have in many cases a diminution of purchasing power being equivalent to the price of the goods for sale. According to Douglas,
2240-463: A small part of the economy, with small business owners hiring employees, usually young, inexperienced people. Distributism requires either direct or indirect distribution of the means of production (productive assets)—in some ideological circles including the redistribution of wealth —to a wide portion of society instead of concentrating it in the hands of a minority of wealthy elites (as seen in its criticism of certain varieties of capitalism ) or
2380-421: A society marked by widespread property ownership. Cooperative economist Race Mathews argues that such a system is key to creating a just social order . Distributism has often been described in opposition to both laissez-faire capitalism and state socialism which distributists see as equally flawed and exploitative. Furthermore, some distributists argue that state capitalism and state socialism are
2520-435: A superfluous accumulation of them. Douglas believed that excessive capital production is only a temporary correction, because the cost of the capital appears in the cost of consumer goods, or taxes, which will further exacerbate future gaps between income and prices. In the first place, these capital goods have to be sold to someone. They form a reservoir of forced exports. They must, as intermediate products, enter somehow into
2660-535: Is A1+B1. If money in the hands of the public is to be equal to the costs of consumable articles produced then A1+A2 = A1+B1 and therefore A2=B1. Now modern science has brought us to the stage where machines are more and more taking the place of human labour in producing goods, i.e. A1 is becoming less important relatively to B1 and A2 less important relatively to B2. In symbols if B1/A1 = k1 and B2/A2 = k2 both k1 and k2 are increasing. Since A2=B1 this means that (A2+B2)/(A1+B1)= (1+k2)*A2/(1+1/k1)*B1 = (1+k2)/(1+1/k1) which
2800-548: Is also sparse early Northumbrian evidence of a sixth case: the locative . The evidence comes from Northumbrian Runic texts (e.g., ᚩᚾ ᚱᚩᛞᛁ on rodi "on the Cross"). Adjectives agree with nouns in case, gender, and number, and can be either strong or weak. Pronouns and sometimes participles agree in case, gender, and number. First-person and second- person personal pronouns occasionally distinguish dual-number forms. The definite article sē and its inflections serve as
2940-404: Is an injustice and at the same time a grave evil and disturbance of right order to assign to a greater and higher association what lesser and subordinate organizations can do". The Democratic Labour Party of Australia espouses distributism and does not hold the view of favouring the elimination of social security who, for instance, wish to "[r]aise the level of student income support payments to
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#17328377077203080-505: Is any charge in respect of which the actual distributed purchasing power does not still exist, and that practically this means any charge created at a further distance in the past than the period of cyclic rate of circulation of money. There is no fundamental difference between tools and intermediate products, and the latter may therefore be included. In 1932, Douglas estimated the cyclic rate of circulation of money to be approximately three weeks. The cyclic rate of circulation of money measures
3220-422: Is as follows. The sounds enclosed in parentheses in the chart above are not considered to be phonemes : The above system is largely similar to that of Modern English , except that [ç, x, ɣ, l̥, n̥, r̥] (and [ʍ] for most speakers ) have generally been lost, while the voiced affricate and fricatives (now also including /ʒ/ ) have become independent phonemes, as has /ŋ/ . The open back rounded vowel [ɒ]
3360-498: Is beneficial for a person and his family and is, in fact, a right due to God having "given the earth for the use and enjoyment of the whole human race". G. K. Chesterton presents similar views in his 1910 book, What's Wrong with the World . Chesterton believes that whilst God has limitless capabilities, man has limited abilities in terms of creation. Therefore, man is entitled to own property and treat it as he sees fit, stating: "Property
3500-466: Is considered to be the preferred alternative to private banks . G. K. Chesterton considered one's home and family the centrepiece of society. He recognized the family unit and home as centrepieces of living and believed that every man should have his property and home to enable him to raise and support his family. Distributists recognize that strengthening and protecting the family requires that society be nurturing. Distributism puts great emphasis on
3640-495: Is constant or increasing, and overhead charges are continuously increasing due to technological advancement, then prices, which equal income plus overhead charges, must also increase. Further, any attempt to stabilize or decrease prices must be met by decreasing incomes according to this analysis. As the Phillips Curve demonstrates, inflation and unemployment are trade-offs, unless prices are reduced from monies derived from outside
3780-606: Is evidenced by the continued variation between their successors in Middle and Modern English. In fact, what would become the standard forms of Middle English and of Modern English are descended from Mercian rather than West Saxon, while Scots developed from the Northumbrian dialect. It was once claimed that, owing to its position at the heart of the Kingdom of Wessex, the relics of Anglo-Saxon accent, idiom and vocabulary were best preserved in
3920-646: Is followed by Middle English (1150 to 1500), Early Modern English (1500 to 1650) and finally Modern English (after 1650), and in Scotland Early Scots (before 1450), Middle Scots ( c. 1450 to 1700) and Modern Scots (after 1700). Just as Modern English is not monolithic, Old English varied according to place. Despite the diversity of language of the Germanic-speaking migrants who established Old English in England and southeastern Scotland, it
4060-624: Is increasing. Distributism List of forms of government Distributism is an economic theory asserting that the world's productive assets should be widely owned rather than concentrated. Developed in the late 19th and early 20th centuries, distributism was based upon Catholic social teaching principles, especially those of Pope Leo XIII in his encyclical Rerum novarum (1891) and Pope Pius XI in Quadragesimo anno (1931). It has influenced Anglo Christian Democratic movements, and has been recognized as one of many influences on
4200-482: Is justified by the displacement of labour in the productive process due to technological increases in productivity. As human labour is increasingly replaced by machines in the productive process, Douglas believed people should be free to consume while enjoying increasing amounts of leisure, and that the Dividend would provide this freedom . Critics of the theorem, such as J. M. Pullen, Hawtrey and J. M. Keynes argue there
4340-476: Is merely the art of the democracy. It means that every man should have something that he can shape in his own image, as he is shaped in the image of heaven. But because he is not God, but only a graven image of God, his self-expression must deal with limits; properly with limits that are strict and even small." According to Belloc, the distributive state (the state which has implemented distributism) contains "an agglomeration of families of varying wealth, but by far
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4480-426: Is no difference between A and B payments. Other critics, such as Gary North, argue that social credit policies are inflationary. "The A + B theorem has met with almost universal rejection from academic economists on the grounds that, although B payments may be made initially to "other organizations," they will not necessarily be lost to the flow of available purchasing power. A and B payments overlap through time. Even if
4620-470: Is not the only cause of inflation, and inflation is systemic according to the rules of cost accountancy given overhead charges are constantly increasing relative to income. In other words, inflation can exist even if consumers have insufficient purchasing power to buy back all of production. Douglas claimed that there were two limits which governed prices, a lower limit governed by the cost of production, and an upper limit governed by what an article will fetch on
4760-852: Is possible to reconstruct proto-Old English as a fairly unitary language. For the most part, the differences between the attested regional dialects of Old English developed within England and southeastern Scotland, rather than on the Mainland of Europe. Although from the tenth century Old English writing from all regions tended to conform to a written standard based on Late West Saxon, in speech Old English continued to exhibit much local and regional variation, which remained in Middle English and to some extent Modern English dialects . The four main dialectal forms of Old English were Mercian , Northumbrian , Kentish , and West Saxon . Mercian and Northumbrian are together referred to as Anglian . In terms of geography
4900-484: Is provided by loan credit (bank overdrafts) or export credit. Beyond empirical evidence, Douglas claims this deductive theorem demonstrates that total prices increase faster than total incomes when regarded as a flow . In his pamphlet entitled "The New and the Old Economics", Douglas describes the cause of "B" payments: I think that a little consideration will make it clear that in this sense an overhead charge
5040-434: Is replaced by ⟨þ⟩ ). In contrast with Modern English orthography , Old English spelling was reasonably regular , with a mostly predictable correspondence between letters and phonemes . There were not usually any silent letters —in the word cniht , for example, both the ⟨c⟩ and ⟨h⟩ were pronounced ( /knixt ~ kniçt/ ) unlike the ⟨k⟩ and ⟨gh⟩ in
5180-449: Is something we call a price opposite to it." Money is effective demand, and the means of reclaiming that money are prices and taxes. As real capital replaces labour in the process of modernization, money should become increasingly an instrument of distribution. The idea that money is a medium of exchange is related to the belief that all wealth is created by the current labour of the world, and Douglas clearly rejected this belief, stating that
5320-524: Is that a man shall believe that he can get what he wants by the aid of it." According to economists, money is a medium of exchange . Douglas argued that this may have once been the case when the majority of wealth was produced by individuals who subsequently exchanged it with each other. But in modern economies, division of labour splits production into multiple processes, and wealth is produced by people working in association with each other. For instance, an automobile worker does not produce any wealth (i.e.,
5460-414: Is the explanation of the increasing necessity of what has come to be called economic sabotage; the colossal waste of effort which goes on in every walk of life quite unobserved by the majority of people because they are so familiar with it; a waste which yet so over-taxed the ingenuity of society to extend it that the climax of war only occurred in the moment when a culminating exhibition of organised sabotage
5600-415: Is the materials and capital that were consumed in its production, plus that amount of consumer goods labour consumed during its production. This total consumption represents the physical, or real, cost of production. where Since fewer inputs are consumed to produce a unit of output with every improvement in process, the real cost of production falls over time. As a result, prices should also decrease with
5740-495: Is the primary factor decreasing it. The word wealth derives from the Old English word wela , or "well-being", and Douglas believed that all production should increase personal well-being. Therefore, production that does not directly increase personal well-being is waste, or economic sabotage. The economic effect of charging all the waste in industry to the consumer so curtails his purchasing power that an increasing percentage of
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5880-413: Is very different from Modern English and Modern Scots, and largely incomprehensible for Modern English or Modern Scots speakers without study. Within Old English grammar nouns, adjectives, pronouns and verbs have many inflectional endings and forms, and word order is much freer. The oldest Old English inscriptions were written using a runic system , but from about the 8th century this was replaced by
6020-686: The American Solidarity Party generally adheres to Distributist principles as its economic model. Ross Douthat and Reihan Salam view their Grand New Party , a roadmap for revising the Republican Party in the United States , as "a book written in the distributist tradition". The Brazilian political party, Humanist Party of Solidarity , was a distributist party, alongside the National Distributist Party in England, and
6160-470: The American Solidarity Party have advocated distributism alongside social market economy in their economic policies and party platform. According to distributists, the right to property is a fundamental right, and the means of production should be spread as widely as possible rather than being centralised under the control of the state ( statocracy ), a few individuals ( plutocracy ), or corporations ( corporatocracy ). Therefore, distributism advocates
6300-517: The Angles , Saxons and Jutes . As the Germanic settlers became dominant in England, their language replaced the languages of Roman Britain : Common Brittonic , a Celtic language ; and Latin , brought to Britain by the Roman conquest . Old English had four main dialects, associated with particular Anglo-Saxon kingdoms : Kentish , Mercian , Northumbrian , and West Saxon . It was West Saxon that formed
6440-456: The Basque Country in a region of Spain and France, was founded by a Catholic priest, Father José María Arizmendiarrieta , who seems to have been influenced by the same Catholic social and economic teachings that inspired Belloc, Chesterton, Father Vincent McNabb , and the other founders of distributism. Distributist ideas were put into practice by The Guild of St Joseph and St Dominic ,
6580-615: The Democratic Labour Party in Australia. In the first round of the 2024 Romanian presidential election , candidate Călin Georgescu , a far-right independent candidate who advocates for a system based on distributism and sovereigntism received 23% of votes and qualified for the second round. Distributism is known to have influenced the economist E. F. Schumacher , a convert to Catholicism. The Mondragon Corporation , based in
6720-628: The Latin alphabet was introduced and adapted for the writing of Old English , replacing the earlier runic system. Nonetheless, the largest transfer of Latin-based (mainly Old French ) words into English occurred after the Norman Conquest of 1066, and thus in the Middle English rather than the Old English period. Another source of loanwords was Old Norse , which came into contact with Old English via
6860-597: The dialect of Somerset . For details of the sound differences between the dialects, see Phonological history of Old English § Dialects . The language of the Anglo-Saxon settlers appears not to have been significantly affected by the native British Celtic languages which it largely displaced . The number of Celtic loanwords introduced into the language is very small, although dialect and toponymic terms are more often retained in western language contact zones (Cumbria, Devon, Welsh Marches and Borders and so on) than in
7000-633: The interwar period , with the Alberta Social Credit Party briefly distributing "prosperity certificates" to the Albertan populace. However, Douglas opposed the distribution of prosperity certificates which were based upon the theories of Silvio Gesell . Douglas' theory of social credit has been disputed and rejected by most economists and bankers. Prominent economist John Maynard Keynes references Douglas's ideas in his book The General Theory of Employment, Interest and Money , but instead poses
7140-594: The kingdom of Northumbria . Other parts of the island continued to use Celtic languages ( Gaelic – and perhaps some Pictish – in most of Scotland, Medieval Cornish all over Cornwall and in adjacent parts of Devon , Cumbric perhaps to the 12th century in parts of Cumbria , and Welsh in Wales and possibly also on the English side of the Anglo-Welsh border ); except in the areas of Scandinavian settlements, where Old Norse
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#17328377077207280-479: The principle of effective demand to explain differences in output and consumption. Douglas disagreed with classical economists who recognised only three factors of production : land , labour and capital . While Douglas did not deny the role of these factors in production, he considered the " cultural inheritance of society " as the primary factor. He defined cultural inheritance as the knowledge, techniques and processes that have accrued to us incrementally from
7420-539: The social market economy . Distributism views laissez-faire capitalism and state socialism as equally flawed and exploitative, due to their extreme concentration of ownership. Instead, it favours small independent craftsmen and producers; or, if that is not possible, economic mechanisms such as cooperatives and member-owned mutual organisations , as well as small to medium enterprises and vigorous anti-trust laws to restrain or eliminate overweening economic power. Christian democratic political parties such as
7560-519: The 2010 UK Conservative Party general election manifesto . Some distributists claim that the rhetorical marketing of this policy was influenced by aphorisms of the distributist ideology and promotes distributism. It purportedly formed a part of the legislative programme of the Conservative – Liberal Democrat Coalition Agreement . Old English Old English ( Englisċ or Ænglisc , pronounced [ˈeŋɡliʃ] ), or Anglo-Saxon ,
7700-422: The 8th century, the runic system came to be supplanted by a (minuscule) half-uncial script of the Latin alphabet introduced by Irish Christian missionaries. This was replaced by Insular script , a cursive and pointed version of the half-uncial script. This was used until the end of the 12th century when continental Carolingian minuscule (also known as Caroline ) replaced the insular. The Latin alphabet of
7840-425: The A + B theorem in his book, Credit-Power and Democracy , in critique of accounting methodology pertinent to income and prices. In the fourth, Australian Edition of 1933, Douglas states: A factory or other productive organization has, besides its economic function as a producer of goods, a financial aspect – it may be regarded on the one hand as a device for the distribution of purchasing-power to individuals through
7980-534: The Alberta Agricultural Committee of the Alberta Legislature in 1934, Douglas said: Now we know there are an increasing number of charges which originated from a period much anterior to three weeks, and included in those charges, as a matter of fact, are most of the charges made in, respect of purchases from one organization to another, but all such charges as capital charges (for instance, on
8120-470: The B payments are received and spent before the finished product is available for purchase, current purchasing power will be boosted by B payments received in the current production of goods that will be available for purchase in the future." A. W. Joseph replied to this specific criticism in a paper given to the Birmingham Actuarial Society, "Banking and Industry": Let A1+B1 be the costs in
8260-406: The English language; some of them, such as Pope Gregory I 's treatise Pastoral Care , appear to have been translated by Alfred himself. In Old English, typical of the development of literature, poetry arose before prose, but Alfred chiefly inspired the growth of prose. A later literary standard, dating from the late 10th century, arose under the influence of Bishop Æthelwold of Winchester , and
8400-598: The Great . From that time on, the West Saxon dialect (then in the form now known as Early West Saxon) became standardised as the language of government, and as the basis for the many works of literature and religious materials produced or translated from Latin in that period. The later literary standard known as Late West Saxon (see History , above), although centred in the same region of the country, appears not to have been directly descended from Alfred's Early West Saxon. For example,
8540-595: The Henderson poverty line". The American Solidarity Party has a platform of favouring an adequate social security system, stating: "We advocate for social safety nets that adequately provide for the material needs of the most vulnerable in society". The position of distributists, when compared to other political philosophies, is somewhat paradoxical and complicated (see triangulation ). Firmly entrenched in an organic but very English Catholicism , advocating culturally traditional and agrarian values, directly challenging
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#17328377077208680-410: The Northumbrian dialect retained /i(ː)o̯/ , which had merged with /e(ː)o̯/ in West Saxon. For more on dialectal differences, see Phonological history of Old English (dialects) . Some of the principal sound changes occurring in the pre-history and history of Old English were the following: For more details of these processes, see the main article, linked above. For sound changes before and after
8820-857: The Northumbrian region lay north of the Humber River; the Mercian lay north of the Thames and south of the Humber River; West Saxon lay south and southwest of the Thames; and the smallest, Kentish region lay southeast of the Thames, a small corner of England. The Kentish region, settled by the Jutes from Jutland, has the scantest literary remains. The term West Saxon actually is represented by two different dialects: Early West Saxon and Late West Saxon. Hogg has suggested that these two dialects would be more appropriately named Alfredian Saxon and Æthelwoldian Saxon, respectively, so that
8960-462: The Old English period is also often attributed to Norse influence. The influence of Old Norse certainly helped move English from a synthetic language along the continuum to a more analytic word order , and Old Norse most likely made a greater impact on the English language than any other language. The eagerness of Vikings in the Danelaw to communicate with their Anglo-Saxon neighbours produced
9100-478: The Old English period, see Phonological history of English . Nouns decline for five cases : nominative , accusative , genitive , dative , instrumental ; three genders : masculine, feminine, neuter; and two numbers : singular, and plural; and are strong or weak. The instrumental is vestigial and only used with the masculine and neuter singular and often replaced by the dative . Only pronouns and strong adjectives retain separate instrumental forms. There
9240-515: The Scandinavian rulers and settlers in the Danelaw from the late 9th century, and during the rule of Cnut and other Danish kings in the early 11th century. Many place names in eastern and northern England are of Scandinavian origin. Norse borrowings are relatively rare in Old English literature, being mostly terms relating to government and administration. The literary standard, however,
9380-486: The United States in the 1930s, distributism was treated in numerous essays by Chesterton, Belloc and others in The American Review , published and edited by Seward Collins . Pivotal among Belloc's and Chesterton's other works regarding distributism are The Servile State and Outline of Sanity . In Rerum novarum , Leo XIII states that people are likely to work harder and with greater commitment if they possess
9520-602: The Viking influence on Old English appears from the fact that the indispensable elements of the language – pronouns , modals , comparatives , pronominal adverbs (like hence and together ), conjunctions and prepositions – show the most marked Danish influence; the best evidence of Scandinavian influence appears in the extensive word borrowings because, as Jespersen indicates, no texts exist in either Scandinavia or Northern England from this time to give certain evidence of an influence on syntax. The effect of Old Norse on Old English
9660-409: The amount of time required for a loan to pass through the productive system and return to the bank. This can be calculated by determining the amount of clearings through the bank in a year divided by the average amount of deposits held at the banks (which varies very little). The result is the number of times money must turnover in order to produce these clearing house figures. In a testimony before
9800-436: The automobile) by himself, but only in conjunction with other auto workers, the producers of roads, gasoline, insurance, etc. In this opinion, wealth is a pool upon which people can draw, and money becomes a ticketing system . The efficiency gained by individuals cooperating in the productive process was named by Douglas as the " unearned increment of association" – historic accumulations of which constitute what Douglas called
9940-501: The basic elements of Modern English vocabulary. Old English is a West Germanic language , and developed out of Ingvaeonic (also known as North Sea Germanic) dialects from the 5th century. It came to be spoken over most of the territory of the Anglo-Saxon kingdoms which became the Kingdom of England . This included most of present-day England, as well as part of what is now southeastern Scotland , which for several centuries belonged to
10080-570: The basis for the literary standard of the later Old English period, although the dominant forms of Middle and Modern English would develop mainly from Mercian, and Scots from Northumbrian. The speech of eastern and northern parts of England was subject to strong Old Norse influence due to Scandinavian rule and settlement beginning in the 9th century. Old English is one of the West Germanic languages , and its closest relatives are Old Frisian and Old Saxon . Like other old Germanic languages, it
10220-552: The beginnings of the compound tenses of Modern English . Old English verbs include strong verbs , which form the past tense by altering the root vowel, and weak verbs , which use a suffix such as -de . As in Modern English, and peculiar to the Germanic languages, the verbs formed two great classes: weak (regular), and strong (irregular). Like today, Old English had fewer strong verbs, and many of these have over time decayed into weak forms. Then, as now, dental suffixes indicated
10360-488: The borrowing of individual Latin words based on which patterns of sound change they have undergone. Some Latin words had already been borrowed into the Germanic languages before the ancestral Angles and Saxons left continental Europe for Britain. More entered the language when the Anglo-Saxons were converted to Christianity and Latin-speaking priests became influential. It was also through Irish Christian missionaries that
10500-499: The cluster ending in the palatal affricate is sometimes written ⟨nċġ⟩ (or ⟨nġċ⟩ ) by modern editors. Between vowels in the middle of a word, the pronunciation can be either a palatalized geminate /ʃː/ , as in fisċere /ˈfiʃ.ʃe.re/ ('fisherman') and wȳsċan , /ˈwyːʃ.ʃɑn 'to wish'), or an unpalatalized consonant sequence /sk/ , as in āscian /ˈɑːs.ki.ɑn/ ('to ask'). The pronunciation /sk/ occurs when ⟨sc⟩ had been followed by
10640-457: The coast, or else it may derive from a related word *angô which could refer to curve or hook shapes including fishing hooks. Concerning the second option, it has been hypothesised that the Angles acquired their name either because they lived on a curved promontory of land shaped like a fishhook , or else because they were fishermen (anglers). Old English was not static, and its usage covered
10780-504: The consumer is forced to pay for all the costs of production, including waste. The economic effect of charging the consumer with all waste in industry is that the consumer is forced to do much more work than is necessary. Douglas believed that wasted effort could be directly linked to confusion in regard to the purpose of the economic system, and the belief that the economic system exists to provide employment in order to distribute goods and services. But it may be advisable to glance at some of
10920-447: The cultural heritage. The means of drawing upon this pool is money distributed by the banking system. Douglas believed that money should not be regarded as a commodity but rather as a ticket, a means of distribution of production. "There are two sides to this question of a ticket representing something that we can call, if we like, a value. There is the ticket itself – the money which forms the thing we call ' effective demand ' – and there
11060-409: The cultural inheritance of society is the primary factor in the creation of wealth, which makes money a distribution mechanism, not a medium of exchange. Douglas also claimed the problem of production, or scarcity , had long been solved. The new problem was one of distribution. However, so long as orthodox economics makes scarcity a value, banks will continue to believe that they are creating value for
11200-421: The dative case, an adposition may conceivably be located anywhere in the sentence. Remnants of the Old English case system in Modern English are in the forms of a few pronouns (such as I/me/mine , she/her , who/whom/whose ) and in the possessive ending -'s , which derives from the masculine and neuter genitive ending -es . The modern English plural ending -(e)s derives from the Old English -as , but
11340-431: The east. However, various suggestions have been made concerning possible influence that Celtic may have had on developments in English syntax in the post–Old English period, such as the regular progressive construction and analytic word order , as well as the eventual development of the periphrastic auxiliary verb do . These ideas have generally not received widespread support from linguists, particularly as many of
11480-479: The economic ideas of Pierre-Joseph Proudhon and his mutualist economic theory. The lesser-known anarchist branch of distributism of Day and the Catholic Worker Movement can be considered a form of free-market libertarian socialism due to their opposition to state capitalism and state socialism. Some have seen it more as an aspiration, successfully realised in the short term by the commitment to
11620-482: The first, but is simpler. It assumes that the primary objective of the industrial system is the provision of employment. 3. And the third, which is essentially simpler still, in fact, so simple that it appears entirely unintelligible to the majority, is that the object of the industrial system is merely to provide goods and services. Douglas believed that it was the third policy alternative upon which an economic system should be based, but confusion of thought has allowed
11760-639: The former diphthong /iy/ tended to become monophthongised to /i/ in EWS, but to /y/ in LWS. Due to the centralisation of power and the destruction wrought by Viking invasions, there is relatively little written record of the non-West Saxon dialects after Alfred's unification. Some Mercian texts continued to be written, however, and the influence of Mercian is apparent in some of the translations produced under Alfred's programme, many of which were produced by Mercian scholars. Other dialects certainly continued to be spoken, as
11900-526: The futhorc. A few letter pairs were used as digraphs , representing a single sound. Also used was the Tironian note ⟨⁊⟩ (a character similar to the digit 7) for the conjunction and . A common scribal abbreviation was a thorn with a stroke ⟨ꝥ⟩ , which was used for the pronoun þæt ( that ). Macrons over vowels were originally used not to mark long vowels (as in modern editions), but to indicate stress, or as abbreviations for
12040-411: The greater number of owners of the means of production". This broader distribution does not extend to all property but only to productive property; that is, that property which produces wealth, namely, the things needed for man to survive. It includes land, tools, and so on. Distributism allows society to have public goods such as parks and transit systems. Distributists accept that wage labour will remain
12180-537: The hands of the state (as seen in its criticism of certain varieties of communism and socialism ). More capitalist-oriented supporters support distributism-influenced social capitalism (also known as a social market economy) , while more socialist-oriented supporters support distributism-influenced libertarian socialism . Examples of methods of distributism include direct productive property redistribution, taxation of excessive property ownership, and small-business subsidization. Distributists advocate in favour of
12320-469: The idea of the role of money as a standard, or measure, of value. Douglas believed that money should act as a medium of communication by which consumers direct the distribution of production. Closely associated with the concept of cultural inheritance as a factor of production is the social credit theory of economic sabotage. While Douglas believed the cultural heritage factor of production is primary in increasing wealth, he also believed that economic sabotage
12460-577: The industrial system to be governed by the first two objectives. If the purpose of our economic system is to deliver the maximum amount of goods and services with the least amount of effort, then the ability to deliver goods and services with the least amount of employment is actually desirable. Douglas proposed that unemployment is a logical consequence of machines replacing labour in the productive process, and any attempt to reverse this process through policies designed to attain full employment directly sabotages our cultural inheritance. Douglas also believed that
12600-590: The inscriptions on the Franks Casket ) date to the early 8th century. The Old English Latin alphabet was introduced around the 8th century. With the unification of several of the Anglo-Saxon kingdoms (outside the Danelaw ) by Alfred the Great in the later 9th century, the language of government and literature became standardised around the West Saxon dialect (Early West Saxon). Alfred advocated education in English alongside Latin, and had many works translated into
12740-424: The issuance of debt-free money directly to consumers or producers (if they sold their product below cost to consumers) in order to combat such discrepancy. In defence of his ideas, Douglas wrote that "Systems were made for men, and not men for systems, and the interest of man which is self-development , is above all systems, whether theological, political or economic." Douglas said that Social Crediters want to build
12880-485: The land on which they labour, which in turn will benefit them and their families as workers will be able to provide for themselves and their household. He puts forward the idea that when men have the opportunity to possess property and work on it, they will "learn to love the very soil which yields in response to the labor of their hands, not only food to eat, but an abundance of the good things for themselves and those that are dear to them". He also states that owning property
13020-478: The language of the upper classes. This is regarded as marking the end of the Old English era, since during the subsequent period the English language was heavily influenced by Anglo-Norman, developing into what is now known as Middle English in England and Early Scots in Scotland. Old English developed from a set of Anglo-Frisian or Ingvaeonic dialects originally spoken by Germanic tribes traditionally known as
13160-449: The latter applied only to "strong" masculine nouns in the nominative and accusative cases; different plural endings were used in other instances. Old English nouns had grammatical gender , while modern English has only natural gender. Pronoun usage could reflect either natural or grammatical gender when those conflicted, as in the case of ƿīf , a neuter noun referring to a female person. In Old English's verbal compound constructions are
13300-544: The logical conclusion of capitalism as capitalism's concentrated powers eventually capture the state. Thomas Storck argues: "Both socialism and capitalism are products of the European Enlightenment and are thus modernising and anti-traditional forces. In contrast, distributism seeks to subordinate economic activity to human life as a whole, to our spiritual life, our intellectual life, our family life." A few distributists, including Dorothy Day , were influenced by
13440-487: The long-term consequence of this policy is a trade war , typically resulting in real war – hence, the social credit admonition, "He who calls for Full-Employment calls for War!", expressed by the Social Credit Party of Great Britain and Northern Ireland , led by John Hargrave . The former represents excessive capital production and/or military build-up. Military buildup necessitates either the violent use of weapons or
13580-517: The major consequence of the problem he identified in his A+B theorem is exponentially increasing debt. Further, he believed that society is forced to produce goods that consumers either do not want or cannot afford to purchase. The latter represents a favorable balance of trade , meaning a country exports more than it imports. But not every country can pursue this objective at the same time, as one country must import more than it exports when another country exports more than it imports. Douglas proposed that
13720-414: The media of wages, salaries, and dividends; and on the other hand as a manufactory of prices – financial values. From this standpoint, its payments may be divided into two groups: Now the rate of flow of purchasing-power to individuals is represented by A, but since all payments go into prices, the rate of flow of prices cannot be less than A+B. The product of any factory may be considered as something which
13860-413: The mere concept of anarchism. Chesterton thought that distributism would benefit from the discipline that theoretical analysis imposes and that distributism is best seen as a widely encompassing concept inside of which any number of interpretations and perspectives can fit. This concept should fit a political system broadly characterized by widespread ownership of productive property. In the United States,
14000-451: The modern knight ( /naɪt/ ). The following table lists the Old English letters and digraphs together with the phonemes they represent, using the same notation as in the Phonology section above. After /n/ , /j/ was realized as [dʒ] and /ɣ/ was realized as [ɡ] . The spellings ⟨ncg⟩ , ⟨ngc⟩ and even ⟨ncgg⟩ were occasionally used instead of
14140-453: The modern economy is a monetary one. Initially, money originated from the productive system, when cattle owners punched leather discs which represented a head of cattle. These discs could then be exchanged for corn, and the corn producers could then exchange the disc for a head of cattle at a later date. The word "pecuniary" comes from the Latin pecunia , originally and literally meaning "cattle" (related to pecus , meaning "beast"). Today,
14280-512: The money they produce by making it scarce. Douglas criticized the banking system on two counts: The former Douglas identified as being anti-social in policy. The latter he claimed was equivalent to claiming ownership of the nation. According to Douglas, money is merely an abstract representation of the real credit of the community, which is the ability of the community to deliver goods and services , when and where they are required. In January 1919, "A Mechanical View of Economics" by C. H. Douglas
14420-496: The naive reader would not assume that they are chronologically related. Each of these four dialects was associated with an independent kingdom on the islands. Of these, Northumbria south of the Tyne , and most of Mercia , were overrun by the Vikings during the 9th century. The portion of Mercia that was successfully defended, and all of Kent , were then integrated into Wessex under Alfred
14560-423: The open market. Douglas suggested that this is the reason why deflation is regarded as a problem in orthodox economics because bankers and businessmen were very apt to forget the lower limit of prices. Douglas proposed to eliminate the gap between purchasing power and prices by increasing consumer purchasing power with credits which do not appear in prices in the form of a price rebate and a dividend. Formally called
14700-487: The origins of civilization (i.e. progress ). Consequently, mankind does not have to keep " reinventing the wheel ". "We are merely the administrators of that cultural inheritance, and to that extent the cultural inheritance is the property of all of us, without exception." Adam Smith , David Ricardo and Karl Marx claimed that labour creates all value . While Douglas did not deny that all costs ultimately relate to labour charges of some sort (past or present), he denied that
14840-512: The past tense of the weak verbs, as in work and worked . Old English syntax is similar to that of modern English . Some differences are consequences of the greater level of nominal and verbal inflection, allowing freer word order . Old English was first written in runes , using the futhorc —a rune set derived from the Germanic 24-character elder futhark , extended by five more runes used to represent Anglo-Saxon vowel sounds and sometimes by several more additional characters. From around
14980-418: The people displaced from the industrial system through the process of mechanization should still have the ability to consume the fruits of the system, because he suggested that we are all inheritors of the cultural inheritance, and his proposal for a national dividend is directly related to this belief. Douglas criticized classical economics because many of the theories are based upon a barter economy , whereas
15120-438: The popularity of political Catholicism across Europe . According to historian Michael A. Riff, a common feature of these movements was opposition to secularism , capitalism, and socialism. In 1891 Pope Leo XIII promulgated Rerum novarum , in which he addressed the "misery and wretchedness pressing so unjustly on the majority of the working class" and spoke of how "a small number of very rich men" had been able to "lay upon
15260-650: The precepts of Whig history —Belloc was nonetheless an MP for the Liberal Party, and Chesterton once stated, "As much as I ever did, more than I ever did, I believe in Liberalism. But there was a rosy time of innocence when I believed in Liberals". Distributism does not favour one political order over another (political accidentalism). While some distributists such as Dorothy Day have been anarchists , it should be remembered that most Chestertonian distributists are opposed to
15400-518: The present labour of the world creates all wealth. Douglas carefully distinguished between value , costs and prices . He claimed that one of the factors resulting in a misdirection of thought in terms of the nature and function of money was economists' near-obsession about values and their relation to prices and incomes. While Douglas recognized "value in use" as a legitimate theory of values, he also considered values as subjective and not capable of being measured in an objective manner. Thus he rejected
15540-400: The price of subsequent ultimate products and they produce a position of most unstable equilibrium, since the life of capital goods is in general longer than that of consumable goods, or ultimate products, and yet in order to meet the requirements for money to buy the consumable goods, the rate of production of capital goods must be continuously increased. The replacement of labour by capital in
15680-420: The principle of subsidiarity. This principle holds that no larger unit (whether social, economic, or political) should perform a function that a smaller unit can perform. In Quadragesimo anno , Pope Pius XI provided the classical statement of the principle: "Just as it is gravely wrong to take from individuals what they can accomplish by their own initiative and industry and give it to the community, so also it
15820-572: The principles of subsidiarity and solidarity (built into financially independent local cooperatives and small family businesses ). However, proponents also cite such periods as the Middle Ages as examples of the long-term historical viability of distributism. Particularly influential in the development of distributist theory were Catholic authors G. K. Chesterton and Hilaire Belloc , two of distributism's earliest and strongest proponents. The mid-to-late 19th century witnessed an increase in
15960-412: The product of industry must be exported. The effect of this on the worker is that he has to do many times the amount of work which should be necessary to keep him in the highest standard of living, as a result of an artificial inducement to produce things he does not want, which he cannot buy, and which are of no use to the attainment of his internal standard of well-being. By modern methods of accounting,
16100-438: The productive process implies that overhead charges (B) increase in relation to income (A), because "'B' is the financial representation of the lever of capital". As Douglas stated in his first article, "The Delusion of Superproduction": The factory cost – not the selling price – of any article under our present industrial and financial system is made up of three main divisions-direct labor cost, material cost and overhead charges,
16240-484: The productive system and the monetary system are two separate entities. Douglas demonstrated that loans create deposits , and presented mathematical proof in his book Social Credit. Bank credit comprises the vast majority of money, and is created every time a bank makes a loan. Douglas was also one of the first to understand the creditary nature of money. The word credit derives from the Latin credere , meaning "to believe". "The essential quality of money, therefore,
16380-463: The productive system. According to Douglas's A+B theorem, the systemic problem of increasing prices, or inflation, is not "too much money chasing too few goods", but is the increasing rate of overhead charges in production due to the replacement of labour by capital in industry combined with a policy of full employment. Douglas did not suggest that inflation cannot be caused by too much money chasing too few consumer goods, but according to his analysis this
16520-425: The progression of time. "As society's capacity to deliver goods and services is increased by the use of plant and still more by scientific progress, and decreased by the production, maintenance, or depreciation of it, we can issue credit, in costs, at a greater rate than the rate at which we take it back through prices of ultimate products, if capacity to supply individuals exceeds desire." Based on his conclusion that
16660-555: The proximate causes operating to reduce the return for effort; and to realise the origin of most of the specific instances, it must be borne in mind that the existing economic system distributes goods and services through the same agency which induces goods and services, i.e., payment for work in progress. In other words, if production stops, distribution stops, and, as a consequence, a clear incentive exists to produce useless or superfluous articles in order that useful commodities already existing may be distributed. This perfectly simple reason
16800-432: The public ought to be able to buy, although in many cases it is an intermediate product of no use to individuals but only to a subsequent manufacture; but since A will not purchase A+B; a proportion of the product at least equivalent to B must be distributed by a form of purchasing-power which is not comprised in the description grouped under A. It will be necessary at a later stage to show that this additional purchasing power
16940-522: The ratio of which varies widely, with the "modernity" of the method of production. For instance, a sculptor producing a work of art with the aid of simple tools and a block of marble has next to no overhead charges, but a very low rate of production, while a modern screw-making plant using automatic machines may have very high overhead charges and very low direct labour cost, or high rates of production. Since increased industrial output per individual depends mainly on tools and method, it may almost be stated as
17080-455: The real cost of production is less than the financial cost of production, the Douglas price rebate (Compensated Price) is determined by the ratio of consumption to production. Since consumption over a period of time is typically less than production over the same period of time in any industrial society, the real cost of goods should be less than the financial cost. For example, if the money cost of
17220-491: The return of a guild system to help regulate industries to promote moral standards of professional conduct and economic equality among members of a guild. Such moral standards of professional conduct would typically focus on business conduct, working conditions and other issues in relation to industry specific matters such as workplace training standards. Distributism favours cooperative and mutual banking institutions such as credit unions, building societies and mutual banks. This
17360-424: The teeming masses of the laboring poor a yoke little better than that of slavery itself". Affirmed in the encyclical was the right of all men to own property, the necessity of a system that allowed "as many as possible of the people to become owners", the duty of employers to provide safe working conditions and sufficient wages, and the right of workers to unionise . Common and government property ownership
17500-409: The theorized Brittonicisms do not become widespread until the late Middle English and Early Modern English periods, in addition to the fact that similar forms exist in other modern Germanic languages. Old English contained a certain number of loanwords from Latin , which was the scholarly and diplomatic lingua franca of Western Europe. It is sometimes possible to give approximate dates for
17640-564: The time still lacked the letters ⟨j⟩ and ⟨w⟩ , and there was no ⟨v⟩ as distinct from ⟨u⟩ ; moreover native Old English spellings did not use ⟨k⟩ , ⟨q⟩ or ⟨z⟩ . The remaining 20 Latin letters were supplemented by four more: ⟨ æ ⟩ ( æsc , modern ash ) and ⟨ð⟩ ( ðæt , now called eth or edh), which were modified Latin letters, and thorn ⟨þ⟩ and wynn ⟨ƿ⟩ , which are borrowings from
17780-404: The usual ⟨ng⟩ . The addition of ⟨c⟩ to ⟨g⟩ in spellings such as ⟨cynincg⟩ and ⟨cyningc⟩ for ⟨cyning⟩ may have been a means of showing that the word was pronounced with a stop rather than a fricative; spellings with just ⟨nc⟩ such as ⟨cyninc⟩ are also found. To disambiguate,
17920-467: The utter confusion of thought which has undoubtedly arisen from the calm assumption of the book-keeper and the accountant that he and he alone was in a position to assign positive or negative values to the quantities represented by his figures is one of the outstanding curiosities of the industrial system; and the attempt to mould the activities of a great empire on such a basis is surely the final condemnation of an out-worn method. In 1920, Douglas presented
18060-423: The word was so nearly the same in the two languages that only the endings would put obstacles in the way of mutual understanding. In the mixed population which existed in the Danelaw, these endings must have led to much confusion, tending gradually to become obscured and finally lost. This blending of peoples and languages resulted in "simplifying English grammar". The inventory of Early West Saxon surface phones
18200-443: Was an allophone of short /ɑ/ which occurred in stressed syllables before nasal consonants (/m/ and /n/). It was variously spelled either ⟨a⟩ or ⟨o⟩. The Anglian dialects also had the mid front rounded vowel /ø(ː)/ , spelled ⟨œ⟩, which had emerged from i-umlaut of /o(ː)/ . In West Saxon and Kentish, it had already merged with /e(ː)/ before the first written prose. Other dialects had different systems of diphthongs. For example,
18340-439: Was based on the West Saxon dialect , away from the main area of Scandinavian influence; the impact of Norse may have been greater in the eastern and northern dialects. Certainly in Middle English texts, which are more often based on eastern dialects, a strong Norse influence becomes apparent. Modern English contains many, often everyday, words that were borrowed from Old Norse, and the grammatical simplification that occurred after
18480-481: Was either /ʃ/ or possibly /ʃː/ when the preceding vowel was short. Doubled consonants are geminated ; the geminate fricatives ⟨ff⟩ , ⟨ss⟩ and ⟨ðð⟩ / ⟨þþ⟩ / ⟨ðþ⟩ / ⟨þð⟩ are always voiceless [ff] , [ss] , [θθ] . The corpus of Old English literature is small but still significant, with some 400 surviving manuscripts. The pagan and Christian streams mingle in Old English, one of
18620-544: Was expressly dismissed as a means of helping the poor. Around the start of the 20th century, G. K. Chesterton and Hilaire Belloc drew together the disparate experiences of the various cooperatives and friendly societies in Northern England, Ireland, and Northern Europe into a coherent political theory which specifically advocated widespread private ownership of housing and control of industry through owner-operated small businesses and worker-controlled cooperatives. In
18760-603: Was followed by such writers as the prolific Ælfric of Eynsham ("the Grammarian"). This form of the language is known as the " Winchester standard", or more commonly as Late West Saxon. It is considered to represent the "classical" form of Old English. It retained its position of prestige until the time of the Norman Conquest, after which English ceased for a time to be of importance as a literary language. The history of Old English can be subdivided into: The Old English period
18900-562: Was made between long and short vowels in the originals. (In some older editions an acute accent mark was used for consistency with Old Norse conventions.) Additionally, modern editions often distinguish between velar and palatal ⟨c⟩ and ⟨g⟩ by placing dots above the palatals: ⟨ċ⟩ , ⟨ġ⟩ . The letter wynn ⟨ƿ⟩ is usually replaced with ⟨w⟩ , but ⟨æ⟩ , ⟨ð⟩ and ⟨þ⟩ are normally retained (except when ⟨ð⟩
19040-405: Was necessary to preserve the system from spontaneous combustion. Douglas claimed there were three possible policy alternatives with respect to the economic system: 1. The first of these is that it is a disguised Government, of which the primary, though admittedly not the only, object is to impose upon the world a system of thought and action. 2. The second alternative has a certain similarity to
19180-411: Was spoken and Danish law applied. Old English literacy developed after Christianisation in the late 7th century. The oldest surviving work of Old English literature is Cædmon's Hymn , which was composed between 658 and 680 but not written down until the early 8th century. There is a limited corpus of runic inscriptions from the 5th to 7th centuries, but the oldest coherent runic texts (notably
19320-425: Was substantive, pervasive, and of a democratic character. Old Norse and Old English resembled each other closely like cousins, and with some words in common, speakers roughly understood each other; in time the inflections melted away and the analytic pattern emerged. It is most important to recognize that in many words the English and Scandinavian language differed chiefly in their inflectional elements. The body of
19460-546: Was the earliest recorded form of the English language , spoken in England and southern and eastern Scotland in the early Middle Ages . It developed from the languages brought to Great Britain by Anglo-Saxon settlers in the mid-5th century, and the first Old English literary works date from the mid-7th century. After the Norman Conquest of 1066, English was replaced for several centuries by Anglo-Norman (a type of French ) as
19600-413: Was the first article to be published in the magazine New Age , edited by Alfred Richard Orage , critiquing the methods by which economic activity is typically measured: It is not the purpose of this short article to depreciate the services of accountants; in fact, under the existing conditions probably no body of men has done more to crystallise the data on which we carry on the business of the world; but
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