21 Lloyd (1925). In its critical tone the article clearly specifi es the pitfalls of defl ation. Th e rise of the value of the pound necessarily involved: “1) a rising exchange which was bound to hit the export industries particularly hard; 2) falling prices, which were bound to hamper trade and industry in general; 3) a reduction of costs, which was bound to mean primarily a reduction of wages; and lastly, 4) general unemployment on a large scale, since this is the only known means by which wages can be forced down . . . and rentiers, as a class, have not had their money incomes reduced as abstract justice would have required” (1925, 414).

Clara E. Mattei, The Capital Order, loc. 1683