Clifford Hugh Douglas

(1879—1952) economic theorist

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British engineer and economist. Before and during World War I he developed his theory of social credit, arguing that in every productive establishment the total cash issued in wages, salaries, and dividends was less than the collective price of the product. To remedy deficiencies of purchasing power, either subsidies should be paid to producers or additional moneys go to consumers. His ideas became fashionable in Britain (1921–22) and in the dominions, particularly in Canada and New Zealand.

Subjects: Economics.

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