The Coming Crash: An Economic Interpretation of Present-day History is a warning call for a long-been-delayed economic catastrophe brought about by events as long as a decade ago, and by the shift in economic system, from capitalism to socialism, as well as by the government actions at the time of writing. EXCERPT FROM The Coming Crash: An Economic Interpretation of Present-day History Ten years ago it seemed to most of us that we should, without any serious disturbance, evolve from Capitalism to Socialism by legislative action of a most eminently constitutional character. A little while before, and certain theorists of continental Socialism had come to the reasoned conclusion that Marx had been mistaken in his forecast of capitalist concentration and centralisation. There was much in the circumstances of the time that pointed to this revisionist judgment. The theory of increasing misery-sometimes misquoted in all sincerity as increasing poverty-appeared to be an error. The "eighties" had passed without the collapse of the system. The unrest and strife of that decade ended without attaining to the seriousness of a crisis. Imperialism opened up State-aided markets for a commercial system that hitherto had eschewed paternalism and governmental patronage. Capitalism entered into a new phase and the middle classes experienced a renewed prosperity, if not a new freedom. They thought themselves safe, but it was the security of a well-paid proletariat and not of an independent bourgeoisie such as their fathers had been.
About the Author: John Turner Walton Newbold (8 May 1888-20 February 1943), known as Walton Newbold, was the first of the four Communist Party of Great Britain members to be elected as MPs in the United Kingdom. He was born in Culcheth, Lancashire, on 8 May 1888, and was educated at Buxton College and the University of Manchester. On leaving university, Newbold lectured in history and politics, and was engaged in industrial and economic research. In 1908, he joined the Fabian Society, connected with the Labour Party, and then the Independent Labour Party (ILP) in 1910. In line with the ILP's pacifist position on World War I, he joined the No Conscription Fellowship, and was a conscientious objector, although he was in any case found physically unfit for military service. He did a great deal of research into the arms trade and its international connections in the late 19th/early 20th centuries.