There are so many of us who consider that ‘if you can’t pull your weight, you don’t deserve to live’…
On the other hand, there was a moment in time when the Brits had abolished the institution of debtor’s prison… And a second moment, no less significant, has been the Marshall Plan.
You see, for whatever reason, an individual or a business might fail. Sometimes, even a whole continent might fail…
Until recently – historically speaking, debtor’s prison was abolished in 1869 and the last war reparations had been extracted after WWI – it was a matter of ‘one strike, you’re out’. One mishap, for what ever reason – bad luck was enough – and you were practically reduced to ‘servitude’. If somebody else didn’t bail you out, your chances of getting out ‘alive’ were very slim. No matter whether you were an individual, a business or even a country.
Interestingly, the first who was allowed the protection of bankruptcy was the business sector, countries came next – but only if they were sovereign states, while individuals are not yet completely out of the woods.
Now, where would any of you prefer to live? In the XIX-th century Britain or in the XXI-st century Britain? Ceteris paribus. As in ‘conserving all other ‘variables’ ‘. Given the fact that hot water was practically absent in XIX-th century Britain, I’d prefer the present century anytime.
Was ‘bankruptcy’ the only explanation for the economic take-off which happened after the second half of the XIX-th century?
Probably not but it surely helped. Just as the present day Europe owns a lot to the Marshall Plan.
Then why aren’t we extending a more helpful hand to more of those who have ‘stumbled’?
nicichiarasa 