ECONOMIC SYSTEMS

Press, Volume LXXXII, Issue 24959, 21 August 1946, Page 3

ECONOMIC SYSTEMS

ADDRESS TO ACCOUNTANT STUDENTS

The history of the economic system from the twelfth century to the present day was traced by Mr A. J. Danks, lecturer in economics at Canterbury University College, at the fortnightly meeting of the Christchurch Accountant Students’ Society. From the twelfth to the fifteenth century land was farmed on a communal basis, there being little use for money, said Mr Danks. Wealth was considered a spiritual handicap, and any surplus was given to the church. During the fifteenth century capitalism began to appear and challenged the authority of the State in the Cival War. Later there was a rise of individualism, and in the eighteenth century scientific methods were introduced, after which came the growth of capitalistic trading, and then the industrial revolution.

Economic liberalism had a definite limited period from 1851 to 1870. At the end of the nineteenth century there was a marked change with the passing of limited liability legislation, which enabled the small investor to invest his savings. The present stage was one where the State directed the economic framework, concluded Mr Danks. Groups were now pre-eminent and the individual did not count.