can, and before long such a market is glutted, sales stop, capital remains inactive, prices fall, and English manufacture has no further employment for its hands.
In the beginning of the development of manufacture, these checks were limited to single branches and single markets; but the centralising tendency of competition which drives the hands thrown out of one branch into such other branches as are most easily accessible, and transfers the goods which cannot be disposed of in one market to other markets, has gradually brought the single minor crises nearer together and united them into one periodically recurring crisis.
Such a crisis usually recurs once in five years after a brief period of activity and general prosperity; the home market, like all foreign ones, is glutted with English goods, which it can only slowly absorb, the industrial movement comes to a standstill in almost every branch, the small manufacturers and merchants who cannot survive a prolonged inactivity of their invested capital fail, the larger ones suspend business during the worst season, close their mills or work short time, perhaps half the day; wages fall by reason of the competition of the unemployed, the diminution of working-time and the lack of profitable sales; want becomes universal among the workers, the small savings, which individuals may have made, are rapidly consumed, the philanthropic institutions are overburdened, the poor-rates are doubled, trebled, and still insufficient, the number of the starving increases, and the whole multitude of “surplus” population presses in terrific numbers into the foreground.
This continues for a time; the “surplus” exist as best they may, or perish; philanthropy and the Poor Law help many of them to a painful prolongation of their existence. Others find scant means of subsistence here and there in such kinds of work as have been least open to competition, are most remote from