I'm reading a manuscript of a new book by Joyce Appleby, my favorite historian of industrial commerce.
I encouraged Dr. Appleby to write this book because it is very lonely out in the pro commerce world without others to talk with.
Dr. Appleby and I have disagreed slightly on the sources of modern industrial commerce. I placed great emphasis on Holland as the point of origin. She is a true historian and is convincing me in her manuscript that England deserves the recognition as the source of industrial commerce.
All that aside, one of her interesting points is that the booms and busts of early commerce were a constructive development. The boom lead to rapid capital accumulation for manufacturers and new entrepreneurs. The busts lowered prices significantly and expanded markets.
Good point.