1. 19th civilization rested on four institutions : 1. balance-of-power system 2. international gold standard 3. self-regulating system 4. liberal state. One way: two political, two economic, another way, two international , two national.
2. International gold standard is crucial among them. It was the proximate cause of catastrophe.
3. The fount and matrix of the system was the self- regulating market. The institutions lay in the law governing market economy.
Author's conclusion: such an institution can't last long time without annihilating the human and society. In the end, the result will come to same.
P1 - 19th century civilization rests on 4 institutions:
1/ Balance of power
2/ International Golden Standard
3/ Self-regulating market
4/ Liberal state
P2 - Gloden Standard: Crucial
P3 - Sef-regulating market: fount and matrix
P4 - Our thesis: the dilemma between Self-regulating market annihilating society and Society protecting itself and impairing the Self-regulating market forced the development of the society, and the disruption of the society organization.