After the First World War, and partly because of it, nineteenth century capitalism began to be denounced by the critics both of the Left and of the Right- as an unintelligent system for producing too much of everything and for providing for the labour and capital engaged in the process a poor and unsatisfying level of rewards. Some adjustment was clearly called for. By tacit agreement between Left and Right, the various ingenious devices of economic restrictionism were introduced so as to induce people to produce a little less. By 1939, however, the spread of what may be called twentieth century collectivist capitalism began to disturb critiques of the Centre, who could not understand why everybody should expect to get a little more for producing a little less.
First published in 1947, The Little Less is intended to clarify the confusion of these claims and counter claims and to propose new economic goals for the post war period which avoid the economic frying pan as well as the fire. This is an important historical reference work for scholars and students of political economy.