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Douglas' theory of social credit has been disputed and rejected by most economists and bankers. Prominent economist John Maynard Keynes references Douglas's ideas in his book The General Theory of Employment, Interest and Money, [7] but instead poses the principle of effective demand to explain differences in output and consumption.
John Turmel, who is in the Guinness Book of Records for the most elections contested and for the most elections lost, is an advocate of social credit monetary theory and founded the Abolitionist Party of Canada which ran 80 candidates in the 1993 federal election on a social credit style economic platform. The party was dissolved in 1996.
The Canadian social credit movement is a political movement originally based on the Social Credit theory of Major C. H. Douglas. Its supporters were colloquially known as Socreds in English and créditistes in French. It gained popularity and its own political party in the 1930s, as a result of the Great Depression.
C. H. Douglas, founder of the Social Credit-theory. Photo taken in Edmonton, Alberta, Canada, 1934. In the years around 1920 the British engineer C. H. Douglas developed a theory on banking and welfare distribution, a theory which he called "Social Credit", and which soon became the cornerstone of an international movement with the same name.
The Social Credit System (Chinese: 社会信用体系; pinyin: shèhuì xìnyòng tǐxì) is a national credit rating and blacklist implemented by the government of the People's Republic of China. [ 1 ] [ 2 ] The social credit system is a record system so that businesses, individuals and government institutions can be tracked and evaluated for ...
The debate goes back to the 1930s when the social credit movement had ideas around those lines. Two major basic income experiments have been conducted in Canada. Firstly the Mincome experiment in Manitoba 1974–1979, and secondly the Ontario Basic Income Pilot Project in 2017.
The Douglas Credit Party was an Australian political party based on the Social Credit theory of monetary reform, first set out by Clifford Douglas.It gained its strongest result in Queensland in 1935, when it gained 7.02% of first preferences under the leadership of the psychiatrist Dr Julius Streeter.
Under Ahlstrom's leadership, the party made moves toward re-embracing elements of social credit monetary theory. The party nominated 12 candidates in the 2001 election (down from 70 in 1997) and received 5,361 votes (0.5% of the popular vote), down from 64,667.