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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.
Idiosyncrasy credit [1] is a concept in social psychology that describes an individual's capacity to acceptably deviate from group expectations. Idiosyncrasy credits are increased (earned) each time an individual conforms to a group's expectations, and decreased (spent) each time an individual deviates from a group's expectations.
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.
Social credit is an example of China's "top-level design" (顶 层 设计) approach. It is coordinated by the Central Comprehensively Deepening Reforms Commission. [14] Social credit when referred by the Chinese government, generally covers two different concepts.
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.
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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.
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