In his classic work, The General Theory, published in the depths of the 1930s Depression, John Maynard Keynes famously observed that "Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done."