This historic book may have numerous typos and missing text.
Purchasers can download a free scanned copy of the original book
(without typos) from the publisher. Not indexed. Not
illustrated.1906 Excerpt: ... CHAPTER IV PANTOCKACY In discussing
the third objection to socialism in the preceding chapter we have
discovered a valid criticism of all systems which have thus far
been proposed for the guidance of society. To cure poverty and to
make the average individual self-supporting, a better distribution
of wealth is a necessary, but not a sufficient, condition. A
greater rate of consumption per capita is essential and the only
means of attaining it is to make greater the rate of production per
capita. We shall point out later that the population of a community
is entirely beyond human control when the consumptive rate is of
low value, and hence cannot be brought to beneficent equilibrium.
The first essential then of an economic system is to simultaneously
raise the efficiency of production and of consumption. Capitalism,
whether competitive or monopolistic, admits of no means of
accomplishing such a result. Socialism does. I propose, then, to
undertake the exposition of a modification of socialism which will
presumably combine all the advantages of public monopoly with the
single advantage of competition, at the same time augmenting that
single advantage in a degree impossible under competition. To
understand the relation of this proposed system to that at present
in operation a slight analysis of profit wih be necessary. Profit
under the present system accomplishes two and only two useful
objects. (1) It induces men to undertake the production of
desiderata: (2) It induces them to undertake to improve the means
of production. Economists claim no other element of utility in
profit. Aside from these two objects the incentive furnished by
profit, or the hope of profit, is not an incentive to useful acts,
but to harmful ones. Under the wage system the recompense of ...
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