A Critical Examination of SocialismMallock, W. H. (William Hurrell)
Philosophy
A Critical Examination of Socialism
Mallock, W. H. (William Hurrell)
Communism; Socialism
It would, then, be a sufficient answer to those who attack interest, and
propose to transfer it from its present recipients to the state, to
elucidate, as has here been done, the two following points: firstly,
that to interest as a means of enjoying wealth--the right to such
enjoyment itself not being here disputed--the only alternative is a
system which would thus prove fatal to everybody; and, further, that,
conversely, the enjoyment of wealth through interest not only possesses
this negative advantage, but is actively implicated in, and is the
natural corollary of, that progressive accumulation of force in the form
of productive machinery to which all the augmented wealth of the modern
world is due. By the identification of the enjoyment of capital with
the enjoyment of some portion of the products of it, the good of the
individual capitalist is identified with the good of the community; for
it will, in that case, be the object of all capitalists to raise the
productivity of all capital to a maximum; while a system which would
compel the possessor, if he is to enjoy his capital at all, to do so by
diminishing its substance and allowing its powers to dwindle, would
identify the only advantage he could possibly get for himself with the
impoverishment of everybody else, and ultimately of himself also.
But the crucial facts of the case have not been exhausted yet. There are
few phenomena of any complex society which are not traceable to more
causes than one, or at least to one cause which presents itself under
different aspects. Such is the case with interest. Its origin, its
functions, and its justification, in the modern world, must be
considered under an aspect, at which hitherto we have only glanced.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account