A history of economic doctrines : $b from the time of the physiocrats to the present dayGide, Charles
History
A history of economic doctrines : $b from the time of the physiocrats to the present day
Gide, Charles
Economics -- History
Their indignation is easily explained. There is certainly something
paradoxical in the fact to which they draw attention. If we accept
Smith’s view, that government “is in reality instituted for the defence
of those who have some property against those who have none at all”—a
very narrow conception of the function of government[476]—inheritance is
simply inevitable. On the other hand, if we put ourselves at the point
of view of the Saint-Simonians, who lived in an industrial society where
wealth was regarded, not as an end, but as a means, not merely as the
source of individual income, but as the instrument of social production,
it seems utterly wrong that it should be left at the disposal of the
first comer. The practice of inheritance can only be justified on the
ground that it provides a stimulus to the further accumulation of wealth,
or that in default of a truly rational system the chances of birth are
not much more open to criticism than any other.
Such scepticism was little to the taste of the Saint-Simonians. But they
were firmly convinced that all the disorders of production, whether
apparent or real, were due to the dispersion of property according to the
chances of life and death.
“Each individual devotes all his attention to his own immediate
dependents. No general view of production is ever taken. There is no
discernment and no exercise of foresight. Capital is wanting here and
excessive there. This want of a broad view of the needs of consumers and
of the resources of production is the cause of those industrial crises
whose origin has given rise to so much fruitless speculation and so many
errors which are still circulating in our midst. In this important branch
of social activity, where so much disturbance and such frequent disorder
manifests itself, we see the evil result of allowing the distribution of
the instruments of production to be in the hands of isolated individuals
who are at once ignorant of the demands of industry, of other men’s
needs, and of the means that would satisfy them. This and nothing else is
the cause of the evil.”[477]
Public-domain text, read in full here on John Shaqi.
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