An Inquiry into the Nature of Peace and the Terms of Its PerpetuationVeblen, Thorstein
Philosophy
An Inquiry into the Nature of Peace and the Terms of Its Perpetuation
Veblen, Thorstein
Peace; World War, 1914-1918 -- Peace
The new dispensation offers two new factors bearing on this businesslike
need of a sagacious sabotage, or rather it brings a change of
coefficients in two factors already familiar in business management: a
greater need, for gainful business, of resorting to such limitation of
traffic; and a greater facility of ways and means for enforcing the
needed restriction. So, it is confidently to be expected that in the
prospective piping time of peace the advance in the industrial arts will
continue at an accelerated rate; which may confidently be expected to
affect the practicable increased production of merchantable goods; from
which it follows that it will act to depress the prices of these goods;
from which it follows that if a profitable business is to be done in the
conduct of productive industry a greater degree of continence than
before will have to be exercised in order not to let prices fall to an
unprofitable figure; that is to say, the permissible output must be held
short of the productive capacity of such industry by a wider margin than
before. On the other hand, it is well known out of the experience of the
past few decades that a larger coalition of invested capital,
controlling a larger proportion of the output, can more effectually
limit the supply to a salutary maximum, such as will afford reasonable
profits. And with the new dispensation affording a freer scope for
business enterprise on conditions of greater security, larger coalitions
than before are due to come into bearing. So that the means will be at
hand competently to meet this more urgent need of a stricter limitation
of the output, in spite of any increased productive capacity conferred
on the industrial community by any conceivable advance in the industrial
arts. The outcome to be looked for should apparently be such an
effectual recourse to capitalistic sabotage as will neutralise any added
advantage that might otherwise accrue to the community from its
continued improvements in technology.
Public-domain text, read in full here on John Shaqi.
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