Probably the more flagrant shortcomings of market valuation at the
present time are due in part to a rather anarchic state of the economic
system itself, considered as a mechanism, but also, quite as much, to a
weakness and confusion in the higher kinds of organization, of which
economic demand should be the expression. The market is largely under
the control of two sorts of values, both of which may be called
anti-progressive: institutional values of a somewhat outworn and
obstructive kind, and human-nature values whose crudity reflects the
present lack among us of the finer kinds of culture groups and
disciplines. By outworn institutional values I mean, for example, the
ideals of pecuniary self-assertion and display which we get, at least in
their more extravagant forms, from the regnant commercialism; also the
ideals of a superficial refinement, expressing social superiority rather
than beauty, which we inherit from a society based on caste. Crude
human-nature values may be illustrated by the various forms of
sensuality and unedifying amusement for which we spend so lavishly. The
road to something higher, in both these regards, seems to lie through
the growth of such group disciplines as I have suggested.
We particularly need such disciplines in those fields of production
which are most distinctly economic in that they are most completely
within the control of the pecuniary institution—production, chiefly, of
material goods for the ordinary uses of life. At the present time
producers, in great part, are guided by no ideals of group function and
service, but merely by the commercial principle of making what they can
sell. This attitude is anti-progressive, however matter-of-course it may
seem, because the social group in performance of a given function is
primarily responsible for its betterment. A shoe-manufacturer is no more
justified in making the worst shoes he can sell than an artist in
painting the worst pictures. Only as we all idealize our functions can
progress-values come in. And the consumers, upon whom the commercial
principle throws the whole responsibility, also lack high standards, and
organized means of enforcing those they have. The whole situation, so
far as it is of this kind, tends to the degradation of quality.
Public-domain text, read in full here on John Shaqi.
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