The Principles of Economics, with Applications to Practical ProblemsFetter, Frank A. (Frank Albert)
General
The Principles of Economics, with Applications to Practical Problems
Fetter, Frank A. (Frank Albert)
Economics
The effects of inheritance on the community are good in so far as it
secures efficient management of wealth. If the son or relative has been
in business with the deceased, there is a reason that he should inherit
the property, and his succession to it makes the least disturbance to
existing business conditions. But every profligate son is an argument
against inheritance; every incompetent heir is an argument in the hands
of the enemies of the existing order of society. It is to society's
interest that no able-bodied member shall stand idle. Every child should
have presented to him the motive to devote his powers to the social
welfare in economic or other directions. Moreover, many feel that the
great fortunes now accumulating through successive generations in the
hands of a few families are endangering our free society, even if these
fortunes should continue to be well administered. There is a widespread
feeling that the heredity of great wealth is, like the heredity of
political power, out of harmony with the democratic spirit--though this
may easily become a misleading comparison. Still, democracy wishes to
see men as individuals put to the test, not profiting forever by the
deeds of their forebears. This feeling is shared by those who cannot be
charged with radical prejudices. A few years ago the Illinois Bar
Association passed a somewhat startling resolution favoring moderate
limits to inherited fortunes. Every year sees bills of this purport
introduced in the legislatures and in Congress. Andrew Carnegie says it
would be a good thing if every boy had to start in poverty and make his
own way. Cecil Rhodes recorded in his will his contempt for the idle,
expectant heir.
[Sidenote: The test of wise inheritance laws]
Public-domain text, read in full here on John Shaqi.
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