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
3. _Social expediency will limit the right of intestate inheritance to
persons in essential economic and social relations._ Public opinion is
not yet crystallized in favor of this formal proposition, but tends
strongly toward it. The foregoing considerations show that the right of
gift in the lifetime of the giver should be the freest. The right of
bequest, that is, of gift by will, should be liberal. The man who has
acquired wealth may well be trusted to decide who bear to him a close
social or personal relation, and to say whose lives have in a measure
furnished the motives of his activity. But the right of intestate
inheritance by distant relatives is one that stands on weak social
foundations to-day. It appears to be an unreasonable survival from more
patriarchal conditions. The true test is whether the wish to provide for
these heirs has furnished the motive for the producing and preserving of
the wealth. The claims of those nearest in blood and closest in personal
relations are strongest. Family affection and friendship form the
strongest of social ties, and it is socially expedient to cultivate
them. Motives for abstinence and industry must be strengthened. But the
same test shows that the zealous regard of the American law for the
rights of grandnephews in Australia, or even of brothers long absent in
distant quarters of this country, is irrational, and is unjust to the
community where the fortune lies.
[Sidenote: Social services of favored classes]
4. _Many fortunes built on favoring legislation are defended as due to
social service._ In the Middle Ages kings often granted great estates to
nobles as rewards for past merit and as a payment for expected public
actions. The great landlords were the magistrates, military leaders, and
supporters of social order, and thus, in the judgment both of the king
and of the commonalty, the nobles earned their incomes by their social
service. While this practice has disappeared under constitutional
government, large grants are still made to royal families. Many
Englishmen who are democratic at heart uphold such grants as the price
of social stability. Regard for royalty is so deep-rooted in the minds
of the people of any long-established monarchy that there is always
danger in change. England must pay many millions annually as the price
of loyal and conservative sentiment. So long as this is true, a family
of royal figureheads and idlers performs a social service.
[Sidenote: Possible social service of protected industries]
Public-domain text, read in full here on John Shaqi.
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