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_We should reach the ideal of the
Socialist_, but not through government repression. _Government
would change its character, and would become the administration of
a great co÷perative society. It would become merely the agency by
which the common property was administered for the common
benefit_." (Italics mine.)[28]


But the "State Socialist" and the Individualist reformer, who are often
combined in one person, as in the case of Henry George, differ sharply
from Socialists of the Socialist movement in aiming at a society, which,
however widely government action is to be extended, is after all to
remain a society of small capitalists.

Professor Edward A. Ross very aptly sums up the reformer's objections to
the anti-capitalist Socialists. Capitalism must be "divested of its
perversions," the privately owned monopolies and their political
machines, primarily for the purpose of strengthening it _against_
Socialism. "Individualism should make haste to clean the hull of the old
ship for the coming great battle with the opponents of private
capital...."[29] The reformers, as a rule, like Professor Ross,
consciously stand for a new form of private capitalism, to be built up
with the aid of the State. This is the avowed attitude of the larger
part of the "progressives," "radicals," and "insurgents" of the day.

The new reform programs, however radical, are aimed at regenerating
capitalism. The most radical of all, that of the single taxers, who plan
not only that the state shall be the sole landlord, but that the
railways and the mines shall be nationalized and other public utilities
municipalized, do not deny that they want to put a new life into private
capitalism, and to stimulate commercial competition in the remaining
fields of industry. Mr. Frederick C. Howe, for instance, predicts a
revival of capitalistic enterprise, after these measures are enacted,
and even looks forward to the indefinite continuation of the struggle
between capital and labor.[30]

FOOTNOTES:

[9] The _Socialist Review_ (London), April, 1909.

[10] The _New Age_ (London), Nov. 4, 1909.

[11] Edward Bernstein, "Evolutionary Socialism," p. 154.

[12] Winston Churchill, "Liberalism and the Social Problem," p. 345.

[13] H. G. Wells, "New Worlds for Old," p. 185.

[14] Winston Churchill, _op. cit._, p. 80.

[15] Winston Churchill, _op. cit._, pp. 326, 327.

[16] Winston Churchill, _op. cit._, pp. 326.

[17] Winston Churchill, _op. cit._, p. 396.

[18] Winston Churchill, _op. cit._, p. 399.

[19] Winston Churchill, _op. cit._, p. 336.

[20] Winston Churchill, _op. cit._, p. 339.

[21] Lloyd George, "Better Times," p. 163.

[22] Lloyd George, _op. cit._, pp. 94-101.

[23] Lloyd George, _op. cit._, p. 58.

[24] Lloyd George, _op. cit._, p. 174.

[25] Lord Rosebery's Speech at Glasgow, Sept. 10, 1909.

[26] Louis F. Post, "Social Service," p. 341.

[27] _The Public_ (Chicago), Nov. 4, 1910.

[28] Henry George, "Progress and Poverty," Book IV, p. 454.

[29] Professor E. A. Ross, "Sin and Society," p. 151.

[30] Frederick C. Howe, "Privilege and Democracy in America," p. 277.




CHAPTER II

THE NEW CAPITALISM


President Taft says that if we cannot restore competition, "we must
proceed to State Socialism and vest the government with power to control
every business." As competition cannot be revived in industries that
have been reorganized on a monopolistic basis, this is an admission
that, in such industries, there is no alternative to "State Socialism."

The smaller capitalists and business interests have not yet reconciled
themselves, any more than President Taft, to what the Supreme Court, in
the Standard Oil Case, called "the inevitable operation of economic
forces," and are just beginning to see that the only way to protect the
industries that remain on the competitive basis is to have the
government take charge of those that have already been monopolized. But
the situation in Panama and Alaska and the growing control over
railroads and banks show that the United States is being swept along in
the world-wide tide towards collectivism, and innumerable symptoms of
change in public opinion indicate that within a few years the smaller
capitalists of the United States, like those of Germany and Great
Britain, will be working with the economic forces instead of trying to
work against them. Monopolies, they are beginning to see, cannot be
destroyed by private competition, even when it is encouraged by the
legislation and the courts, and must be controlled by the government.
But government regulation is no lasting condition. If investors and
consumers are to be protected, wage earners will most certainly be
protected also--as Mr. Roosevelt advocates. And from government control
of wages, prices, and securities it is not a long step to government
ownership.

The actual disappearance of competition and the growing harmony of all
the business interests among themselves are removing every motive for
continued opposition to some form of State control,--and even the more
far-sighted of the "Captains of Industry," like Judge Gary of the Steel
Corporation and many others, are beginning to see how the new policy
and their own plans can be made to harmonize. The "Interests" have only
recently become sufficiently united, however, to make a common political
effort, and it is only after mature deliberation that the more
statesmanlike of the capitalists are beginning to feel confident that
they have found a political plan that will succeed. As long as the
business world was itself fundamentally divided, small capitalists
against large, one industry against the other, and even one
establishment against another in the same industry, it was impossible
for the capitalists to secure any united control over the government.
The lack of organization, the presence of competition at every point,
made it impossible that they should agree upon anything but a negative
political policy.

But now that business is gradually becoming politically as well as
economically unified, government ownership and the other projects of
"State Socialism" are no longer opposed on the ground that they must
necessarily prove unprofitable to capital. If their introduction is
delayed, it is at the bottom because they will require an enormous
investment, and other employments of capital are still more immediately
profitable. Machinery, land, and other material factors still demand
enormous outlays and give _immediate_ returns, while investments in
reforestation or in the improvement of laborers, for example, only bring
their maximum returns after a full generation. But the semi-monopolistic
capitalism of to-day is far richer than was its competitive predecessor.
It can now afford to date a part of its expected returns many years
ahead. Already railroads have done this in building some of their
extensions. Nations have often done it, as in building a Panama Canal.
And as capitalism becomes further organized and gives more attention to
government, and the State takes up such functions as the capitalists
direct, they will double and multiply many fold their long-term
governmental investments--in the form of expenditures for industrial
activities and social reforms.

Already leading capitalists in this country as well as elsewhere welcome
the extension of government into the business field. The control of the
railroads by a special court over which the railroads have a large
influence proves to be just what the railroads have wanted, while there
is a growing belief among them, to which their directors and officers
occasionally give expression, that the day may come, perhaps with the
competition of the Panama Canal, when it will be profitable to sell out
to the government--at a good, round figure, of course, such as was
recently paid for railroads in France and Italy. Similarly the new
wireless systems are leading to a capitalistic demand for government
purchase of the old telegraph systems.

Mr. George W. Perkins, recently partner of Mr. J. P. Morgan, foreshadows
the new policy in another form when he advocates a Supreme Court of
Business (as a preventive of Socialism):--


"Federal legislation is feasible, and if we unite the work for it
now we may be able to secure it; whereas, if we continue to fight
against it much longer, the incoming time may sweep the question
along either to government ownership or to Socialism [Mr. Perkins
recognizes that they are two different things].

"I have long believed that we should have at Washington a business
court, to which our great problems would go for final adjustment
when they could not be settled otherwise. We now have at Washington
a Supreme Court, composed, of course, of lawyers only, and it is
the dream of every young man who enters law that he may some day be
called to the Supreme Court bench. Why not have a similar goal for
our business men? Why not have a court for business questions, on
which no man could sit who has not had a business training with an
honorable record? _The supervision_ of business by such a body of
men, _who had_ reached such a court in such a way, would
unquestionably _be fair and equitable to business_, fair and
equitable to the public." (Italics mine.)


Mr. Roosevelt and Senator Root are similarly inspired by the
quasi-partnership that exists between the government and business in
those countries where prices and wages in certain monopolized industries
are regulated for the general good of the business interests. In the
words of Mr. Root:--


"Germany, to a considerable extent, requires combination of her
manufacturers, producers, and commercial concerns. Japan also
practically does this. But in the United States it cannot be done
under government leadership, because the people do not conceive it
to be the government's function. It seems to be rather that the
government is largely taken up with breaking up organizations, and
that reduces the industrial efficiency of the country."


As the great interests become "integrated," _i.e._ more and more
interrelated and interdependent, the good of one becomes the good of
all, and the policy of utilizing and controlling, instead of opposing
the new industrial activities of the government, is bound to become
general.



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Keywords: already, growing, returns, recently, industrial, ownership, social, professor, panama, states
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