Economic Democracy

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Harcourt, Brace and Howe, 1920 - Credit - 144 pages
 

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Page 111 - ... of the fact that what is commonly called credit by the banker is administered by him primarily for the purpose of private profit, whereas it is most definitely communal property. In its essence it is the estimated value of the only real...
Page 52 - It is a widely spread delusion that price is simply a question of supply and demand, whereas, of course, only the upper limit of price is thus governed, the lower limit, which under free competition would be the ruling limit, being fixed by cost plus the minimum profit which will provide a financial inducement to produce. It is important to bear this in mind, because it is frequently assumed that a mere glut of goods will bring down prices quite irrespective of any intrinsic economy involved in large-scale...
Page 28 - Any medium which has reached such a degree of acceptability that no matter what it is made of, and no matter why people want it, no one will refuse it in exchange for his product.
Page 21 - The danger which at the moment threatens individual liberty far more than any extension of individual enterprise is the Servile State; the erection of an irresistible and impersonal organization through which the ambition of able men, animated consciously or unconsciously by the lust of domination, may operate to the enslavement of their fellows.
Page 111 - Theory) then, assumes that the money equivalent to the price of every article which is produced, is in the pocket, or the bank pigeon-hole of somebody in the world. In other words, it assumes that the collective sum of the wages, salaries, and dividends distributed in respect of the articles for sale at any given moment, which...
Page 65 - The evil of the existing system of production economics is the "constant filching of purchasing power from the individual in favor of the financier, rather than in the mere profit itself.
Page 85 - labor, as such, produces all wealth, whereas the simple fact is that production is 95 per cent a matter of tools and process, which tools and process form the cultural inheritance of the community...
Page 124 - In other words, the Just Price of an article, which is the price at which it can be effectively distributed in the community producing, bears the same ratio to the cost of production that the total consumption and depreciation of the community bears to the...
Page 111 - Economy first step towards dealing with the problem is the recognition of the fact that what is commonly called credit by the banker is administered by him primarily for the purpose of private profit, whereas it is most definitely communal property.
Page 10 - Fabianism and Prussianism alike give grounds for what Major Douglas has ably synthesized as 'a claim for the complete subjection of the individual to an objective which is externally imposed on him; which it is not necessary or even desirable that he should understand in full.

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