Part 3

Wealth may be compared to our language. Although we use our language every day, it does not get used up. On the contrary, new words and idioms are constantly being added to the national vocabulary, and the language increases in usefulness the more it is spoken, instead of deteriorating.

In olden times, only a few chosen ones, such as kings and priests and nobles, could read and write. The rest of the people were kept in ignorance and poverty. Today, with our standardized and simplified grammar and our mass education, the benefits of literacy are available to everybody, to rich and poor alike.

Such a condition should exist also with respect to the enjoyment of wealth. A minimum standard should be created for everyone, and rich and poor, old and young should participate in its benefits, and profit from its use and management.

Our economic society has advanced little from Medieval times in the distribution of our wealth. We still continue on the basis of our old theories and notions that only the chosen ones should enjoy it.

There is as much wealth in existence as there is time, but people do not visualize it. Wealth, like food, must be digested for human beings to be able to live, function and create—in other words, to produce more wealth. If we want to acquire new wealth, the supply lines must be drained so that fresh commodities can come in. If there are stale goods left in the lines, the fresh supply must force them out.

The cause of our present stagnation is that the supply line or arteries furnishing the needs of the country are clogged with obsolete, outworn and outmoded machinery, buildings and commodities of all kinds. These are obstructing the avenues of commerce and industry and are preventing new products from coming through. There is little demand for new goods when people make their old and worn-out things do, by keeping them longer than they should.

We need to apply better managerial foresight to public affairs. I contend that any business or corporation, public or private, which operates and expects to get an income of several billions of dollars a year from its operations, deserves much attention, and requires thoughtful planning, in order to perfect the machinery of its organization. The aim should be to make it function smoothly in order to satisfy the self-supporting multitudes, by providing them with regular employment at a living wage which will assure the American standard of living.

Such a socially responsible system, which is anxious for the well-being of all of its citizens, is on a vastly sounder and more permanent basis than one which allows business merely to take out profits without improving the organization with new methods and without renewing the equipment.

I maintain that with wealth should go responsibility. Too many nowadays regard wealth as a license to freedom and immunity from obligation to the people. Such irresponsible possessors of wealth are shirkers, who tend to make all of us poorer.

Summarizing the benefits which would accrue to this nation and to the world at large if my plan were adopted and put into effect, it would:

1. Bring order out of the chaos now disrupting the whole economic and social organization.

2. Organize and regularize opportunities for employment.

3. Obviate the tremendous social waste of making no use of the workpower of millions of men and women (who are compelled to stay idle). In this connection, it is significant to note that “the cost of the present depression will very probably exceed 50 billions of dollars” (a staggering amount), according to Malcolm C. Rorty, business executive and statistician, writing in a recent issue of the Harvard Business Review.

4. My plan would take Government finances out of their present speculative status and would put Government income on a more stable basis, by receiving annually at least between 25 and 50 per cent of the net income of all the buildings, machinery and other commodities which have been declared obsolete after their allotted time, and nevertheless allowed to function longer in the event there is ample employment.

Transcriber’s Notes

pg 11 Changed: their alloted time has expired to: their allotted time has expired

pg 19 Changed: for the wellbeing of all to: for the well-being of all