A Quote by Louis O. Kelso
The idea that full employment without property ownership will solve the world's problems is utter nonsense. The Keynesian concept that the function of capital is merely to amplify labor, not independently produce wealth is simply blindness.
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Capital movements are no longer necessarily related to the production of goods and services. Through the financial markets of the world, capital movements today are overwhelmingly concerned with the capture of and trade in property rights, the ownership of assets that magnify a corporation's wealth, power, and control. It is what John Maynard Keynes described as "a casino world"-wealth without worth.
Capital, and the question of who owns it and therefore reaps the benefit of its productiveness, is an extremely important issue that is complementary to the issue of full employment... I see these as twin pillars of our economy: Full employment of our labor resources and widespread ownership of our capital resources. Such twin pillars would go a long way in providing a firm underlying support for future economic growth that would be equitably shared.
The widespread distribution of private property ownership is the cornerstone of American liberty. Without it neither our free enterprise system nor our republican form of government could long endure.... The next Republican Administration will...not only protect the cherished human right of property ownership, but will also work to help millions of Americans - particularly those from disadvantaged groups - to share in the ownership of the wealth of their nation.
The purpose of finance is to enable business to acquire the ownership of capital instruments before it has saved the funds to buy and pay for them. The logic used by business in investing is things that will pay for themselves is not today available to the 95% born without capital. Most of us owe instead of own. And the less the economy needs our labor, the less able we are to "save" our way to capital ownership.
Capitalism with near-full employment was an impressive spectacle. But a growth in wealth is not at all the same thing as reducing poverty. A universal paean was raised in praise of growth. Growth was going to solve all problems. No need to bother about poverty. Growth will lift up the bottom and poverty will disappear without any need to pay attention to it. The economists, who should have known better, fell in with the same cry.
All this care for the world, we must believe, is taken by the Gods without any act of will or labor. As bodies which possess some power produce their effects by merely existing: e.g. the sun gives light and heat by merely existing; so, and far more so, the providence of the Gods acts without effort to itself and for the good of the objects of its forethought. This solves the problems of the Epicureans , who argue that what is divine neither has trouble itself nor gives trouble to others.
It is time that capital and labor realized that their interests are really comutual, as interdependent as the brain and the body; time they ceased their fratricidal strife and, uniting their mighty forces under the flag of Progress, completed the conquest of the world and doomed Poverty, Ignorance and Vice... Unless labor is employed, capital cannot increase - it cannot concentrate. Unless property rights are held inviolable and capital thereby encouraged to high enterprise, labor is left without a lever with which to lift itself to perfect life and must sink back to barbarism.
... giving tax incentives for more labor ownership of company stock will do more to create jobs and increase productivity than all the "emergency full employment" bills proposed.
Most people will solve the problems they know how to solve. Roughly speaking they will solve B+ problems instead of A+ problems. A+ problems are high impact problems for your company but they're difficult problems.
Under fascism, citizens retain the responsibilities of owning property, without freedom to act and without any of the advantages of ownership. Under socialism, government officials acquire all the advantages of ownership, without any of the responsibilities, since they do not hold title to the property, but merely the right to use it -- at least until the next purge. In either case, the government officials hold the economic, political and legal power of life or death over the citizens.
No scientist is admired for failing in the attempt to solve problems that lie beyond his competence. ... Good scientists study the most important problems they think they can solve. It is, after all, their professional business to solve problems, not merely to grapple with them.
There aren't enough professionals to solve the world's problems. There will never be enough doctors to solve the health problems of the world. There will never be enough teachers to solve the education problems of the world - illiteracy. There will never be enough missionaries to care and comfort and share the Good News. It has to be done by normal, ordinary people.
There exist in the world only two great parties; that of those who prefer to live from the produce of their labor or of their property, and that of those who prefer to live on the labor or the property of others.
I am for socialism, disarmament, and, ultimately, for abolishing the state itself... I seek the social ownership of property, the abolition of the propertied class, and the sole control of those who produce wealth. Communism is the goal.
American labor will realize that its function is not to increase jobs, but to multiply the wealth and to expand the numbers benefited by the wealth at the swiftest possible rate.
For the mass of men the idea of artistic creation can only be expressed by an idea unpopular in present discussions - the idea of property... Property is merely the art of the democracy... One would think, to hear people talk, that the Rothschilds and the Rockefellers were on the side of property. But obviously they are the enemies of property; because they are enemies of their own limitations.
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