the vested interests and the common man-第17章

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anything　like　a　clear…cut　identification　of　the　immaterial　items　
included　in　the　capitalisation。　But　there　is　no　chance　to　doubt　
that　in　the　aggregate　these　immaterial　items　foot　up　to　a　very　
formidable　proportion　of　the　total　capital。　
　　　　And　what　is　true　for　the　steel　business　in　this　respect　will　
doubtless　apply　even　more　unreservedly　in　transportation；　or　in　
such　a　case　as　the　oil　business。　The　latter　may　be　taken　as　a　
typical　case；　differing　from　steel　in　some　of　the　circumstances　
which　condition　its　business　organisation；　but　comparable　with　
steel　in　respect　of　the　necessity　for　a　centralised　control。　In　
the　oil　business　a　rough　classification　of　assets　would　take　some　
such　shape　as　this：　（a）　Monopolisation　of　natural　resources；　（b）　
Control　of　markets　by　limitation　of　the　supply；　（c）　Plant。　Of　
these　three；　the　last　named；　the　material　equipment；　would　
unquestionably　be　found　to　be　altogether　the　slightest　and　least　
valuable。　What　is　not　doubtful；　in　the　steel　business　or　in　any　
of　the　other　industrial　enterprises　that　run　on　a　similar　scale　
and　a　similar　level　of　technology；　is　that　the　owners　of　the　
corporate　capital　have　come　in　for　a　very　substantial　body　of　
intangible　assets　of　this　kind；　and　that　these　assets　of　
capitalised　free　income　will　foot　up　to　several　times　the　total　
value　of　the　material　assets　which　underlie　them。　
　　　　It　is　evident　that　the　businesslike　management　of　industry　
under　these　conditions　need　not　involve　derangement　and　cross　
purposes　at　every　turn。　It　should　always　be　likely　that　the　
business　men　in　charge　will　find　it　to　their　profit　to　combine　
forces；　eliminate　wasteful　traffic；　allow　a　reasonably　free　and　
economical　working　of　the　country's　productive　powers　within　the　
limits　of　a　profitable　price；　and　so　come　in　for　a　larger　total　
of　free　income　to　be　divided　amicably　among　themselves　on　a　
concerted　plan。　This　can　be　done　by　means　of　a　combination　of　
ownership；　such　as　the　corporations　of　the　present　time。　But　
there　is　a　difficulty　of　principle　involved　in　this　use　of　
incorporation　as　a　method　of　combining　forces。　Such　a　
consolidation　of　ownership　and　control　on　a　large　scale　appears　
to　be；　in　effect；　a　combination　of　forces　against　the　rest　of　the　
community　or　in　contravention　of　the　principles　of　free　
competition。　In　effect　it　foots　up　to　the　same　thing　as　a　
combination　in　restraint　of　trade；　in　form　it　is　a　concentration　
of　ownership。　Combination　of　owners　in　restraint　of　trade　is　
obnoxious　to　the　liberal　principles　of　free　bargaining　and　
self…help；　consolidation　of　ownership　by　purchase　or　
incorporation　appears　to　be　a　reasonable　exercise　of　the　right　of　
free　bargaining　and　self…help。　There　is　accordingly　some　chance　
of　a　difference　of　opinion　at　this　point　and　some　risk　of　playing　
fast　and　loose　with　these　liberal　principles　that　disallow　
conspiracy　in　restraint　of　trade。　This　difficulty　of　principle　
has　been　sought　to　be　got　over　by　believing　that　a　combination　of　
ownership　in　restraint　of　trade　does　not　amount　to　a　conspiracy　
in　restraint　of　trade；　within　the　purport　of　these　liberal　
principles。　There　is　a　great　and　pressing　need　of　such　a　
construction　of　these　principles；　which　would　greatly　facilitate　
the　work　of　corporation　finance；　but　it　is　to　be　admitted　that　
some　slight　cloud　still　rests　on　this　manner　of　disposing　of　
ownership。　It　involves　abdication　or　delegation　of　that　
discretionary　exercise　of　property　rights　which　has　been　held　to　
be　of　the　essence　of　ownership。　
　　　　The　new　state　of　things　brought　about　by　such　a　consolidation　
is　capitalised　as　a　permanent　source　of　free　income。　And　if　it　
proves　to　be　a　sound　business　proposition　the　new　capitalisation　
will　measure　the　increase　of　income　which　goes　to　its　promoter　or　
to　the　corporation　in　whose　name　the　move　has　been　made；　and　if　
the　work　is　well　and　neatly　done；　no　one　else　will　get　any　gain　
from　it　or　be　in　any　way　benefited　by　the　arrangement。　It　is　a　
business　proposition；　not　a　fanciful　project　of　public　utility。　
The　capitalised　value　of　such　a　coalition　of　ownership　is　not　
measured　by　any　heightened　production　or　any　retrenchment　of　
waste　that　may　come　in　its　train；　nor　need　the　new　move　bring　any　
saving　or　any　addition　to　the　community's　net　productive　
resources　in　any　respect。　Indeed；　it　happens　not　infrequently　
that　such　a　waste…conserving　coalition　of　ownership　leads　
directly　to　a　restriction　of　output；　according　to　the　familiar　
run　of　monopoly　rule。　So　frequently　will　restriction；　enhanced　
prices；　unemployment；　and　hardship　follow　in　such　a　case；　that　it　
has　come　to　be　an　article　of　popular　knowledge　and　belief　that　
this　is　the　logical　aim　and　outcome　of　any　successful　manoeuvre　
of　the　kind。　
　　　　So　also；　though　its　output　of　marketable　goods　or　services　
may　be　got　on　easier　terms；　the　new　and　larger　business　concern　
which　results　from　the　coalition　need　be　no　more　open…handed　or　
humane　in　its　dealings　with　its　workmen。　There　will；　in　fact；　be　
some　provocation　to　the　contrary。　A　more　powerful　corporation　is　
in　a　position　to　make　its　own　terms　with　greater　freedom；　which　
it　then　is　for　the　workmen　to　take　or　leave；　but　ordinarily　to　
take；　for　the　universal　rule　of　businesslike　management　　to　
charge　what　the　traffic　will　bear　　continues　to　hold　unbroken　
for　any　business　concern；　irrespective　of　its　size　or　its　
facilities。　As　has　already　been　noted　in　an　earlier　passage；　
charging　what　the　traffic　will　bear　is　the　same　as　charging　what　
will　yield　the　largest　net　profit。　
　
　　　　There　stand　over　two　main　questions　touching　the　nature　and　
uses　of　these　vested　interests：　　Why　do　not　these　powerful　
business　concerns　exercise　their　autocratic　powers　to　drive　the　
industrial　system　at　its　full　productive　capacity；　seeing　that　
they　are　in　a　position　to　claim　any　increase　of　net　production　
over　cost？　and；　What　use　is　made　of　the　free　income　which　goes　to　
them　as　the　perquisite　of　their　vested　interest？　The　answer　to　
the　former　question　is　to　be　found　in　the　fact　that　the　great　
business　concerns　as　well　as　the　smaller　ones　are　all　bound　by　
the　limitations　of　the　price　system；　which　holds　them　to　the　
pursuit　of　a　profitable　price；　not　to　the　pursuit　of　gain　in　
terms　of　material　goods。　Their　vested　rights　are　for　the　most　
part　carried　as　an　overhead　charge　in　terms　of　price　and　have　to　
be　met　in　those　terms；　which　will　not　allow　an　increase　of　net　
production　regardless　of　price。　The　latter　question　will　find　its　
answer　in　the　well…known　formula　of　the　economists；　that　〃human　
wants　are　indefinitely　extensible；〃　particularly　as　regards　the　
consumption　of　superfluities。　The　free　income　which　is　
capitalised　in　the　intangible　assets　of　the　vested　interests　goes　
to　support　the　well…to…do　investors；　who　are　for　this　reason　
called　the　kept　classes；　and　whose　keep　consists　in　an　
indefinitely　extensible　consumption　of　superfluities。　
　
Chapter　6　
　
The　Divine　Right　of　Nations　
　
　　　　This　sinister　fact　is　patent；　that　the　great　war　has　arisen　
out　of　a　fateful　entanglement　of　national　pretensions。　And　it　is　
a　fact　scarcely　less　patent　that　this　fateful　status　quo　ante　
arose　out　of　the　ordinary　run　of　that　system　of　law　and　custom　
which　has　governed　human　intercourse　among　civilised　nations　in　
our　time。　The　underlying　principles　of　this　system　of　law　and　
custom　have　continued　to　govern　human　intercourse　under　a　new　
order　of　material　circumstances　which　has　come　into　effect　since　
these　principles　were　first　installed。　These　enlightened　
principles　that　go　to　make　up　the　modern　point　of　view　as　regards　
law　and　morals　are　of　the　eighteenth　century；　whereas　the　new　
order　in　industry　is　of　the　twentieth；　and　between　these　two　
dates　lies　an　interval　of　unexampled　change　in　the　material　
conditions　of　life。　
　　　　To　all　this　it　will　be　said；　of　course；　that　warfare　is　not　a　
new　invention；　and　that　the　national　ambitions　and　animosities　
out　of　which　wars　have　always　arisen　are　of　older　date　than　the　
modern　point　of　view　and　the　machine　industry；　but　it　will　also　
not　be　denied　that　the　great　war　which　is　now　coming　to　a　
provisional　close　is　the　largest　and　most　atrocious　epoch　of　
warfare　known　to　history；　and　that　it　has；　in　point　of　fact；　
arisen　out　of　this　status　quo　which　has　been　created　by　these　
enlightened　principles　of　the　modern　point　of　view　in　working　out　
their　consequences　on　the　ground　of　the　new　order　of　industry。　　
　
　　　　The　great　war　arose　within　that　group　of　nations　which　have　
the　full　use　of　the　industrial　arts；　which　conduct　their　business　
and　control　their　industries　on　the　lines　of　these　enlightened　
principles　of　the　eighteenth　century；　and　whose　national　
ambitions　and　policies　are　guided　by　the　preconceptions　of　
national　self…determination　and　self…assertion　which　these　modern　
civilised　peoples　have　habitually　found　to　be　good　and　valid。　The　
group　of　belligerents　has　included　primarily　the　great　industrial　
nations；　and　the　outcome　of　the　war　is　being　decided　by　the　
industrial　superiority　of　the　advanced　industrial　peoples。　A　host　
of　slightly　backward　peoples　　backward　in　the　industrial　
respect　　have　been　drawn　into　this　contest　of　the　great　powers；　
but　these　have　taken　part　only　as　interested　outliers　and　as　
auxiliaries　to　be　drawn　on　at　the　discretion　of　the　chief　
belligerents。　It　has　been　a　contest　of　technological　superiority　
and　industrial　resources；　and　in　the　end　the　decision　of　it　rests　
with　the　greater　aggregation　of　industrial　forces。　Frightfulness　
and　warlike　abandon　and　all　the　beastly　devices　of　the　heathen　
have　proved　to　be　unavailing　against　the　great　industrial　powers；　
partly　because　these　things　do　not　enduringly　serve　the　
technological　needs　of　the　contest；　partly　because　they　have　run　
counter　to　that　massive　drift　of　sentiment　which　animates　the　
great　industrial　peoples。　
　　　　The　center　of　the　warlike　disturbance　has　been　the　same　as　
the　center　of　growth　and　diffusion　of　the　new　order　of　industry。　
And　in　both　respects；　both　as　regards　participation　in　the　war　
and　as　regards　their　share　in　the　new　order　of　industry；　it　is　
not　a　question　of　geographical　nearness　to　a　geographical　center；　
but　of　industrial　affiliation　and　technological　maturity。　The　
center　of　disturbance　and　participation　is　a　center　in　the　
technological　respect；　and　in　the　end　the　battle　goes　to　those　
few　great　industrial　peoples　who　are　nearest；　technologically　
speaking；　to　the　apex　of　growth　of　the　new　order。　These　need　be　
superior　in　no　other　respect；　the　contest　is　decided　on　the　
merits　of　the　industrial　arts。　And　in　this　connection　it　may　be　
in　place　to　call　to　mind　again　that　the　state　of　the　industrial　
arts　is　always　a　joint　stock　of　knowledge　and　proficiency　held；　
exercised；　augmented　and　carried　forward　by　the　industrial　
community　at　large　as　a　going　concern。　What　the　war　has　
vindicated；　hitherto；　is　the　great　efficiency　of　the　mechanical　
industry。　
　　　　But　the　ambitions　and　animosities　which　precipitated　this　
contest；　and　which　now　stand　ready　to　bring　on　a　renewal　of　it　in　
due　time；　are　not　of　the　industri