Which ones do they tell you in your econ classes? Which ones do you hear on TV? Which ones do the politicians still say?
1. There is a potential plenty, thanks to the technological achievements of the last two hundred years. The insufficient supply of useful things is due merely to the inherent contradictions and shortcomings of the capitalist mode of production.
2. The rate of interest and entrepreneurial profit can be eliminated by credit expansion. Only the selfish class interests of bankers and usurers are opposed to credit expansion. This is because of the following two facts:
2a. An increase in the quantity of money and money-substitutes does not affect prices, and the general rise in prices which we have witnessed in these last years was not caused by the government’s monetary policy, but by the insatiable greed of business.
2b. A government, which is not on the gold standard and which has control of a central bank system, has the power to manipulate the rate of interest downward without bringing about any undesired effects.
3. The recurrence of periods of economic depression is an evil inherent in capitalism. The free market lacks the power to control its own destiny.
4. The most disastrous consequence of the economic crisis is mass unemployment prolonged year after year. People are starving because free enterprise is unable to provide enough jobs. Under capitalism technological improvement which could be a blessing for all is a scourge for the most numerous class.
5. The improvement in the material conditions of labor, the rise in real wage rates, the shortening of the hours of work, the abolition of child labor, and all other “social gains” are achievements of government pro-labor legislation and labor unions. But for the interference of the government and the unions, the conditions of the laboring class would be as bad as they were in the early period of the “industrial revolution.”
6. The lot of the wage earners is desperate. The rich are still getting richer; the poor are still getting poorer; the middle classes are still disappearing. The greater part of wealth is concentrated in the hands of a few families.
7. Commodity prices are manipulated by the businessmen. In the absence of minimum wage rates and collective bargaining, the employers would manipulate wages in the same way too. The result is that profits are absorbing more and more of the national income. There would prevail a tendency for real wage rates to drop if efficient unions were not intent upon checking the machinations of the employers.
8. The description of capitalism as a system of competitive business is manifestly inadequate. Mammoth-size cartels and monopolistic combines dominate the national markets. Their endeavors to attain exclusive monopoly of the world market result in imperialistic wars in which the poor bleed in order to make the rich richer.
9. As production under capitalism is for profit, those things manufactured are not those which could most effectively supply the real wants of the consumers, but those the sale of which is most profitable. The “merchants of death” produce destructive weapons. Other business groups poison the body and soul of the masses by habit-creating drugs, intoxicating beverages, tobacco, lascivious books and magazines, silly moving pictures, and idiotic comic strips.
10. The share of the national income that goes to the propertied classes is so enormous that, for all practical purposes, it can be considered inexhaustible. For a popular government, not afraid to tax the rich according to their ability to pay, there is no reason to abstain from any expenditure beneficial to the voters. On the other hand, profits can be freely tapped to raise wage rates and lower prices of consumers’ goods.