the vested interests and the common man-第32章
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can conceivably overtake any national establishment would be to
let it fall into 〃innocuous desuetude。〃 Apparently； the less of
it the better； with no apparent limit short of the vanishing
point。
Such appears to be the object…lesson enforced by recent and
current events； in so far as concerns the material fortunes of
the underlying community at large as well as the keeping of the
peace。 But it does not therefore follow that all men and classes
will have the same interest in so neutralising the nation's
powers and disallowing the national pretensions。 The existing
nations are not of a homogeneous make…up within themselves
perhaps less so in proportion as they have progressively come
under the rule of the new order in industry and in business。
There is an increasingly evident cleavage of interest between
industry and business； or between production and ownership； or
between tangible performance and free income； one phrase may
serve as well as another； and neither is quite satisfactory to
mark the contrast of interest between the common man on the one
hand and the vested interests and kept classes on the other hand。
But it should be sufficiently plain that the national
establishment and its control of affairs has a value for the
vested interests different from what it has for the underlying
community。
Quite plainly the new order in industry has no use or place
for national discrimination or national pretensions of any kind；
and quite plainly such a phrase as 〃national integrity〃 has no
shadow of meaning for this new industrial order which overruns
national frontiers and overcomes national discrimination as best
it can； in all directions and all the time。 For industry as
carried on under the new order； the overcoming of national
discrimination is part of the ordinary day's work。 But it is
otherwise with the new order of business enterprise；
large…scale； corporate； resting on intangible assets； and turning
on free income which flows from managerial sabotage。 The business
community has urgent need of an efficient national establishment
both at home and abroad。 A settled government； duly equipped with
national pretensions； and with legal and military power to
maintain the sacredness of contracts at home and to enforce the
claims of its business men abroad； such an establishment is
invaluable for the conduct of business； though its industrial
value may not unusually be less than nothing。
Industry is a matter of tangible performance in the way of
producing goods and services。 And in this connection it is well
to recall that a vested interest is a prescriptive right to get
something for nothing。 Now； any project of reconstruction； the
scope and method of which are governed by considerations of
tangible performance； is likely to allow only a subsidiary
consideration or something less to the legitimate claims of the
vested interests； whether they are vested interests of business
or of privilege。 It is more than probable that in such a case
national pretensions in the way of preferential concessions in
commerce and investment will be allowed to fall into neglect； so
far as to lose all value to any vested interest whose fortunes
they touch。 These things have no effect in the way of net
tangible performance。 They only afford ground for preferential
pecuniary rights； always at the cost of someone else； but they
are of the essence of things in that pecuniary order within which
the vested interests of business live and move。 So also such a
matter…of…fact project of reconstruction will be likely
materially to revise outstanding credit obligations； including
corporation securities； or perhaps even bluntly to disallow
claims of this character to free income on the part of
beneficiaries who can show no claim on grounds of current
tangible performance。 All of which is inimical to the best good
of the vested interests and the kept classes。
Reconstruction which partakes of this character in any
sensible degree will necessarily be viewed with the liveliest
apprehension by the gentlemanly statesmen of the old school； by
the kept classes； and by the captains of finance。 It will be
deplored as a subversion of the economic order； a destruction of
the country's wealth； a disorganisation of industry； and a sure
way to poverty； bloodshed； and pestilence。 In point of fact； of
course； what such a project may be counted on to subvert is that
dominion of ownership by which the vested interests control and
retard the rate and volume of production。 The destruction of
wealth； in such a case will touch； directly； only the value of
the securities； not the material objects to which these
securities have given title of ownership； it would be a
disallowance of ownership； not a destruction of useful goods。 Nor
need any disorganisation or disability of productive industry
follow from such a move； indeed； the apprehended cancelment of
the claims to income covered by negotiable securities would by
that much cancel the fixed overhead charges resting on industrial
enterprise； and so further production by that much。 But for those
persons and classes whose keep is drawn from prescriptive rights
of ownership or of privilege the consequences of such a shifting
of ground from vested interest to tangible performance would
doubtless be deplorable。 In short； 〃Bolshevism is a menace〃； and
the wayfaring man out of Armenia will be likely to ask： A menace
to whom？
Chapter 8
The Vested Interests and the Common Man
In the eighteenth century certain principles of enlightened
common sense were thrown into formal shape and adopted by the
civilised peoples of that time to govern the system of law and
order； use and wont； under which they chose to live。 So far as
concerns economic relations the principles which so became
incorporated into the system of civilised law and custom at that
time were the principles of equal opportunity；
self…determination； and self…help。 Chief among the specific
rights by which this civilised scheme of equal opportunity and
self…help were to be safeguarded were the rights of free contract
and security of property。 These make up the substantial core of
that system of principles which is called the modern point of
view； in so far as concerns trade； industry； investment； credit
obligations； and whatever else may properly be spoken of as
economic institutions。 And these still stand over today；
paramount among the inalienable rights of all free citizens in
all free countries； they are the groundwork of the economic
system as it runs today； and this existing system can undergo no
material change of character so long as these paramount rights of
civilised men continue to be inalienable。 Any move to set these
rights aside would be subversive of the modern economic order；
whereas no revision or alteration of established rights and
usages will amount to a revolutionary move； so long as it does
not disallow these paramount economic rights。
When the constituent principles of the modern point of view
were accepted and the modern scheme of civilised life was
therewith endorsed by the civilised peoples； in the eighteenth
century； these rights of self…direction and self…help were
counted on as the particular and sufficient safeguard of equity
and industry in any civilised country。 They were counted on to
establish equality among men in all their economic relations and
to maintain the industrial system at the highest practicable
degree of productive efficiency。 They were counted on to give
enduring effect to the rule of Live and Let Live。 And such is
still the value ascribed to these rights in the esteem of modern
men。 The maintenance of law and order still means primarily and
chiefly the maintenance of these rights of ownership and
pecuniary obligation。
But things have changed since that time in such a way that
the rule of Live and Let Live is no longer completely safeguarded
by maintaining these rights in the shape given them in the
eighteenth century； or at least there are large sections
