Title | Socialism summed up |
Creator (LCNAF) |
|
Publisher | The H. K. Fly Co. |
Place of Creation (TGN) |
|
Date | 1913 |
Subject.Topical (LCSH) |
|
Genre (AAT) |
|
Language | English |
Type (DCMI) |
|
Original Item Extent | 110 pages: illustrations; 20 cm. |
Original Item Location | HX86.H77 1914 |
Original Item URL | http://library.uh.edu/record=b8304545~S11 |
Original Collection | Socialist and Communist Pamphlets |
Digital Collection | Socialist and Communist Pamphlets |
Digital Collection URL | http://digital.lib.uh.edu/collection/scpamp |
Repository | Special Collections, University of Houston Libraries |
Repository URL | http://libraries.uh.edu/branches/special-collections |
Use and Reproduction | This item is in the public domain and may be used freely. |
File Name | index.cpd |
Title | Image 18 |
Format (IMT) |
|
File Name | uhlib_2100825_017.jpg |
Transcript | i6 SOCIALISM SUMMED UP method of industrial management than competition, just as the modern machine is a superior and more efficient medium of industrial operation than the antiquated hand-tool. The trusts are a powerful factor in the industrial life of the nation, and they modify the social conditions of the country both for the better and the worse. As large consolidations of capital operating in unison over the area of an entire industry or a considerable part of it, they tend to eliminate much of the chaos and anarchy of the competitive system. They have the power to regulate the supply of commodities in accord with the demand, to curb waste and overproduction and to diminish the evil of periodical industrial depression and financial crises. But the beneficial features of the trusts are more than balanced by the new evils which they breed. The trusts, like all other modern industrial institutions, are primarily conducted for the profits of their individual owners and promoters. They are therefore afflicted with all the vices of private capitalist ownership and management, and their tremendous powers intensify the evils. The trusts have developed the art of overcapitalization to a most audacious and alarming extent. Billions of dollars of their watered "securities" are afloat in this country, and the workers pay an annual tribute of hundreds of millions to the holders of this paper in the shape of interest and dividends. It is practically a blanket mortgage which the trusts thus hold on the people |