Modern monetary systems

Bibliographic data

Monograph

Identifikator:: 1753210836

URN:: urn:nbn:de:zbw-retromon-128414

Document type:: Monograph

Author:: Nogaro, Bertrand http://d-nb.info/gnd/117039713

Title:: Modern monetary systems

Place of publication:: London

Publisher:: King

Year of publication:: 1927

Scope:: XII, 236 S.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part III. Monetary theory and its application in practice

Collection:: Economics Books

the rise and fall of the international. 157 It decided that the first duty of parents being to instruct their children, the State should only pay for them when they cannot pay for themselves. The most orthodox economist, even the most opposed to State intervention, could not ask for anything better. Contrary to the opinions expressed at Geneva, the Congress of Lausanne showed much distrust in respect of co-operative societies, “ because they tend to create a fourth estate with a fifth estate below them more miserable still.” The objection appears a strange one. If the working men co-operators are in a better situation than the others, is that a reason for pro scribing the Association ? Is it not rather the reverse ? Must we condemn all reform which is only partial, and can we in practice obtain any other ? The congress, however, wished to persuade the proletariat, “that the social transformation could not be effected in a radical and permanent way, except by means acting on society as a whole and conformable to reciprocity and Justice.” It was agreed that “in order to prevent the associations from contributing to the maintenance of inequality, it was necessary to abolish, as far as possible, the levy made by capital on labour, that is to say, to introduce the idea of mutuality and federation.” This appears to mean that interest should be abolished; but then, the co-operators getting no advantage by increasing their deposits, would give up saving, and all increase in the means of production would be arrested. So long as the formation of capital remains the result of a voluntary act, inasmuch as that act constitutes a sacrifice, it will not take place without reward. On the field of battle men will die for their country. In the workshop they will not deny themselves that others may enjoy. Heroism and self-abnegation are sublime virtues ; but they will never be the moving forces of the economic world. An important question arose : Ought the International to confine itself exclusively to economic ground, or was it its interest to make common cause with that party of the bour geoisie who aim at political reforms and the establishment of a republic, if need be by means of revolution? Karl Marx would have wished to limit the activity of the association to

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