The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1927-09-17

Some idea of the scope of this book may be
gathered from what Bukharin himself tells u.s. While
in Vienna he went through the library scrupulously
noting the standard economists. Imprisoned just
before the war, he subsequently deported and
went to Switzerland. AT Lausanne he studied the
Anglo-American economists. We next find him in
Stockholm in the Royal Library and on his arrest
and deportation to Norway he continued his studies
in the Nobel Institute, Christiania Subsequently,
we find him studying in the New York Public
Library, U. S. A. The result is 81 pages of this
book, comprising 1853 notes alone, vertable mine
of information in themselves.
In the authors preface, he makes an observation
as we think of timely Importance for British"
MarXsts Htherto,~ there have been two types Of
criticism by MarXSts either exclusively sociological
or excessively archaeological. "Marxists" says
Bukharin, must give exhaustive criticism of the
latest theories, not only archaeological but socio-
logical and criticism of the entire system pursued
to its furthest ramifications" And, regarding as
the author does, the Austrian school as the most
powerful opponent of Marxism, he applied this rule
to Bohm Bawerk the representative type of this
school, demoshng his entire system with that ruth
less logic associated with the name of Bukharin
THE Economic Theory of the Leisure Class" com
prlses an introduction, five chapters and con-
cluslon with a critical article Tugan- Baranov-
sky's Theory of Value, well an appendix notes
and index. In his introduction the fundamental
tenets OF Marx indicated, e the facts of con-
cehtratlon IN capital, the syndicates trusts bank
ing organizations and their penetration into indus
try Two tendencies are in opposition to Marxism:
one the historical school and the other the abstract
school. Faced with competition from England the
German bourgeosie demanded protection for it's
national industries and the German protective tariff
movement became the cradle of the historical school
Tins school was a reaction to the cosmopotanism
OF the classical economy. Being negative towards
abstract theory it landed into a narrow-minded en-
plrlclsm reminding of some types of theorists"
mere IN England, who spend their time collecting
concrete data, while leaving the claws" till later
From the historical school we get history of prices
of wages, credit money but no theory of wages
no theory of prices.
Karl Menger, father OF the Austrian school
Though BONN Bawerk was it's most outstanding
representative waged war on the historical school
After carrying off some victories Menger turned
on MarXlsm. In essence, the new abstract" method
IS IN complete opposition to Marxism It is the
bourgeoisie on its last legs. With the DEVELOPMENT
OF capitalism there appears the RENTER class of mere
coupon clippers, owners of gt-edged securities This
section of the bourgeoise is not true class II is
only parasitiea group, playing no creative part in
industry. 1t knows no social life. All social bonds
to 1t are oosened It has no ntereste in social well
1are generally. Its obsession is fear for the
proletaran revolution.
In contrast with this RENTER or leisure class the
proletarat are held captive in huge cities 1t readily
acquires and develops collectivist psychology with
keen sense of social bonds and social welfare The
proetarian class has fear of social catastrophe