The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-04-05
The Great Economic Systems


reader has sent the following reasonable request
please write article summarizing the meanings
OF, and the differences of Capitalism Fascism Social
ism and Communism"
This is not easy as it seems There is no agree
ment among capitalists Fascists Socialists and Com
munsts as to exactly what each system means But
it will be possible to bring clearly the essential
characteristics and differences
Capitalism is an economic system which has come
into existence mainly since 1900. 1t is based upon
number of clements Cd movable goods in distinction
from purely landed wealth; % unlimited private
property; 80 elaborate development of money and
credit institutions; (4 boundess acquisition; 60 COM
plete competition and purely automatic regulation of
economic processes and Institutions 60 private prof
its; and Cd reputation of any notion of class or
social responsibility social disaster or social relief
Outstanding characteristics are: Cd dynamic desire
for profits and acquisition, without any particular
relation to personal need consumptive powers and
CD the notion that the natural laws of competition
will bring about the most benevolent social results
automatically.
In practice the system comes down to the effort to
dispose Of the largest possible volume of the lowest
possible marketable quality of goods and services for
the highest possible pecuniary returns.
More recently there has come into being theoretical
conceptions OF new or enlightened capitalism This
insists upon higher wages to laborers so that pur
chasing power can be sustained upon industrial plan
ming to prevent economic anarchy and upon curtail-
ment of profits
Thus far, however, enlightened capitalism has
been limited mainly to phrases Some of its tenets
have been applied in the naturalization" scheme in
Germany
FasciSm technically began in Italy and there repre-
nfd ctato
ton of super patriotism and syndicalism. But the
term has come to have wider implication in COM
mon USE 1t invariably is associated with anti-demo
cratic dictatorship, but it is broader than anti
democratic methods which are shared by the Com,
munsts.
For all practical purposes Fascsm is the political
dictatorship of groups organized to preserve private
property interests. These may be primarily capital
lstic, as in Italy, chiefly agrarian as in Hungary
Radicals charge that enlightened capitalism is the
first step to Fascism. In all cases it makes vigorous
effort to link private property with patriotic devotion
OF the types of Socialism there are no end
utopan transitional, MARKHAM revsonist guild state
Christian, and the like. But today only state, Mar
KAN, and revisonist Socialism count.
All have one common element: namely a desire IN
increase the state control and direction OF economic
processes 1t here that they challenge most directly
the unlimited individualism and competition of old
line capitalism.
state socialism may be capitalstic or Communistc.
SO FAR it has been chiefly capitalistic represented
notably by such things German ownership of rail-
roads.
MARKHAM socialism contemplates complete state
absorption OF economic activities and collective owner
snip OF wealth. Its lesser dogmas like the labor
theory OF value, need not concern us. It utterly
refuses to compromise with capitalism or to accent
any reforms from capitalistic sources
Revisionist Socialism, represented by the moderate
socialism OF Germany, the British labor party and
the Ike is willing to accept pecemeaI captastic re-
forms on the way to revolution and to make certain
concessions to captalistc institutions
communism as understood today simply is Mar
KAN Socialism in operation. One might have Com
munsm through anarchism and syndcalism as we'll
But the term is used today to define complete COL
acknowledgements ownership-of industry under
state control.
The Russian Bosheviks are the Russian Marxans
who have put Marks theories into practice with some
minor notifications There are MARKHAM Socialists
who assert that they reject Communism but such
persons lack either logic or courage Marxism is
Communism, ano there is no way of lodging the
matter.