The people's voice., 1958-10-17

| FOICl dpdCiy 10 OAoiiCOs
Nonetheless, it's next to the best
to be bothered. The trust funds ad.
nit they have it, but they have thus
far refused to use it.
''This situation cannot last very
much longer. Somebody is bound to
use that power, of necessity. Pension
trusts are so concentrated that rela-
lively small amount in equities (stock
ownership outbalances any number
of scattered holdings"
Thus, Berle shows, control of Amer
lean industry has been largely di-
vorced from responsibility. But re-
sponsibility for ownership is one of
the constitutional foundations of capi-
talism. Today the welfare of millions
of workers depend upon wise exer-
else of that responsibility-in fact
the economic functioning of modern
society does.
''Under a pure socialist of Commu-
mist system,'' Berle goes on, "every
worker has an old-age pension at the
end of his labors. We are developing
the same thing by 'socializing' prop
erty without a revolution. 1t is one
of our more amazing achievements.
Whether one likes it or not depends
upon ones philosophy"
This is not the product of "evil
men," he declares.
eve have to accept this power sit
uation as, let us call it, neutral
subject to the control of
the body polite as long as we keep
it subject to that CONTROL" he con-
tinued. "That control, I believe, will
be essentially intellectual and philo-
sophical, capable of being translated
into legal rules when necessity
arises"
GUIDE LINES INDICATED
He attempts to give three guide
ines as to what controls are essen
,ial.
(1 He points out that present con-
rols of trusteed pension funds "have
he slenderest claim of egitimacy"-
egal and ethical. Legitimacy, respon-
ibility and accountability are essen
ial to any power system if it to en-
lure, he says. The force of public
pinion could bring a large measure
f assumption of such responsibility
o pension trustees, he believes.
~ He then reviews the history of
law and argues that it's
of property rights could
e extended to cover these trustee
hips. The doctrine that where a cor
oration has power to affect a great
lany lives it should be subject to
he same restraints under the Con-
titution that apply to an agency of
ne federal or state government, must
e applied. In that case, the Bill of !
lights and the Fourteenth and Fif- r
zenith Amendments would apply, he {
rgues. t
(3) His third point has four fac /
is: G
Great corporate power is exercised i
| relation to certain obligations: v
"(a) 1t should supply the want in a
lie area of it's production. Where the t
immunity has come to rely on a cor
oration for steel, oil, automobiles e
: cigarettes, the corporation is OBJ g
ged reasonably to meet the demand. s
"(b) The price must not be con- Il
dered extortionate. 1t must be 'ac-
'ptable'-which doesn't necessarily O
can fair or just. r,
"(c) 1t must provide at least some is
of employment. O.
"(d) 1t must give continuing atten- O.
IN to the technical progress of the d.
ea." m
AN ENSLAVE OR FREE w
The power of pension trusts, he de- :
lres, "can enslave us beyond pres i
t belief, or perhaps set us free be-
nd present Imagination. 1t de-
nds upon how the men who control
aSe great nvranoids of nowar ara