Liberty and Property.pdf - The Ludwig von Mises Institute

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Liberty and Property 45VIHowever, one does not exhaustivelydescribe the sweeping changes thatcapitalism brought about in the conditionsof the common man if one merelydeals with the supremacy he enjoys on themarket as a consumer and in the affairs ofstate as a voter and with the unprecedentedimprovement of his standard of living. Noless important is the fact that capitalism hasmade it possible for him to save, to accumulatecapital and to invest it. The gulf that inthe pre-capitalistic status and caste societyseparated the owners of property from thepenniless poor has been narrowed down. Inolder ages the journeyman had such a lowpay that he could hardly lay by somethingand, if he nevertheless did so, he could onlykeep his savings by hoarding and hiding a45
46Liberty and Propertyfew coins. Under capitalism his competencemakes saving possible, and there areinstitutions that enable him to invest hisfunds in business. A not inconsiderableamount of the capital employed in Americanindustries is the counterpart of the savingsof employees. In acquiring savingsdeposits, insurance policies, bonds and alsocommon stock, wage earners and salariedpeople are themselves earning interest anddividends and thereby, in the terminologyof Marxism, are exploiters. The commonman is directly interested in the floweringof business not only as a consumer and asan employee, but also as an investor. Thereprevails a tendency to efface to some extentthe once sharp difference between thosewho own factors of production and thosewho do not. But, of course, this trend canonly develop where the market economy isnot sabotaged by allegedly social policies.The welfare state with its methods of easymoney, credit expansion and undisguisedinflation continually takes bites out of allclaims payable in units of the nation’s legal
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Liberty and Property.pdf - The Ludwig von Mises Institute

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