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sensible degree will necessarily be viewed with the liveliest
apprehension by the gentlemanly statesmen of the old school； by
the kept classes； and by the captains of finance。 It will be
deplored as a subversion of the economic order； a destruction of
the country's wealth； a disorganisation of industry； and a sure
way to poverty； bloodshed； and pestilence。 In point of fact； of
course； what such a project may be counted on to subvert is that
dominion of ownership by which the vested interests control and
retard the rate and volume of production。 The destruction of
wealth； in such a case will touch； directly； only the value of
the securities； not the material objects to which these
securities have given title of ownership； it would be a
disallowance of ownership； not a destruction of useful goods。 Nor
need any disorganisation or disability of productive industry
follow from such a move； indeed； the apprehended cancelment of
the claims to income covered by negotiable securities would by
that much cancel the fixed overhead charges resting on industrial
enterprise； and so further production by that much。 But for those
persons and classes whose keep is drawn from prescriptive rights
of ownership or of privilege the consequences of such a shifting
of ground from vested interest to tangible performance would
doubtless be deplorable。 In short； 〃Bolshevism is a menace〃； and
the wayfaring man out of Armenia will be likely to ask： A menace
to whom？
Chapter 8
The Vested Interests and the Common Man
In the eighteenth century certain principles of enlightened
common sense were thrown into formal shape and adopted by the
civilised peoples of that time to govern the system of law and
order； use and wont； under which they chose to live。 So far as
concerns economic relations the principles which so became
incorporated into the system of civilised law and custom at that
time were the principles of equal opportunity；
self…determination； and self…help。 Chief among the specific
rights by which this civilised scheme of equal opportunity and
self…help were to be safeguarded were the rights of free contract
and security of property。 These make up the substantial core of
that system of principles which is called the modern point of
view； in so far as concerns trade； industry； investment； credit
obligations； and whatever else may properly be spoken of as
economic institutions。 And these still stand over today；
paramount among the inalienable rights of all free citizens in
all free countries； they are the groundwork of the economic
system as it runs today； and this existing system can undergo no
material change of character so long as these paramount rights of
civilised men continue to be inalienable。 Any move to set these
rights aside would be subversive of the modern economic order；
whereas no revision or alteration of established rights and
usages will amount to a revolutionary move； so long as it does
not disallow these paramount economic rights。
When the constituent principles of the modern point of view
were accepted and the modern scheme of civilised life was
therewith endorsed by the civilised peoples； in the eighteenth
century； these rights of self…direction and self…help were
counted on as the particular and sufficient safeguard of equity
and industry in any civilised country。 They were counted on to
establish equality among men in all their economic relations and
to maintain the industrial system at the highest practicable
degree of productive efficiency。 They were counted on to give
enduring effect to the rule of Live and Let Live。 And such is
still the value ascribed to these rights in the esteem of modern
men。 The maintenance of law and order still means primarily and
chiefly the maintenance of these rights of ownership and
pecuniary obligation。
But things have changed since that time in such a way that
the rule of Live and Let Live is no longer completely safeguarded
by maintaining these rights in the shape given them in the
eighteenth century； or at least there are large sections of
the people in these civilised countries who are beginning to
think so； which is just as good for practical purposes。 Things
have changed in such a way since that time； that the ownership of
property in large holdings now controls the nation's industry；
and therefore it controls the conditions of life for those who
are or wish to be engaged in industry； at the same time that the
same ownership of large wealth controls the markets and thereby
controls the conditions of life for those who have to resort to
the markets to sell or to buy。 In other words； it has come to
pass with the change of circumstances that the rule of Live and
Let Live now waits on the discretion of the owners of large
wealth。 In fact； those thoughtful men in the eighteenth century
who made so much of these constituent principles of the modern
point of view did not contemplate anything like the system of
large wealth； large…scale industry； and large…scale commerce and
credit which prevails today。 They did not foresee the new order
in industry and business； and the system of rights and
obligations which they installed； therefore； made no provision
for the new order of things that has come on since their time。
The new order has brought the machine industry； corporation
finance； big business； and the world market； Under this new order
in business and industry； business controls industry。 Invested
wealth in large holdings controls the country's industrial
system； directly by ownership of the plant； as in the mechanical
industries； or indirectly through the market； as in farming。 So
that the population of these civilised countries now falls into
two main classes： those who own wealth invested in large holdings
and who thereby control the conditions of life for the rest； and
those who do not own wealth in sufficiently large holdings； and
whose conditions of life are therefore controlled by these
others。 It is a division； not between those who have something
and those who have nothing as many socialists would be
inclined to describe it but between those who own wealth
enough to make it count； and those who do not。
And all the while the scale on which the control of industry
and the market is exercised goes on increasing； from which it
follows that what was large enough for assured independence
yesterday is no longer large enough for tomorrow。 Seen from
another direction； it is at the same time a division between
those who live on free income and those who live by work； a
division between the kept classes and the underlying community
from which their keep is drawn。 It is sometimes spoken of in this
bearing particularly by certain socialists as a division
between those who do no useful work and those who do； but this
would be a hasty generalisation； since not a few of those persons
who have no assured free income also do no work that is of
material use； as e。g。； menial servants。 But the gravest
significance of this cleavage that so runs through th