The foundation of any and every civilization, together with our personal, is private possession of the technique of manufacturing. Whoever wishes to criticize modern civilization, due to this fact, begins with private property. It is blamed for every little thing that does not please the critic, especially these evils that have their origin in the truth that personal property has been hampered and restrained in numerous respects so that its full social potentialities cannot be realized.
The capitalist can hold his favored position only by shifting the technique of production to the application most important for society. If he does not do this—if he invests his wealth unwisely—he will endure losses, and if he doesn’t correct his mistake in time, he will quickly be ruthlessly ousted from his preferential place. He will stop to be a capitalist, and others who are higher qualified for it will take his place. In … Read More