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Capitalist Economics

Socialism and the Economic "Experts"

Many people to whom Socialist teachings seem unanswerable and in every way satisfactory, are still reluctant to accept the Socialist case because they cannot believe that Capitalist theories can be unsound and yet be accepted by so many clever men, economists, financial and industrial experts, professors, scientists, and so on. They ask us how we can be so confident that we are right when so many apparently great economists say that we are wrong.
 
Our answer is two-fold. We claim in the first place that the only final test of a theory is that it should explain the facts and not be out of keeping with the facts. So, for example, we can quite confidently assert that the various theories which try to prove that permanent unemployment is impossible are shown to be wrong by the facts of permanent unemployment.

The Anatomy of Capital: Sir Arthur Keith's Economics

 Professor Sir Arthur Keith is an anatomist with a considerable reputation. He occupied the presidential chair at the annual meeting of the British Association at Leeds barely two months ago, and caused a journalistic stir by his review of that controversial topic, “Man’s origin.” This has recently been published, with additions, by Messrs Watts (price 7d.). It is with the concluding essay that the present scribe proposes to deal.

The Coming Slump: Does the Gold Standard Matter?

The correct answer to the question, "Why are the workers poor?" is: "They are poor because the means of production and distribution are owned and controlled by the capitalist class instead of by the whole community, and consequently so is the wealth produced by the workers." This is the starting point from which the working class should view all schemes for improving capitalist trade, currency systems, etc. It is naturally not the starting point for the defenders of capitalism. They take private ownership for granted and leave out of their enquiries any possibility of ending it. As a result, their attempts to find out why poverty, trade depression, unemployment and crises exist, and how to end them, are sterile and fruitless.

Editorial: The Pint Pot

 The capitalists are very much concerned just now to teach the workers something of economics—of the capitalist variety, of course. We have before us as we write a whole pile of effusions which have recently appeared in the capitalist Press, or have been let loose upon the workers in the form of capitalist leaflets, to which, in most cases, those who issue them have not the courage to put their names.

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