Ramsay MacDonald wrote: Thus

#113045
Ramsay MacDonald wrote:
Thus the banking business of the nation and
of all the municipalities (the local banks could be
grouped into districts), would be done by national
and municipal departments which would deal with
the financial side of all their enterprises and receive
deposits. These banks would also keep the indus-
trial accounts, and act as financial secretaries of local
industries. Thus, national and municipal .finance
would be systematized, financial parasitism ended,
and a capitcd pool be accumulated as a reservoir from
which an efficient system of production could be kept
going, and the financial business of government
transacted. The function of finance must be
co-ordinated with those of government and
production.

https://ia902703.us.archive.org/34/items/socialismcritic00macdgoog/socialismcritic00macdgoog.pdf

Ramsay MacDonald wrote:
The State performs a necessary function.
It is part of social economy, and this throws
a new light upon taxation. The State re-
quires an income, and this need not, as
the individualist economists maintained,
be taken of necessity from individual
incomes. It is earned just as much
as a personal income is earned.

https://archive.org/stream/socialismgovernm01macd/socialismgovernm01macd_djvu.txt

Ramsay MacDonald wrote:
The principle that each should contribute to the
State revenues according to his ability is of secondary
importance to the Socialist, to whom the fundamental
principle of the levying of State income is that the
State should secure for its own use the values that
are created by the existence and activity of the
State.

https://archive.org/stream/socialism616macd/socialism616macd_djvu.txt

So much for Harold Wilson Warmed up – step forward, the Pale Shadow of Ramsay MacDonald…