Abstract justice, however, in a case like this, gives us no practical guidance, until we interpret it in connection with concrete facts, and translate the just into terms of the practicable.
Thesocialistic attack on interest and the nature of its
practical outcome of the moral attack on interest is
logically an attack on bequest.
socialism would logically allow a man to inherit
accumulations, and to spend the principal, but not to receive
interest on his money as an investment.
would be the result if all who inherited capital spent
as income, instead of living on the interest of it?
Two typical illustrations of these ways of treating capital.
The ultimate difference between the two results.
What the treatment of capital as income would mean, if the practice were made universal. It would mean the gradual loss of all the added productive forces with which individual genius has enriched the world.
Practical condemnation of proposed attack on interest.
Another aspect of the matter.
who attack interest, as distinct from other kinds of
money-reward, admit that the possession of wealth is necessary
as a stimulus to production.
the possession of wealth is desired mainly for its
results far more than for its purely individual results.
as connected with the sustentation of a certain mode
consideration of the manner in which those who attack
interest ignore the element of time, and contemplate the present
economic functions of a class which is not, at a given
moment, economically productive.
Systematic failure of those who attack interest to consider society as a whole, continually emerging from the past, and dependent for its various energies on the prospects of the future.
futility of the general attack on interest, though
interest in certain cases may be justly subjected to special but
not exaggerated burdens.
of opportunity, as an abstract demand, is in an
abstract sense just; but it changes its character when applied
to a world of unequal individuals.
of opportunity in the human race-course. To multiply
competitors is to multiply failures.
opportunity. Unequal students soon make