The Idea That The Profits Of Capital Are Really The Rewards Of A Just Society For The Foresight And Thrift Of Those Who Sacrificed The Immediate Pleasures Of Spending In Order That Society Might Have Productive Capital, Had A Certain Validity In The Early Days Of Capitalism, When Productive Enterprise Was Frequently Initiated Through Capital Saved Out Of Modest Incomes.

-Reinhold Niebuhr

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The Idea That The Profits Of Capital

Reinhold Niebuhr

The Idea That The Profits Of Capital Are Really The Rewards Of A Just Society For The Foresight And Thrift Of Those Who Sacrificed The Immediate Pleasures Of Spending In Order That Society Might Have Productive Capital, Had A Certain Validity In The Early Days Of Capitalism, When Productive Enterprise Was Frequently Initiated Through Capital Saved Out Of Modest Incomes.

Topic

Order

Ideas

Income

Liberalism Makes This Mistake In Regard To Private Property And Marxism Makes It In Regard To Socialized Property... The Marxist Illusion Is Partly Derived From A Romantic Conception Of Human Nature... It Assumes That The Socialization Of Property Will Eliminate Human Egotism... The Development Of A Managerial Class In Russia, Combing Economic With Political Power, Is An Historic Refutation Of The Marxist Theory.

Wisdom

Mistake

Russia