the vested interests and the common man-第14节

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within　reasonable　limits；　that　is　to　say；　within　such　limits　as　
will　serve　to　maintain　reasonably　profitable　prices；　that　is　to　
say；　such　prices　as　will　yield　the　largest　obtainable　net　return　
to　the　concerns　engaged　in　the　business。　In　this　connection；　and　
under　the　existing　conditions　of　investment　and　credit；　
〃reasonable　returns〃　means　the　same　thing　as　〃the　largest　
practicable　net　returns。〃　It　all　foots　up　to　an　application　of　
the　familiar　principle　of　〃charging　what　the　traffic　will　bear〃；　
for　in　the　matter　of　profitable　business　there　is　no　reasonable　
limit　short　of　the　maximum。　In　business；　the　best　price　is　always　
good　enough；　but；　so　also；　nothing　short　of　the　best　price　is　
good　enough。　Buy　cheap　and　sell　dear。　
　　　　Intangibles　of　this　kind；　which　represent　a　〃conscientious　
withdrawal　of　efficiency；〃　an　effectual　control　of　the　rate　or　
volume　of　output；　are　altogether　the　most　common　of　immaterial　
assets；　and　they　make　up　altogether　the　largest　class　of　
intangibles　and　the　most　considerable　body　of　immaterial　wealth　
owned。　Land　values　are　of　much　the　same　nature　as　these　corporate　
assets　which　represent　capitalised　restriction　of　output；　in　that　
the　land　values；　too；　rest　mostly　on　the　owner's　ability　to　
withhold　his　property　from　productive　use；　and　so　to　drive　a　
profitable　bargain。　Rent　is　also　a　case　of　charging　what　the　
traffic　will　bear；　and　rental　values　should　properly　be　classed　
with　these　intangible　assets　of　the　larger　corporations；　which　
are　due　to　their　effectual　control　of　the　rate　and　volume　of　
production。　And　apart　from　the　rental　values　of　land；　which　are　
also　in　the　nature　of　monopoly　values；　it　is　doubtful　if　the　
total　material　wealth　in　any　of　the　civilised　countries　will　
nearly　equal　the　total　amount　of　this　immaterial　wealth　that　is　
owned　by　the　country's　business　men　and　the　investors　for　whom　
they　do　business。　Which　evidently　comes　to　much　the　same　as　
saying　that　something　more　than　one…half　of　the　net　product　of　
the　country's　industry　goes　to　those　persons　in　whom　the　existing　
state　of　law　and　custom　vests　a　plenary　power　to　hinder　
production。　
　　　　It　is　doubtful　if　the　total　of　this　immaterial　wealth　exceeds　
the　total　material　wealth　in　the　advanced　industrial　countries；　
although　it　is　at　least　highly　probable　that　such　is　the　case；　
particularly　in　the　richer　and　more　enlightened　of　these　
countries；　as；　e。　g。；　in　America　or　the　United　Kingdom；　where　the　
principles　of　self…help　and　free　bargain　have　consistently　had　
the　benefit　of　a　liberal　　that　is　a　broad　　construction　and　
an　unbending　application。　The　evidence　in　the　case　is　not　to　be　
had　in　such　unambiguous　shape　as　to　carry　conviction；　for　the　
distinction　between　tangible　assets　and　intangible　is　not　
consistently　maintained　or　made　a　matter　of　record。　So；　e。g。；　it　
is　not　unusual　to　find　that　corporation　bonds　　railroad　or　
industrial　　which　secure　their　owner　a　free　income　and　are　
carried　as　an　overhead　charge　by　the　corporation；　are　at　the　same　
time　a　lien　on　the　corporation's　real　property；　which　in　turn　is　
likely　to　be　of　less　value　than　the　corporation's　total　
liabilities。　Evidently　the　case　is　sufficiently　confusing；　
considered　as　a　problem　in　the　economic　theory　of　capital；　but　it　
offers　no　particular　difficulty　when　considered　as　a　proposition　
in　corporation　finance。　
　　　　There　is　another　curious　question　that　will　also　have　to　be　
left　as　a　moot　question；　in　the　absence　of　more　specific　
information　than　that　which　is　yet　available；　more　a　question　of　
idle　curiosity；　perhaps；　than　of　substantial　consequence。　How　
nearly　is　it　likely　that　the　total　gains　which　accrue　to　these　
prosperous　business　concerns　and　their　investors　from　their　
conscientious　withdrawal　of　efficiency　will　equal　the　total　loss　
suffered　by　the　community　as　a　whole　from　the　incidental　
reduction　of　the　output？　Net　production　is　kept　down　in　order　to　
get　a　profitable　price　for　the　output；　but　it　is　not　certain　
whether　the　net　production　has　to　be　lowered　by　as　much　or　more　
than　the　resulting　increased　gain　which　this　businesslike　
strategy　brings　to　the　businesslike　strategists。　The　strategic　
curtailment　of　net　production　below　productive　capacity　is　net　
loss　to　the　community　as　a　whole；　including　both　the　business　men　
and　their　customers；　the　gains　which　go　to　these　business　
concerns　in　this　way　are　net　loss　to　the　community　as　a　whole；　
exclusive　of　the　business　concerns　and　their　investors。　The　
resulting　question　is；　therefore；　not　whether　the　rest　of　the　
community　loses　as　much　as　the　business　men　gain；　　that　goes　
without　saying；　since　the　gains　of　the　business　men　in　the　case　
are　paid　over　to　them　by　the　rest　of　the　community　in　the　
enhanced　（or　maintained）　price　of　the　products；　but　rather　it　is　
a　question　whether　the　rest　of　the　community；　the　common　man；　
loses　twice　as　much　as　the　business　concerns　and　their　investors　
gain。　
　　　　The　whole　case　has　some　analogy　with　the　phenomena　of　
blackmail；　ransom；　and　any　similar　enterprise　that　aims　to　get　
something　for　nothing；　although　it　is　carefully　to　be　noted　that　
its　analogy　with　these　illegitimate　forms　of　gainful　enterprise　
must；　of　course；　not　be　taken　to　cast　any　shadow　of　suspicion　on　
the　legitimacy　of　all　the　businesslike　sabotage　that　underlies　
this　immaterial　corporate　capital　and　its　earning…capacity。　In　
the　case　of　blackmail；　ransom；　and　such　like　illegal　traffic　in　
extortion；　it　is　known　that　the　net　loss　suffered　by　the　loser　
and　the　gainer　together　exceeds　the　net　gain　which　accrues　to　the　
beneficiary；　by　as　much　as　the　cost　of　enforcement　plus　the　
incidental　inconvenience　to　both　parties　to　the　transaction。　At　
the　same　time；　the　beneficiary's　subsequent　employment　and　
consumption　of　his　〃ill…gotten　gains；〃　as　they　are　sometimes　
called；　whether　he　consumes　them　in　riotous　living　or　in　the　
further　pursuit　of　the　same　profitable　line　of　traffic；　　all　
this；　it　is　believed；　does　not　in　any　degree　benefit　the　rest　of　
the　community。　As　seen　in　the　perspective　of　the　common　good；　
such　enterprise　in　extortion　is　believed　to　be　quite　wastefully　
disserviceable。　
　　　　Now；　this　analogy　may　be　taken　for　what　it　is　worth；　
〃Analogies　do　not　run　on　all…fours。〃　But　when　seen　in　the　same　
perspective；　the　question　of　loss　and　gain　involved　in　the　case　
of　these　intangible　assets　and　their　earning…capacity　falls　into　
something　like　this　shape：　Does　the　total　net　loss　suffered　by　
the　community　at　large；　exclusive　of　the　owners　of　these　
intangibles；　exceed　two…hundred　percent　of　the　returns　which　go　
to　these　owners？　or；　Do　these　intangibles　cost　the　community　more　
than　twice　what　they　are　worth　to　the　owners？　　the　loss　to　the　
community　being　represented　by　the　sum　of　the　overhead　burden　
carried　on　account　of　these　intangibles　plus　the　necessary　
curtailment　of　production　involved　in　maintaining　profitable　
prices。　The　overhead　burden　is　paid　out　of　the　net　annual　
production；　after　the　net　annual　production　has　been　reduced　by　
so　much　as　may　be　necessary　to　〃maintain　prices　at　a　reasonably　
profitable　figure。〃　
　　　　A　few　years　ago　any　ordinarily　observant　person　would　
doubtless　have　answered　this　question　in　the　negative；　probably　
without　hesitation。　So　also；　any　ordinarily　intelligent　votary　of　
the　established　order；　as；　e。g。；　a　corporation　lawyer；　a　
commercial　trade　journal；　or　a　trade…union　official；　would　
doubtless；　at　that　period；　have　talked　down　such　a　question　out　
of　hand；　as　being　fantastically　preposterous。　That　would　have　
been　before　the　war　experience　began　to　throw　light　into　the　dark　
places　of　business　enterprise　as　conducted　under　the　new　order　of　
industry。　Today　（October；　1918）　　it　is　to　be　admitted　with　such　
emotion　as　may　come　to　hand　　this　question　is　one　which　can　be　
entertained　quite　seriously；　in　the　light　of　experience。　In　the　
recent　past；　as　matters　have　stood　up　to　the　outbreak　of　the　war；　
the　ordinary　rate　of　production　in　the　essential　industries　under　
businesslike　management　has　habitually　and　by　deliberate　
contrivance　fallen　greatly　short　of　productive　capacity。　This　is　
an　article　of　information　which　the　experience　of　the　war　has　
shifted　from　the　rubric　of　〃Interesting　if　True〃　to　that　of　
〃Common　Notoriety。〃　
　　　　The　question　as　to　how　much　this　〃incapacity　by　advisement〃　
has　commonly　amounted　to　may　be　attempted　somewhat　after　this　
fashion。　Today；　under　compulsion　of　patriotic　devotion；　fear；　
shame　and　bitter　need；　and　under　the　unprecedentedly　shrewd　
surveillance　of　public　officers　bent　on　maximum　production；　the　
great　essential　industries　controlled　by　the　vested　interests　
may；　one　with　another；　be　considered　to　approach　　perhaps　even　
conceivably　to　exceed　　a　fifty…percent　efficiency；　as　counted　
on　the　basis　of　what　should　ordinarily　be　accomplished　by　use　of　
an　equally　costly　equipment　having　the　disposal　of　an　equally　
large　and　efficient　labor　force　and　equally　good　natural　
resources；　in　case　the　organisation　were　designed　and　managed　
with　an　eye　single　to　turning　out　a　serviceable　product；　instead　
of；　as　usual；　being　manage