WHAT IS CAPITALISM?

Hokitika Guardian, 23 February 1924, Page 4

WHAT IS CAPITALISM?

(Economist. in Daily Mail;. Throughout Socialist literature we find denunciations of Capitalism. Capitalism is one of those vague, abstract words ill which Herman p-ioudo-philoxoplters delight. It lias a very shadowy meaning to most ot us.

What, then, is Capitalism l- Capitalism is nothing hut efficiency. Those who rail at modern Capitalism rail at modern efficiency without knowing it themselves.

Capitalism was not created in the eighteenth century with the advent ol the steam engine; it has existed since the earliest ages. However, it has developed with particular vigour during the age of steam and steel and electricity.

Karl Marx, in writing lus ponderous tome against Capitalism, asserted, and tried to prove, that under the Capitalist regime the rich were hound to grow richer ami the poor poorer. Foolish social philosophers and agitators, succeeding him. have solemnly established a -Taw” of increasing misery. They have accused Capitalism and have described it as an evil tiling that should he abolished.

In reality, the working masses have been the greatest boneficiaires of the Capitalist regime, ir lias raised them, politically, economically, and socially, in a munnei which would have seemed unbelievable and fantastic to the wisest and most tar-s.eeiMg men living at the time when the modern Capital-

ist system began. The rich lived in comfort 101 l years ago and do so still. Their position has not altered very much, although coaches have been replaced by motorears. The masses, on tin* other hand, now enjoy comforts and luxuries which ware the inivilege ol the richest only a short time ago. Only kings am! wealthy nobles could allord a permanent water supply and an iiulidcreilt illumination in the bum ni wax candles. Now the poorest ol the poor have an unlimited supply of water Candles are little used, (las and electricity may he found in millions c. cut luges. Manv Socialists who complain about l lie soullessness ol modern C apitaii.siu, of modern factory lahoui undertaken by thousands under the direction of a manager unknown to them, describe to its ill glowing terms the time when people could buy beautiful and highly artistic hand-made furniture and hand-woven fabrics.

These beautiful hand-made things were, of course, turned out ill .small qmutlitn-s and were accessible only to the wealthy few. The masses lived m hand-made mud hovels, wearing handmade lags, and their luiud-miide furniture consisted at best of a rough table and hard wooden seats, while a ramshackle lied was a luxury. Tito majority of the working people slept on the earthen Hour on straw in their hand-made clothes. The poorest working man is new better clothed, housed, and furnished than many noblemen were hetore the invention ol the steam engine. I’efore the introduction of modern Capitalism the masses could not ".ash because water was scarce and piecions. They suffered frequently ’l'otn famine, because people had to rely on tlie food grown in llioir imm-biute vicinity. Capitalism has emancipated mankind. It has created the roads ind railroad', the ships and the water supply, the gas and electrical supply without which life now seems inconceivable. It has raised the working masse;' from the most mi'Otabie conditions and it will continue to raise, them still further. After all, capital mean.- nothing but the machinery of production and of civilisation. Every increase ol capital means, therefore, an increase in uni-vei'-a! well-being and eomiort.