The semi-monopolistic organization of certain American
industries is little by little enabling the government to separate from
the total economic product a part at least of that fraction which is
created by social rather than individual activity; and a democracy which
failed to take advantage of the opportunity would be blind to its
fundamental interest. To be sure, the opportunity cannot be turned to
the utmost public benefit until industrial leaders, like political
leaders, are willing to do efficient work partly from disinterested
motives; but that statement is merely a translation into economic terms
of the fundamental truth that democracy, as a political and social
ideal, is founded essentially upon disinterested human action. A
democracy can disregard or defy that truth at its peril.
IV
TAXATION AND INEQUALITIES IN WEALTH
Before dismissing this subject of a national industrial organization and
a better distribution of the fruits thereof brief references must be
made to certain other aspects of the matter.
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