Such a socially responsible system, which is anxious for the well-being of all of its citizens, is on a vastly sounder and more permanent basis than one which allows business merely to take out profits without improving the organization with new methods and without renewing the equipment.

I maintain that with wealth should go responsibility. Too many nowadays regard wealth as a license to freedom and immunity from obligation to the people. Such irresponsible possessors of wealth are shirkers, who tend to make all of us poorer.

Summarizing the benefits which would accrue to this nation and to the world at large if my plan were adopted and put into effect, it would:

1. Bring order out of the chaos now disrupting the whole economic and social organization.

2. Organize and regularize opportunities for employment.

3. Obviate the tremendous social waste of making no use of the workpower of millions of men and women (who are compelled to stay idle). In this connection, it is significant to note that “the cost of the present depression will very probably exceed 50 billions of dollars” (a staggering amount), according to Malcolm C. Rorty, business executive and statistician, writing in a recent issue of the Harvard Business Review.

4. My plan would take Government finances out of their present speculative status and would put Government income on a more stable basis, by receiving annually at least between 25 and 50 per cent of the net income of all the buildings, machinery and other commodities which have been declared obsolete after their allotted time, and nevertheless allowed to function longer in the event there is ample employment.

Transcriber’s Notes