Word: lippmanns
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Dates: during 1930-1939
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...analyze exactly what Mr. Lippmann proposes to do, once he has applied social control instead of overhead direction. He declares that there must be mobility of capital. But if capital is to be mobile, it must be secure. "Thus there must be required stringent liability on the part of promoters for the worth and good faith of the securities they issue . . ." And further capital must not become "entrenched in certain favored corporate structures." Therefore "the limited liability corporation must be deprived of the right to retain profits and invest them, . . . not according to the judgment of the market...
...marks a vital point at which the law was maladjusted to the economy . . . Thus the renovation of corporate law so as to prevent business from becoming any bigger than it can become in the test of the market is a necessity item on the agenda of liberalism." Mr. Lippmann does not say whether he favors the New Real's Holding Company Bill...
...natural resources, for the cooperative organization of producers "such as farmers and workingmen." He finds that "there is no reason why some part of the wealth produced should not be taken by taxation and used to insure and indemnify human beings against their personal losses in industry." Mr. Lippmann does not say whether he regards the Social Security Board as an agency of overhead control or a method of social control by the common law. He indorses public works, the development of water power, insurance against industrial risk--all in the name of social control...
This is Mr. Lippmann's liberal alternative to the New Deal's gradual collectivism. How much of the New Deal does Lippmann's liberalism invalidate? It does not invalidate the S.E.C., the undistributed profits tax, the "death sentence" for Holding Companies, the C.C.C., the Social Security Board, P.W.A. or T.V.A. It adds to the powers of the Federal Reserve Board and the Federal Trade Commission...
Although Mr. Lippmann never realizes that he has written a powerful endorsement of the New Deal, he does recognize that his agenda requires the establishment of commissions with power. How to explain these cases where the liberal agenda appears to be at odds with the liberal method of control through a common law interpreted by judges...