Word: marketeers
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Dates: during 1930-1939
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...Lippmann has a ready answer. It is his great discovery, his golden nugget. Lacking it he never would have had reason to write "The Good Society." The criterion for the activities of the laborer, the farmer, the corporation head, and the public official is to be the perfectly free market, which classical economists have posed as the corollary of the division of labor brought about by the industrial revolution...
...true progressivism must conform to the necessities and implications of the division of labor." The economy can only be regulated in free markets by means of prices, continues Mr. Lippmann. And yet the collectivists of the right and left are trying a "counter-revolution" against the market. Why? Because, answers Mr. Lippmann, existing markets are ruthless regulators. This was insufficiently appreciated by the nineteenth century economists, but not by the author of "The Good Society." He realizes that the profits of business are not merely earnings due to ability and foresight; he realizes that laborers cannot travel from place...
...shows us how to change all this The way to eliminate these unfortunate paradoxes is not by authoritative planning that seeks to master the market, not by the overhead control of the New Deal's gradual collectivism but through liberalism that "seeks to perfect and civilize the market." Mr. Lippmann proposes to civilize the market through "social control by the common...
...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 but at the discretion of the managers." Mr. Lippmann does not say whether he favors the S.E.C. or the undistributed profits...
...company . . . "is a fartuitous evolution from the condition of the law and 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...