Word: modernizing
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Dates: during 1930-1939
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Marxist economics got its modern prestige from Marx's prophecy that capitalism would go through more & more severe crises, would eventually stall. Parkes shows clearly that the Marxian analysis was correct only up to a point. Marx, for example, harped on only one form of "exploitation," that of the working people by the owning classes; modern experience proves that restricted production (high prices) and frozen capital are chief causes of depression, exploitation of workers, farmers and middle class alike...
...rest on this conclusion and on the equally demonstrable one that "the kind of system which prevailed in America before 1929 is unworkable. . . ." His alternative is laissez-faire, the principle of the free, competitive market under the law that Jefferson believed in. Parkes proposes to apply it unflinchingly to modern industrial society. If this sounds familiar, readers will discover that its implications are about as flabbergasting as they are logical. Stripped down to economic essentials, they...
...free market demands a constant flow of purchasing power, and as the fatal kink in that flow under modern capitalism is unearned income derived from fixed interest rates, the kink should be straightened by a reduction-ultimately an extinction-of dividends and interest. Holdings of public institutions should be excepted. The trick would be turned gradually by cutting down on the rights of inheritance. In the end, business men would do their borrowing entirely from the government...
Though poetry may not be a profession, Louis Untermeyer has seemed to prove that there is a profession in it. His anthologies of modern poetry have sold 478,081 copies in the U. S.* getting stouter with every edition. They are standard in newspaper libraries, as obituary material on poets, and indispensable to teachers of literature, as candy at the end of term...
...Nearest competitor: The New Poetry, edited by the late Harriet Monroe and Alice Corbin Henderson (Macmillan), 23,704 copies printed. Queerest: The Oxford Book of Modern Verse, edited by the late William Butler Yeats (Oxford). Choicest: The Faber Book of Modern Verse, edited by Michael Roberts (Faber & Faber...