Excerpt from Good and Bad Trade: An Inquiry Into the Causes, of Trade Fluctuations
In the last hundred years we have learnt to produce wealth on a great scale. Our command of the necessaries, comforts, and luxuries of life, so far as the material conditions of production are concerned, seems almost boundless. But in the same period we have become acutely aware of certain imperfections in the distribution of all this wealth.
The general principle by which the distribution is at present governed is that those only are entitled to share in the accruing wealth of society who assist in the production of that wealth, whether through their personal services or by permitting the use of land or capital which is in their control. Whether this principle would, if it worked smoothly, be a good or a bad one is a question with which I do not intend to deal here. The principle does, in fact, work imperfectly. For many people who possess no accumulated property find themselves from time to time without the opportunity of assisting through their personal services in the production of wealth, even though they would be perfectly competent to do so if the opportunity offered.
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