Indianapolis Times, Indianapolis, Marion County, 31 May 1951 — Page 26
"PAGE 26
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CHAPTER FIVE FIFTY YEARS AGO American capitalism seemed to be what Karl Marx predicted it would be and what all the muckrakers said it was—the inhuman offspring of greed and irrespongibility, committed by its master, Wall Street, to a long life of monopoly. It seemed to provide whelming proof of the theory that private ownership could honor no obligation except the obligation to pile up profits. It was, indeed, close to the capitalism that Andrei Vishinsky today keeps on denouncing =o laboriously and humorlessly. And it was the capitalism that millions of people abroad and many even at home, to the aid and comfort of Communists, still think American capitalism is. American capitalism today is actually nothing of the kind. What has happened is that it has changed and developed beyond the ability of the historians to catch up with it, Its transformation has escaped the full awareness of even most businessmen. Most of the popular books, the great hooks even, that have furnished Americans with their stereotypes about capitalism are now obsolete, American capitalism is intimately bound in with the political system and it has under-
over-
gone a vast dispersion of ini |
tiative and ownership.
What might be called the in- | j Street has be- |
fluence of Main come vastly more important to it than the control of Wall Street. o os 2 THE TRANSFORMATION can best be understood by looking at what has happened to
“big business” which once was supposed to have trolled the economy from its |
headquarters in Wall Street. The fact fs that Wall Street no longer wields much power over big business, which in turn is far from the most powerful
| sector of the economy.
For economic power boils down to the ability to decide who makes what and who gets what and in what proportions, and business alone no longer decides this. At the bottom of the change is simple morality, which has concerned the U. 8. as it has concerned no other great nation in all history. Karl Marx based his philosophy on the fatalistic assumption that what he described as the inherent defects of capitalism are above the will of men to affect them, It has remained for the history of U. S, capitalism, beginning as early as the 1870's to show that the moral convictions of men can change the course of capitalistic development.
And it would have been
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EDITOR'S NOTE: This is the fifth article of a series which gives a new definition of Americanism in the MidTwentieth Century. These . Installments are taken from the bool, U. 8S. A: THE PERMANENT REVOLUTION, just published by Prentice-Hall, Mr. Davenport is the well known editor
and writer, former personal representative of Wendell Willkie. :
strange if a nation that only
recently fought a terrible war over the question of slavery had not got indignant about the excesses of its ‘robber barons.” People, of course, do not necessarily rise up voluntarily and act on moral indignation. What is essential is their capacity for it; given a free, lively press and plenty of politicians, the action
financial
u. S. A.: The Permanent Revo lutiohi—
Capitalism Undergoes Big Ch
and industrial scandals of the day. There were the Ida Tarhells and Henry Demarest Lloyds, the Upton Sinclairs, and Frederick Oppers, backed by the Hearsts, McClures, and Munseys, a Some were hypocritical and others wholly sincere, but all operated on the effective principle that the public could be fetched by an appeal to its moral standards. = = ”
OTHER REFORMS came sporadically. The American's moral indignation, naturally enough, did not burn with a steady flame In good times he tended to overlook violations of his basic notions; in bad times he looked for something to blame things on, and demanded that something be done about them.
THE INDIANAPOLIS TIMES
THURSDAY, MAY 31, 1951
sion blasted this dream. The shocked and angry people, seeing their livelihood disappear, put the Right to Life above the other rights. Their natural ‘tendency to blame ,the bust on those who only yesterday were taking credit for having started an eternal boom was strengthened by revelations such as those of the Pecora congressional investigation into Wall Street financial practices. a, 8 ~
SO THEY EMBRACED the latter-day Populism of the New Deal, and demanded that some-
thing be done. Many of the ensuing reforms survived, Immediately - after
the Pecora investigation, Congress passed a law divorcing investment. banking from deposit banking. And a year later it passed
Exchange Commission to watch over the investment market. Other attempts at reform were less successful. NRA, for example went to a well-deserved death, As for the famed Temporary National Economic Committee, much of what it investigated was beside the point by the time it was in print—and not only because of the impending war. Even while the committee was mulling over the power of big business, business {iniative had been dispersed among hundreds of enterprises, business power in the aggregate had been largely yielded to the farmers and unions, and Wall Street had ceased to be a valid symbol of great power.
TOMORROW: The Decline of Wall Street.
(Copyright, 1951, Time, Inc. Distrib-
uted by United Feature Syndicate, Inc.)
ange BOWLENE
CLEANS QUICK [———7—7
THUI
cone | ;
ture Fair beginning at 6 p. m.|
£6110WS During the 1920's popular LO0lIOWS,
the well - intentioned Securities
demand for reform was al- ; Action followed in the U. S. 5 . Exchange Act, which put the WE B Di d because a whole school of com- moat A For one Stock Exchange under federal uy iamon S AT YOUR GROCERS mentators, from novelists to re- the nation’s most effective regulation, required all officers HIGHEST CASH PRICES : porters, from historians to car- writers made preoccupation and stockholders of big com-
toonists, rose up to expose the
STANLEY Jewelry Co.
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panies to report their dealings in their companies’ securities, and created the Securities and
with moral Issues unfashionable if not ludicrous. The catastrophe of depres-
LEE WALLARD
Lincoln Hotel Bldg.
FIRST
T INDIANAPOLIS!
VANDENBERG'S VIEWS —
Gen. Hoyt S. Vandenberg, Air Force chief, testifying before a Senate committee® investigating | the ouster of Gen. Douglas MacArthur, told senators that Ruse | sia has developed a jet airplane engine superior to any the U. S. | | possesses. On the MacArthur | proposal for bombing Mane] churia, Vandenberg said that the | United States is operating a “shoestring air force” which, if it used all its power, would not | necessarily force an .ending of | the Korean war. |
Church Group To Sponsor Fair |
Youngsters and adults of the! West Side will attend a Minia-
tomorrow at 345 8. Taft St. The fair on the lawn of Mrs.! Evelyn Edwards will be spon-| sored by the missionary society! of the West Washington Street! Church of God.
Outstanding animals. will receive ribbons at the pet show
contest. Children 'will sing, play instruments, recite and do other stunts for the talent hour. At-
tractions will include pony rides, a handwork booth, rummage and white elephant sales, and a variety of refreshments. i The Rev. Harold Powell is pasor.
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