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Economy Quotes

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“Production for sale in a market in which the object is to realize the maximum profit is the essential feature of a capitalist world-economy. In such a system production is constantly expanded as long as further production is profitable, and men constantly innovate new ways of producing things that will expand the profit margin.”

“In the form of security and sufficiency for the men who labor to the profit of others, and in the form of registering and controlling them in the form of an organized public supervision of their labor, slavery is already afoot. When slavery shall succeed it will succeed through the acquiescence of those who will be enslaved, for they will prefer sufficiency and security with enslavement, to freedom, responsibility, insecurity and the threat of insufficiency.”

“Let us then repeat and firmly fix this main point: the evil, the root evil, of that to which the term Capitalism has come to be applied, is neither its functioning for profit nor its dependence upon legally protected private property; but the presence of a Proletariat, that is of men possessing political freedom, but dispossessed of economic freedom, and existing in such large numbers in any community as to determine the tone of all that community.”

“Wherever the Industrial system has reached its second generation it is threatened by two mortal perils. The first is the demand by an organized proletariat for sustenance without relation to the product of its labor; a demand which threatens the very existence of PROFIT (on the necessary presumption of which Capitalism reposes). The second, and immediately graver danger is that of a revolt for the confiscation of the means of production.”

“Thus a new way of finding fluidity will inevitably be imposed on management and labor alike. The profit-sharing, or "progress" sharing union contract is the only possible way of satisfying labor and the consumer without saddling industry with fixed costs that in depression periods can kill off marginal companies like flies.”

“At times like the present, when the evils of unsound finance threaten us, the speculator may anticipate a harvest gathered from the misfortune of others, the capitalist may protect himself by hoarding or may even find profit in the fluctuations of values; but the wage earner - the first to be injured by a depreciated currency and the last to receive the benefit of its correction - is practically defenseless.”

“One of the proven ways of getting workers more involved with their jobs is by dovetailing employee profit-sharing and stock ownership plans with greater responsibility sharing... Trade unions in this country should... consider these arrangements much more carefully than they have up to now... Expanded employee profit participation and stock ownership would provide workers with a greater measure of economic and social independence, thus stimulating increased productivity.”

“On the basis of his work each person is fully entitled to consider himself a part owner of the great workbench at which he is working with everyone else. A way toward that goal could be found by associating labor with the ownership of capital joint ownership of the means of work, sharing by the workers in the management and/or profits of businesses, so-called shareholding by labor, etc.”

“The schemes to set up blacks in cleaning stores, gas stations, hamburger stands and fried-chicken franchises, all the low-profit, low-capital enterprises, will rivet the Black man to the least remunerative section of the economy forever. The best such prospects offer are the dissatisfactions of blue-collar life. The big money ain't in pumping rationed gas in an Amoco station leased in your very own name, but in having stock in Exxon.”

“Two things, Christian reader, particularly excite the will of man to good. A principle of justice is one, the other the profit we may derive therefrom. All wise men, therefore, agree that justice and profit are the two most powerful inducements to move our wills to any undertaking. Now, though men seek profit more frequently than justice, yet justice is in itself more powerful.”

“In the present state of human society, however, We deem it advisable that the wage-contract should, when possible, be modified somewhat by a contract of partnership, as is already being tried in various ways to the no small gain both of the wage-earners and of the employers. In this way wage-earners are made sharers in some sort in the ownership, or the management, or the profits.”

“Our economic assistance must be carefully targeted, and must make maximum use of the energy and efforts of the private sector... Economic freedom is the world's mightiest engine for abundance and social justice... Developing countries need to be encouraged to experiment with a growing variety of arrangements for profit sharing and expanded capital ownership.”

“We believe this approach (progress sharing) is a rational approach because you cooperate in creating the abundance that makes the progress possible, and then you share that progress after the fact, and not before the fact. Profit sharing would resolve the conflict between management apprehensions and worker expectations on the basis of solid economic facts as they materialize rather than on the basis of speculation as to what the future might hold.”

“If a man surrenders all power of self-determination in regard to the profits, management or ownership of the place where he works, he not only loses that special prerogative which marks him off from a cow in a pasture, but what is worse, he loses all capacity for determining any work. This is the beginning of a slavery which sometimes goes by the name of security.”

“The workmen in a factory may have a shadowy, unknown absentee "employer" - the thousands of individual owners of stock - whom "management" represents and tries to please by extra dividends. The workman's livelihood is at the disposition of strangers who make a single demand of their representatives: higher profits.”

“The essence of capitalism is expressed in two of its basic features: a) profit maximization and b) market competition. In their abstract formulations none of them was supposed to have anything conspiratorial against the poor. But in real life they turn out to be the "killers" of the poor - by making rich the richer and poor the poorer.”

“Institutionalized rejection of differences is an absolute necessity in a profit economy which needs outsiders as surplus people. As members of such an economy, we have all been programmed to respond to the human differences between us with fear and loathing and to handle that difference in one of three ways: ignore it, and if that is not possible, copy it if we think it is dominant, or destroy it if we think it is subordinate.”

“Corporations are a good thing. But corporations should not be running our government... They have driven the American economy since its founding, and the prosperity of our country is largely dependent on the free operation of corporations. But some corporations don't want free markets, and they don't want democracy. They want profits.”

“For a small open economy that trades mostly with the euro zone it makes absolute sense to be part of the currency union. Our currency has already pegged to the euro since 2002. We don't have an independent monetary policy. We are regulated by the European Central Bank in Frankfurt, but we are not able to reap all the profits. Our businesses want to save the transaction costs.”

“In the early 1970s, Milton Friedman argued that corporations should not be socially responsible because they had no mandate to be; they existed to make money, not to be charitable institutions. But in the economy of the 21st century, corporations cannot be socially responsible, if social responsibility is understood to mean sacrificing profits for the sake of some perceived social good. That's because competition has become so much more intense.”

“University, as institutions, pre-date the information economy by many centuries and are not for-profit cultural entities, whose reason of existence (purportedly) is to discover truth, codify it through techniques of scholarship, and then teach it. Universities are meant to pass the torch of civilization not just download data into student skulls.”

“My plan has all that. It's energy independence. It will help our economy. It's a significant tax cut for corporations, including automatic expensing. It's bringing all those profits home from Europe without any taxation. It's lowering our corporate - or our personal rate to 28 percent, the same rate that Ronald Reagan had.”