The Shape of Things To Come - A Science Fiction Classic. H. G. Wells

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      12. The Breakdown of “Finance” and Social Morale after Versailles

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      The unprecedented range and destruction of the World War were, we have pointed out, largely ascribable to the hypertrophy of the world’s iron and steel industry relatively to the political and social concepts of the race. But in the first “post-war” decade the stresses of other disproportionate developments began to make themselves manifest at various other weak points in the loosely linked association of our species. The war from the economic point of view had been the convulsive using up of an excess of production that the race had no other method of distributing and consuming. But the necessities of the struggle, and particularly its interference with international trading, which had evoked factories and finishing processes in many undeveloped regions hitherto yielding only raw or unfinished materials, had added greatly to the gross bulk of productive plant throughout the world, and so soon as the open war-furnaces ceased to burn up the surplus and hold millions of men out of the labour market, this fact became more and more oppressively apparent. The postwar increase in war preparation, which went on in spite of endless palavering about disarmament, did not destroy men, nor scrap and destroy material, in sufficient quantity to relieve the situation.

      Moreover, the expansion of productive energy was being accompanied by a positive contraction of the distributive arrangements which determined consumption. The more efficient the output, the fewer were the wages-earners. The more stuff there was, the fewer consumers there were. The fewer the consumers, the smaller the trading profits, and the less the gross spending power of the shareholders and individual entrepreneurs. So buying dwindled at both ends of the process and the common investor suffered with the wages-earner. This was the “Paradox of Overproduction” which so troubled the writers and journalists of the third decade of the twentieth century.

      It is easy for the young student to-day to ask “Why did they not adjust?” But let him ask himself who there was to adjust. Our modern superstructure of applied economic science, the David Lubin Bureau and the General Directors’ Board, with its vast recording organization, its hundreds of thousands of stations and observers, directing, adjusting, apportioning and distributing, had not even begun to exist. Adjustment was left to blind and ill-estimated forces. It was the general interest of mankind to be prosperous, but it was nobody’s particular interest to keep affairs in a frame of prosperity. Manifestly a dramatic revision of the liberties of enterprise was necessary, but the enterprising people who controlled politics, so far as political life was controlled, were the very last people to undertake such a revision.

      With the hypertrophy of productive activities there had been a concurrent hypertrophy of banking and financial organization generally, but it had been a flabby hypertrophy, a result of the expansion of material production rather than a compensatory and controlling development.

      It is so plain to us to-day that the apportionment of the general product of the world for enterprise or consumption is a department of social justice and policy, and can be dealt with only in the full light of public criticism and upon grounds of claim and need, that it is difficult for us to understand the twentieth century attitude to these things. We should no more dream of leaving the effectual control in these matters in private profit-seeking hands than we should leave our law courts or our schools to the private bidder. But nothing of the sort was plain in 1935 C.E. That lesson had still to be learnt.

      The story of banking and money in the early twentieth century has so much in it verging upon the incredible, that it has become one of the most attractive and fruitful fields for the student of historical psychology. The system had grown up as a tangle of practice. It was evolved, not designed. There was never any attempt to gauge the justice or the ultimate consequences of any practice, so long as it worked at the time. Men tried this and that, did this and that, and concealed their opinions of what the results might be. Reserve was essential in the system. So little was the need for publicity in this universal interest understood, that the most fundamental decisions affecting the common man’s purchasing power and the credit of industrial undertakings were made in secret, and the restriction and stimulation of trade and work went on in the profoundest obscurity. Neither in the ordinary courses of the schools and universities was there any instruction in these essential facts. The right of private enterprise to privacy was respected in the Churches, the law courts and private practice alike. СКАЧАТЬ