◆ SpookStack

A 7m to save Capitalism 24 . Le RTE 8 aa Address by Hepry A's Wallace before the Greater Buffalo . Advertising Club, May 27, 1952 bc. Two world wars and the rise of labor as a powerful political force have destroyed Old Fashioned Capitalism. Graduated income taxes and heavy estate taves make it impossible any longer to build up vast here wo DALE AKL GaN AEA. of restless growth impulse has passed out of our American IN fe, spaYSr., t gpa. The kind of free enterprise our grandfathers knew has eceberb: : ES Sox 3c th buffalo from the western plains. Cee hehe 303 {EF es SPIASE He Whatever the faults of Old Fashioned capi LES it did Bl e us to exploit the resources of this comtry in record breaking time. Anglo-Saxon traditions combined with unparalleled resources coming together at a most fortunate moment in , history when science had suddenly unlocked new sources of power, enabled man in this eo blessed land of ours to become 15 times as productive as the average man of the rest!’ ~ / of the world. Old Fashioned Capitalism was one of the causes of America's rise to enormous productivity and therefore to world power. Psychologically speaking there -, was much in common between the religious doctrine of the sacredness of the individual human soul, political democracy and capitalism. Fedualiam had denied all three and as a result Feudalism had no growth impulse, Today we are involved as particip ' in a great struggle with a New Feudalism which also denies the Sacredness of the individual human soul, the value of political democracy, and the usefulness +m GR eae capitalism in any form. The Stalinism which the USA so fears is totalitarian Russian Imperialism | which Binds individuals to their jobs and controls their movements and thoughts as effectively as any ancient feudalism. In its imward essence Stalinism is a breath out of the past rather than the wave of the future. It is selfish, grasping, cruel, materialistic and conspiratorial. But Stalinism has one great capacity which neither the ancient feudalism nor we in the USA have possessed in any great degree~ the ability to exploit as a result of close personal contact, the needs and aspirations SO of the poverty stricken masses and minorities in the crowded and backward areas of la the world. The Stalinists hold out the bait of free land to the tenant and farm vy, worker in all the areas of the world where the farms are small and poor and the people Yr earn less than 5 percent as much as our workers earn in the USA, Fully half the people of the world fall in this category. Everywhere along the southern border of the iron curtain the hungry millions look north and raise the question as to whether communism would not be better than what they have, Talking the language of hate to the illiterate, the hungry and the landless during the period of post war confusion, the communists have had striking thoagh probably temporary success. From now on we may expect a world war to shake the existing order to its very foundations. World War I and II destroyed the Capitalism of our grandfathers. World War TJ if, 1 probably destroy Communism because it has become so static and o GEE KS methods and aspirations. . 138: - oy / The problem now is to build a New Capitalish which wilt not‘only release the maximum of creative energy in the USA but will also out-compete Commmnism. for the affections of the byead-hungry, land-hungry million giich a Capitalism canbe built but it will require more planning between governnent ii ess, labor and agriculture than was practiced under the Capitalism of our fathers. Under conditions created by two world wars and one great depression the question is whether these four great, organized forces will engage in competetive racketeering for individual benefit or cooperative planning for the Welfare of the USA and the World. Please do not mis- understand me- I do not believe in a planned economy. A planned economy inevitably means totalitarianism and the loss of one liberty after another. We shall never have a planned economy in the USA unless a great war or a great depression produces such/~ misery that in our desperation we cry out for extreme measures. The problem of / 6 JON 3 tae9 is to engage in sufficient planning at the key spots to prevent ) 1952 ital eneniehdeeennententeetneneienetaaeneme nett et See ew om