Rationality of a Universal Monopoly

Abstract

Minds bred in the atmosphere of great scientific discoveries and technical progress cannot resist the temptation to reduce economy to a rational system based on planning. It is an alluring idea. Those who believe in the possibility of subjecting all natural forces to human genius accept easily the theory that the national economy can be transformed through planning. The apostles of Marx are consistent when they eliminate private property, nationalize both industry and agriculture, and monopolize trade in the hands of the state. They believe that economic rationalization, which involves the renunciatition of competion, will cut down unnecessary expenditures and put an end to depression and unemployment.