A B C of modern socialism

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Subject then to the principle of functional control, our banking technique must be adapted to the new conditions. In the large sense, this means a new economy based on credit and the gradual liquidation of all capital charges.

Even then there remain difficult problems. Shall the issue of money be entrusted to the Guild banks or be a reserved function of State? We must remember that, whilst inter-Guild credit is essential to production, producers and consumers are equally concerned with a banking and monetary system, from which the element of profit has been eliminated. The Bank of England, too, is a problem in itself. Its future will almost certainly be bound up with the State and with foreign commitments. Whatever the future of banking we shall certainly have, in our support, the most efficient personnel in the world.

The basic fact must be that wealth production and distribution shall be quit of financial domination. Finance, within its legal entrenchments, is the concrete obstacle to industrial democracy. The spiritual obstacle is the wage mentality.