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The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.
--
Book 6, Chapter 24, Section 1, p. 372

 

John Maynard Keynes

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Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

 

John Maynard Keynes

 

Kalecki thus precisely predicted the economic and political U-turn that occurred with the advent of neoliberalism. Kalecki also argued that fundamental institutional changes, especially regarding wage-setting and other aspects of the employment relationship, would be essential if full employment was to be sustained.

 

Jim Stanford

 

The distribution of wealth, therefore, depends on the laws and customs of society.

 

Robert Heilbroner

 

Hitler also anticipated modern economic policy . . . by recognizing that a rapid approach to full employment was only possible if it was combined with wage and price controls. That a nation oppressed by economic fear would respond to Hitler as Americans did to F.D.R. is not surprising.

 

John Kenneth Galbraith

 

At the beginning of the twentieth century, every single leading Muslim intellectual was in love with the west, and wanted their countries to look just like Britain and France. Some of them even said that the Europeans … were better Muslims than they themselves, because their modern society had enabled them to create a fairer and more just distribution of wealth, than was possible in their pre-modern climates, and that accorded more perfectly with the vision of the Quran.
Then there was the experience of colonialism under Britain and France, experiences like Suez, the Iranian revolution, Israel, and some people, not all by any means… have allowed this ... these series of disasters to corrode into hatred. Islam is a religion of success. Unlike Christianity, which has as its main image, in the west at least, a man dying in a devastating, disgraceful, helpless death. … crucified, and that turned into victory. Mohammed was not an apparent failure. He was a dazzling success, politically as well as spiritually, and Islam went from strength to strength to strength. But against the West, it's been able to make no headway, and this is as disturbing for Muslims as the discoveries of Darwin have been to some Christians. The Quran says that if you live according to the Quranic ideal, implementing justice in your society, then your society will prosper, because this is the way human beings are supposed to live. But whatever they do, they cannot seem to get Muslim history back on track, and this has led some, and only a minority, it must be said, to desperate conclusions.

 

Karen Armstrong