Review of the Book

The Case for Capitalism
by L. Stratford Houghton

Joseph Dana Miller

[Reprinted from Land and Freedom, September-October 1936]

Joseph Dana Miller was during this period Editor of Land and Freedom. Many of the editorials published were unsigned. This review is signed by Mr. Miller.

The Case for Capitalism is a pamphlet of 62 pages and cover by L. Stratford Houghton, published by Daniel and Company, of Lon- don, England, at the price of one shilling.

This booklet, which is more than a pamphlet, is for the most part an examination of a work by Fred Henderson entitled "The Case for Socialism," Mr. Houghton sticks close to fundamentals and can be easily understood. There is here and there a certain carelessness of language, but this does not affect the argument, which is sound throughout.

There is an excellent discussion of the misuse of the terms profit, profiteer, and commercialism, and some useful rationalizing concerning spending and saving. There are also some very clarifying remarks on money, and here the author fails to stumble as so many do.

In Chapter V, "The Place of Land in the Production of Wealth," the argument is clinched and the heart of the problem laid bare. Speaking of the effect of land speculation on production Mr. Houghton says in these weighty words:

"Serious results are so inevitable that had this handicap on industry not been offset by the great improvements in inventions and the like, which have made it possible to produce more wealth on the same space of land and in a shorter time and with less effort, we should doubtless have reached a world-wide crisis ere now."

There is a happy phrasing here and there in which the author is an adept. Speaking of those who urge concurrently the theories of overpopulation and overproduction, he asks: "How could there be at one and the same time too many people for the goods and too many goods for the people?"

Very adroitly, the confusions of Mr. Henderson are answered, and always with delightful courtesy.

Mr. Houghton says:

"The reform that is here suggested, i.e., the taxation of land values is tremendously important, for conditions must inevitably get worse all the time until it is carried into effect."

And this statement is a significant and pregnant one:

"We must remember, too, that the more we tax production the more we have got to tax it, because the taxes on production cause unemployment and poverty which need further taxes to relieve it."

Well done, Mr. Houghton!