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, a ‘ hon to save Capitalism * 34 Eee ! art Address ‘by AtAlallace before the Greater Buffalo . Advertising Club, May 27, 1952 . Two world wars and the rise of labor as a powerful political force have destroyed Old Fashioned Capitalism. Graduated income taxes and ea ‘th AEA. f h make it impossible any longer to build up vast here % POLE eC. urn. . The ‘4 kind of free enterprise our grandfathers knew has dhbcgbe red psoreai t; buffalo from the western plains. oN eee os), 303 Bhi Z 1/03 BY SELQSE Be, Whatever the faults of Old Fashioned Capi a1itn, it did enable us to exploit the resources of this country 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 wee blessed land of ours to become 15 times as productive as the average man of the rest! “i Sf > 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 -—ss--human soul,-political democracy and-capitativms--Fedualtam Had-déhied ATT three and as a result Feudalism had no growth impulse. Today we are involved as participa 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 0 ‘yer OO capitalism in any form. \N - of restless growth impulse has passed out of our A 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 inward 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 of the poverty stricken masses and minorities in the crowded and backward areas of the world. The Stalinists hold out the bait of free land to the tenant and farm worker in all the areas of the world where the farms are small and poor and the people 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 though 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 7I = ty 1 i probably destroy Communism because it has become so static and o é LU ~/ rai Se : methods and aspirations. -l The problem now is to build a New copite Oe, wilt’ notiion1y réivase the maximum of creative energy in the USA but will also out-compete Communism for the affections of the bread-hungry, land-hungry mit honey Pyen a Capitalism cai bé built but it will require more planning between government; iness, 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 wi misery that in our desperation we cry out for extreme measures, The problem of t 9 JUN Fa toes is to engage in sufficient planning at the key spots to prevent yy g . 3 1959