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Monetary

William Ogilvie: An Essay on the Right of Property in Land (Scotland, 1782)

The rent which may be taken for land ought to be submitted to regulations not less than the interest of money. Whatever good reasons may be given for restraining money-holders from taking too high interest, may with still greater force be applied to restraining proprietors of land from an abuse of their right. By exacting exorbitant rents, they exercise a most pernicious usury, and deprive industry that is actually exerted of its due reward. By granting only short leases, they stifle and prevent the exertion of that industry which is ready at all times to spring up, were the cultivation of the soil laid open upon equitable terms. It is of more importance to the community, that regulations should be imposed on the proprietors of land, than on the proprietors of money; for land is the principal stock of every nation, the principal subject of industry, and the use of which is most necessary for the happiness and due employment of every individual. ... Read the entire essay

Weld Carter: A Clarion Call to Sanity, to Honesty, to Justice  (1982)

Let us begin this study of the likely causes of our troubles by asking two questions:

  • Are we over-populated?
  • Are the earth's resources inadequate for this population?
Our stage, of course, for making this study will be this world of ours, for it is upon this world that the drama of human living is played out, with all its joys and all its sorrows, with all its great achievements and all its failures, with all its nobilities and all its wickedness.

Regardless of its size relative to other planets, with its circumference of about twenty-five thousand miles, to any mere mortal who must walk to the station and back each day, it is huge. Roughly ninety-six million miles separate the sun from the earth on the latter's eliptical journey around the sun. At this distance, the earth makes its annual journey in its elliptical curve and it spins on its own canted axis. Because of this cant, the sun's rays are distributed far more evenly, thus minimizing their damage and maximizing their benefits.

Consider the complementarity of nature in the case of the two forms of life we call vegetable and animal, in their respective uses of the two gases, oxygen and carbon dioxide, the waste product of each serving as the life-giving force of the other. Any increase in the one will encourage a like response in the other.

Marvel at the manner in which nature, with no help from man or beast, delivers pure water to the highest lands, increasing it as to their elevation, thus affording us a free ride downstream and free power as we desire it. Look with awe at the variety and quantity of minerals with which this world is blessed, and finally at the fecundity nature has bestowed so lavishly throughout both animal and vegetable life: Take note of the number of corn kernels from a single stalk that can be grown next year from a single kernel of this year's crop; then think of the vastly greater yields from a single cherry pit or the seeds of a single apple, or grape or watermelon; or, turning to the animal world, consider the hen who averages almost an egg a day and the spawning fish as examples of the prolificacy that is evident throughout the whole of the animal world, including mankind.

If this marvelous earth is as rich in resources as portrayed in the foregoing paragraph, then the problem must be one of distribution:

  • how is the land distributed among the earth's inhabitants, and
  • how are its products in turn distributed?
Land is universally treated as either public property or private property. Wars are fought over land. Nowhere is it treated as common property.

George has described this world as a "well-provisioned ship" and when one considers the increasingly huge daily withdrawals of such provisions as coal and petroleum as have occurred say over the past one hundred years, one must but agree with this writer. But this is only a static view. Consider the suggestion of some ten years ago that it would require the conversion of less than 20% the of the current annual growth of wood into alcohol to fuel all the motors then being fueled by the then-conventional means. The dynamic picture of the future is indeed awesome, and there is every indication that that characteristic has the potential of endless expansion. So how is it that on so richly endowed a Garden of Eden as this world of ours we have only been able to make of it a hell on earth for vast numbers of people?

The answers are simple: we have permitted, nay we have even more than that, encouraged, the gross misallocation of resources and a viciously wicked distribution of wealth, and we choose to be governed by those whom we, in our ignorance, have elected. As the principal focus of this paper is on inflation, let us give this process its full name which is fiat money inflation and let us define this as the process by which a government continues the issuance of irredeemable paper money until the quantity so issued finally renders it worthless. ... read the whole essay

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