A B C of modern socialism

III THE ETHICS OF FUNCTION

IF we can now envisage all functions proceeding harmoniously to the common weal, every function autonomous and democratic, yet always co-ordinated with the others, an industrial revolution looms up before us. We shall see in the sphere of work new methods and new principles supplanting the old. For example, capitalism disappears, for it is obviously incompatible with industrial democracy. Finance, the main instrument of capitalism, if it does not actually disappear, is at least reduced to the minor function of accountancy. Skill, knowledge, experience—the handmaidens of functionrule the roost, where formerly the manager tepresented his own and others’ capital. And, since all credit is determined by functional efficiency (even when the efficiency is misdirected), the various functional groups or National Guilds can easily organise credit amongst themselves, probably based on an annual industrial budget. Thus credit supplants capital. There will be no more need for capital in shipbuilding, or coal-mining, or any other industry than there is to-day in the Post Office.