A B C of modern socialism

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some institution of social, and therefore of functional, value. But the day has come when they will readily advance credit on greyhound racing shares. Our civilisation has reached this point: hospitals tely upon charity; gambling goes with calm assurance to the bank.

Now, the answer of function to this dubious and artificial finance is to disclaim all responsibility for any commitment which does not minister to function. It will always pay for or compensate on the basis of material value. Beyond that not a penny. If Shylock demands his legal due, then function reminds him that it can do without him; that what labour has made it can make again. In that retort lies the truth of it.

Guild Credit

The truth, subject to one condition: function, actuated by enlightened Labour, must control finance, and not, as now, be controlled by it. They say that money talks; the time is ripe for function to talk; and to back up its talk with action.

Let us see the bearing of this on Guild organisation. We shall understand the argument better if we keep in mind a truth that is consistently and purposely ignored. The huge edifice of credit erected by the banks is, in the last analysis, founded on the work that men do in farms and factories.

Is it therefore incredible that the Guilds, possessing or controlling the foundations of credit, should promptly decide to control their own finance and issue their own credit? They would be great fools if they did not.