Functional socialism

TAXATION a]

So much the worse for them! I must, however, content myself with briefly stating what are the financial desiderata in a functional society.

(i) As stated, function must control finance. All financial control is, in itself, an act of bankruptcy.

(ii) Money must only have a token value. The two glaring immoralities of Capitalism are the commodity valuation of labour and the commodity value of money.

(iii) A joint State and Economic Commission must be empowered to issue money or currency in agreed ratio to production. The Commission must also define, in such ways as it may deem fit, the terms, conditions or restrictions of all currency issues.

(iv) This same Commission might take control of the Bank of England for purposes of international exchange.

What new banking technique would emerge out of all this, I do not know. Neither do the money reformers. The essential thing is functional or economic control: the expression of values in terms of commodities instead of the subjugation of commodity values to financial interests, which are obviously based on the commodity valuation of money.

CONTROLLED IMPORTS AND EXPORTS

The bearing of this upon the corporate taxation here suggested is obvious. The economic authority, directly or through its component parts, would support the State by a new system both of currency and controlled commodities. For a moment we must