Easy Credit

The following was written by Dr. Peter Chojnowski on The ChesterBelloc Mandate from an article “Distributism: Economics as if People Mattered.” Footnotes refer to Schumacher's Good Work.

"There is one fact which separates our day from the days of the 30s and 40s, however. The concentration of wealth and capital, the inadequacy of a man's pay to provide the basics of life and to provide for savings for the future, the lack of real property generously and broadly distributed, is masked by the reality of easy credit. Easy credit, which is not ultimately "easy" at all on the borrower, anesthetizes the populace to the grim facts of capitalist monopoly. Since we seem to be able to get all the things that we want, the reality of real money being increasingly unavailable to the average man is lost in the delusionary state of the consumerist utopia. Only when the "benefit" of usurious credit is cut off, do we realize the full extent of the problem. The greatest problem with liberal capitalism, however, is not the concentration of wealth or real property, the greatest "existential" problem created by capitalism is the problem of the very meaning and reality of work. To work is essential to what it means to be a human being. Next to the family, it is work and the relationships established by work that are the true foundations of society.6 In modern capitalism, however, it is productivity and profit which are the basic aims, not the providing of satisfying work. Moreover, since "labor saving" devices are the proudest accomplishments of industrial capitalism, labor itself is stamped with the mark of undesirability. But what is undesirable cannot confer dignity.7"

The entire article can be found here.