Chapter III: Section II: The Morality of Private Capital and Interest

IX THE NATURE AND THE RATE OF INTEREST 137
Meaning of Capital and Capitalist 137
Meaning of Interest 138
The Rate of Interest 141

X THE ALLEGED RIGHT OF LABOUR TO THE ENTIRE PRODUCT
OF INDUSTRY 145
The Labour Theory of Value 146
The Right of Productivity 149

XI THE SOCIALIST SCHEME OF INDUSTRY 152
Socialist Inconsistency 152
Expropriating the Capitalists 154
Inefficient Industrial Leadership 158
Inefficient Labour 162
Attempted Replies to Objections 162
Restricting Individual Liberty 168

XII ALLEGED INTRINSIC JUSTIFICATIONS OF INTEREST 171
Attitude of the Church Toward Interest on Loans 172
Interest on Productive Capital 175
The Claims of Productivity 177
The Claims of Service 181
The Claims of Abstinence 182

XIII SOCIAL AND PRESUMPTIVE JUSTIFICATIONS OF INTEREST 187
Limitations of the Sacrifice Principle 187
The Value of Capital in a No-Interest Régime 188
Whether the Present Rate of Interest is Necessary 191
Whether at Least two Per Cent. is Necessary 193
Whether any Interest is Necessary 196
The State is Justified in Permitting Interest 199
Civil Authorisation not Sufficient for Individual
Justification 201
How the Interest-Taker is Justified 204

XIV CO-OPERATION A PARTIAL SOLVENT OF CAPITALISM 210
Reducing the Rate of Interest 211
Need for a Wider Distribution of Capital 213
The Essence of Co-operative Enterprise 214
Co-operative Credit Societies 216
Co-operative Agricultural Societies 217
Co-operative Mercantile Societies 220
Co-operation in Production 222
Advantages and Prospects of Co-operation 228
References on Section II 233