Enterprise Price Quotes

Colonel Cargill was so awful a marketing executive that his services were much sought after by firms eager to establish losses for tax purposes. His prices were high, for failure often did not come easily. He had to start at the top and work his way down, and with sympathetic friends in Washington, losing money was no simple matter. It took months of hard work and careful misplanning. A person misplaced, disorganized, miscalculated, overlooked everything and open every loophole, and just when he thought he had it made, the government gave him a lake or a forest or an oilfield and spoiled everything. Even with such handicaps, Colonel Cargill could be relied on to run the most prosperous enterprise into the ground. He was a self-made man who owed his lack of success to nobody.

The death of the spirit is the price of progress. Nietzsche revealed this mystery of the Western apocalypse when he announced that God was dead and that He had been murdered. This Gnostic murder is constantly committed by the men who sacrificed God to civilization. The more fervently all human energies are thrown into the great enterprise of salvation through world–immanent action, the farther the human beings who engage in this enterprise move away from the life of the spirit. And since the life the spirit is the source of order in man and society, the very success of a Gnostic civilization is the cause of its decline. A civilization can, indeed, advance and decline at the same time—but not forever. There is a limit toward which this ambiguous process moves; the limit is reached when an activist sect which represents the Gnostic truth organizes the civilization into an empire under its rule. Totalitarianism, defined as the existential rule of Gnostic activists, is the end form of progressive civilization.

Rumfoord had known that Constant would try to debase the picture by using it in commerce. Constant's father had done a similar thing when he found he could not buy Leonardo's "Mona Lisa" at any price. The old man had punished Mona Lisa by having her used in an advertising campaign for suppositories. It was the free-enterprise way of handling beauty that threatened to get the upper hand.

Interestingly, adults are only shamed for having an obsessive interest if that interest is a bit too “strange,” and doesn’t come with the opportunity to rack up a lot of achievements or make a lot of money. People who routinely complete eighty-hour workweeks aren’t penalized for being obsessive or hyperfixated; they’re celebrated for their diligence. If an adult fills their evenings after work learning to code or creating jewelry that they sell on Etsy, they’re seen as enterprising. But if someone instead devotes their free time to something that gives them pleasure but doesn’t financially benefit anyone, it’s seen as frivolous or embarrassing, even selfish. In this instance, it’s clear that the punishing rules imposed on Autistic children reflect a much broader societal issue: pleasure and nonproductive, playful time are not valued, and when someone is passionate about the “wrong” things, that passion is discouraged because it presents a distraction from work and other “respectable” responsibilities.

Why are drugs so profitable? Essentially, many argue, it’s because they are illegal. By making drugs a criminal enterprise, it creates an enormous black market economy where drugs fetch far greater prices than they would if legal.

Putting aside the concerns about the intentions of the rulers and the incentives for the workers, socialism cannot work because the central planner(s) would lack market prices and hence would have no way of determining, even after the fact, if their “rational” plan for production made an efficient use of resources.

There is no room at all for independent enterprise under any variety of State Socialism. Prices are to be regulated authoritatively; authority is to fix what is to be produced, and how, and in what quantities. There is to be no speculation, no 'excessive' profit, no loss. There is to be no innovation unless it be decreed by authority. The official is to direct and supervise everything.

I watched with incredulity as businessmen ran to the government in every crisis, whining for handouts or protection from the very competition that has made this system so productive. I saw Texas ranchers, hit by drought, demanding government-guaranteed loans; giant milk cooperatives lobbying for higher price supports; major airlines fighting deregulation to preserve their monopoly status; giant companies like Lockheed seeking federal assistance to rescue them from sheer inefficiency; bankers, like David Rockefeller, demanding government bailouts to protect them from their ill-conceived investments; network executives, like William Paley of CBS, fighting to preserve regulatory restrictions and to block the emergence of competitive cable and pay TV. And always, such gentlemen proclaimed their devotion to free enterprise and their opposition to the arbitrary intervention into our economic life by the state. Except, of course, for their own case, which was always unique and which was justified by their immense concern for the public interest.

Don’t strive to be a well-rounded leader. Instead, discover your zone and stay there. Then delegate everything else. Admitting a weakness is a sign of strength. Acknowledging weakness doesn’t make a leader less effective. Everybody in your organization benefits when you delegate responsibilities that fall outside your core competency. Thoughtful delegation will allow someone else in your organization to shine. Your weakness is someone’s opportunity. Leadership is not always about getting things done “right.” Leadership is about getting things done through other people. The people who follow us are exactly where we have led them. If there is no one to whom we can delegate, it is our own fault. As a leader, gifted by God to do a few things well, it is not right for you to attempt to do everything. Upgrade your performance by playing to your strengths and delegating your weaknesses. There are many things I can do, but I have to narrow it down to the one thing I must do. The secret of concentration is elimination. Devoting a little of yourself to everything means committing a great deal of yourself to nothing. My competence in these areas defines my success as a pastor. A sixty-hour workweek will not compensate for a poorly delivered sermon. People don’t show up on Sunday morning because I am a good pastor (leader, shepherd, counselor). In my world, it is my communication skills that make the difference. So that is where I focus my time. To develop a competent team, help the leaders in your organization discover their leadership competencies and delegate accordingly. Once you step outside your zone, don’t attempt to lead. Follow. The less you do, the more you will accomplish. Only those leaders who act boldly in times of crisis and change are willingly followed. Accepting the status quo is the equivalent of accepting a death sentence. Where there’s no progress, there’s no growth. If there’s no growth, there’s no life. Environments void of change are eventually void of life. So leaders find themselves in the precarious and often career-jeopardizing position of being the one to draw attention to the need for change. Consequently, courage is a nonnegotiable quality for the next generation leader. The leader is the one who has the courage to act on what he sees. A leader is someone who has the courage to say publicly what everybody else is whispering privately. It is not his insight that sets the leader apart from the crowd. It is his courage to act on what he sees, to speak up when everyone else is silent. Next generation leaders are those who would rather challenge what needs to change and pay the price than remain silent and die on the inside. The first person to step out in a new direction is viewed as the leader. And being the first to step out requires courage. In this way, courage establishes leadership. Leadership requires the courage to walk in the dark. The darkness is the uncertainty that always accompanies change. The mystery of whether or not a new enterprise will pan out. The reservation everyone initially feels when a new idea is introduced. The risk of being wrong. Many who lack the courage to forge ahead alone yearn for someone to take the first step, to go first, to show the way. It could be argued that the dark provides the optimal context for leadership. After all, if the pathway to the future were well lit, it would be crowded. Fear has kept many would-be leaders on the sidelines, while good opportunities paraded by. They didn’t lack insight. They lacked courage. Leaders are not always the first to see the need for change, but they are the first to act. Leadership is about moving boldly into the future in spite of uncertainty and risk. You can’t lead without taking risk. You won’t take risk without courage. Courage is essential to leadership.

The price of arduous and heroic achievement is toil and fatigue. To risk one’s life, even to lose it, is to win renown; for fear is infamous, and the refusal to give way to it, though it may shorten our earthly span, bestows on us the longer life of fame. I have chosen you from among all my people for such an enterprise as is your due. It promises great hardships, but honour and glory as well; and I know that for my sake you will bear all lightly.

It was not for nothing that Adam Smith wrote that “people of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” The romantic notion of politics holds that Big Business is synonymous with capitalism and the archenemy of socialism. In fact, Big Business is reliably against most of what must go into any modern definition of capitalism: free trade, free enterprise, free markets, and the impartial rule of law. Big Business reliably seeks to use the state to seek advantages in trade and to crush smaller (and often more innovative) competitors.

Somebody will beat both [contents and price] sooner or later because that is good old Free Enterprise, where the consumer benefits from battles between jolly green giants.

Guided by the comparison of prices, private enterprise distributes food all over the world, always beginning at the point of greatest scarcity, that is, where the need is felt the most.

At any rate, planning in this sense means all-around planning by the government and enforcement of these plans by the police power. Planning in this sense means full government control of business. It is the antithesis of free enterprise, private initiative, private ownership of the means of production, market economy, and the price system. Planning and capitalism are utterly incompatible. Within a system of planning production is conducted according to the government's orders, not according to the plans of capitalists and entrepreneurs eager to profit by best filling the wants of the consumers.

One of the many signs of verbal virtuosity among intellectuals is the repackaging of words to mean things that are not only different from, but sometimes the direct opposite of, their original meanings. 'Freedom' and 'power' are among the most common of these repackaged words. The basic concept of freedom as not being subjected to other people's restrictions, and of power as the ability to restrict other people's options have both been stood on their heads in some of the repackaging of these words by intellectuals discussing economic issues. Thus business enterprises who expand the public's options, either quantitatively (through lower prices) or qualitatively (through better products) are often spoken of as 'controlling' the market, whenever this results in a high percentage of consumers choosing to purchase their particular products rather than the competing products of other enterprises. In other words, when consumers decide that particular brands of products are either cheaper or better than competing brands of those products, third parties take it upon themselves to depict those who produced these particular brands as having exercised 'power' or 'control.' If, at a given time, three-quarters of the consumers prefer to buy the Acme brand of widgets to any other brand, then Acme Inc. will be said to 'control' three-quarters of the market, even though consumers control 100 percent of the market, since they can switch to another brand of widgets tomorrow if someone else comes up with a better widget, or stop buying widgets altogether if a new product comes along that makes widgets obsolete. ....by saying that businesses have 'power' because they have 'control' of their markets, this verbal virtuosity opens the way to saying that government needs to exercise its 'countervailing power' (John Kenneth Galbraith's phrase) in order to protect the public. Despite the verbal parallels, government power is in fact power, since individuals do not have a free choice as to whether or not to obey government laws and regulations, while consumers are free to ignore the products marketed by even the biggest and supposedly most 'powerful' corporations in the world.

I was easily led by the sympathy which he evinced to use the language of my heart, to give utterance to the burning ardour of my soul and to say, with all the fervour that warmed me, how gladly I would sacrifice my fortune, my existence, my every hope, to the furtherance of my enterprise. One man's life or death were but a small price to pay for the acquirement of the knowledge which I sought, for the dominion I should acquire and transmit over the elemental foes of our race. As I spoke, a dark gloom spread over my listener's countenance. At first I perceived that he tried to suppress his emotion; he placed his hands before his eyes, and my voice quivered and failed me as I beheld tears trickle fast from between his fingers; a groan burst from his heaving breast. I paused; at length he spoke, in broken accents: "Unhappy man! Do you share my madness? Have you drunk also of the intoxicating draught? Hear me; let me reveal my tale, and you will dash the cup from your lips!

SO, WHERE DOES this leave us? If we can’t rely on the market forces of supply and demand to set optimal market prices, and we can’t count on free-market mechanisms to help us maximize our utility, then we may need to look elsewhere. This is especially the case with society’s essentials, such as health care, medicine, water, electricity, education, and other critical resources. If you accept the premise that market forces and free markets will not always regulate the market for the best, then you may find yourself among those who believe that the government (we hope a reasonable and thoughtful government) must play a larger role in regulating some market activities, even if this limits free enterprise. Yes, a free market based on supply, demand, and no friction would be the ideal if we were truly rational. Yet when we are not rational but irrational, policies should take this important factor into account.

It is when positive use prices are allowed that businessmen see an opportunity for profit making by curing the excess demand, or “congestion” situations. It is here that private enterprise shows itself head and shoulders above the bureaucratic, statist system which operates without benefit of prices for services rendered.

Operational effectiveness: necessary but not sufficient Operational effectiveness and strategy are both essential to superior performance, which, after all, is the primary goal of any enterprise. But they work in very different ways. A company can outperform rivals only if it can establish a difference that it can preserve. It must deliver greater value to customers or create comparable value at a lower cost, or do both. The arithmetic of superior profitability then follows: delivering greater value allows a company to charge higher average unit prices; greater efficiency results in lower average unit costs. Ultimately, all differences between companies in cost or price derive from the hundreds of activities required to create, produce, sell, and deliver their products or services, such as calling on customers, assembling final products, and training employees. Cost is generated by performing activities, and cost advantage arises from performing particular activities more

So identified has the State become in the public mind with the provision of these services that an attack on State financing appears to many people as an attack on the service itself. Thus if one maintains that the State should not supply court services, and that private enterprise on the market could supply such service more efficiently as well as more morally, people tend to think of this as denying the importance of courts themselves. The libertarian who wants to replace government by private enterprises in the above areas is thus treated in the same way as he would be if the government had, for various reasons, been supplying shoes as a tax-financed monopoly from time immemorial. If the government and only the government had had a monopoly of the shoe manufacturing and retailing business, how would most of the public treat the libertarian who now came along to advocate that the government get out of the shoe business and throw it open to private enterprise? He would undoubtedly be treated as follows: people would cry, “How could you? You are opposed to the public, and to poor people, wearing shoes! And who would supply shoes to the public if the government got out of the business? Tell us that! Be constructive! It’s easy to be negative and smart-alecky about government; but tell us who would supply shoes? Which people? How many shoe stores would be available in each city and town? How would the shoe firms be capitalized? How many brands would there be? What material would they use? What lasts? What would be the pricing arrangements for shoes? Wouldn’t regulation of the shoe industry be needed to see to it that the product is sound? And who would supply the poor with shoes? Suppose a poor person didn’t have the money to buy a pair?” These questions, ridiculous as they seem to be and are with regard to the shoe business, are just as absurd when applied to the libertarian who advocates a free market in fire, police, postal service, or any other government operation. The point is that the advocate of a free market in anything cannot provide a “constructive” blueprint of such a market in advance. The essence and the glory of the free market is that individual firms and businesses, competing on the market, provide an ever-changing orchestration of efficient and progressive goods and services: continually improving products and markets, advancing technology, cutting costs, and meeting changing consumer demands as swiftly and as efficiently as possible.

Brenda’s lawyer was Paul Rosenbaum, champion of the poor, the downtrodden, the nonwhite, the addicted, the desperate, the technically guilty, the occasionally framed, the submoronic, the psychopathic, the abused turned abuser, the formerly innocent casualties of a racist free-enterprise system now fully grown to payback size; Rosenbaum, a world-class pain in the ass who turned every case into an indictment of the society into which both victim and victimizer had been involuntarily deposited at birth.

The most prominent characteristic of capitalism is the wage system, which in brief amounts to this: — A man, or a group of men, possessing the necessary capital, starts some industrial enterprise; he undertakes to supply the factory or workshops with raw material, to organize production, to pay the employés a fixed wage, and lastly, to pocket the surplus value or profits, under pretext of recouping himself for managing the concern, for running the risks it may involve, and for the fluctuations of price in the market value of the wares.

Colonel Cargill, General Peckem’s troubleshooter, was a forceful, ruddy man. Before the war he had been an alert, hard-hitting, aggressive marketing executive. He was a very bad marketing executive. Colonel Cargill was so awful a marketing executive that his services were much sought after by firms eager to establish losses for tax purposes. Throughout the civilized world, from Battery Park to Fulton Street, he was known as a dependable man for a fast tax write-off. His prices were high, for failure often did not come easily. He had to start at the top and work his way down, and with sympathetic friends in Washington, losing money was no simple matter. It took months of hard work and careful misplanning. A person misplaced, disorganized, miscalculated, overlooked everything and opened every loophole, and just when he thought he had it made, the government gave him a lake or a forest or an oilfield and spoiled everything. Even with such handicaps, Colonel Cargill could be relied on to run the most prosperous enterprise into the ground. He was a self-made man who owed his lack of success to nobody.

if consumer demand should increase for the goods or services of any private business, the private firm is delighted; it woos and welcomes the new business and expands its operations eagerly to fill the new orders. Government, in contrast, generally meets this situation by sourly urging or even ordering consumers to “buy” less, and allows shortages to develop, along with deterioration in the quality of its service. Thus, the increased consumer use of government streets in the cities is met by aggravated traffic congestion and by continuing denunciations and threats against people who drive their own cars. The New York City administration, for example, is continually threatening to outlaw the use of private cars in Manhattan, where congestion has been most troublesome. It is only government, of course, that would ever think of bludgeoning consumers in this way; it is only government that has the audacity to “solve” traffic congestion by forcing private cars (or trucks or taxis or whatever) off the road. According to this principle, of course, the “ideal” solution to traffic congestion is simply to outlaw all vehicles! But this sort of attitude toward the consumer is not confined to traffic on the streets. New York City, for example, has suffered periodically from a water “shortage.” Here is a situation where, for many years, the city government has had a compulsory monopoly of the supply of water to its citizens. Failing to supply enough water, and failing to price that water in such a way as to clear the market, to equate supply and demand (which private enterprise does automatically), New York’s response to water shortages has always been to blame not itself, but the consumer, whose sin has been to use “too much” water. The city administration could only react by outlawing the sprinkling of lawns, restricting use of water, and demanding that people drink less water. In this way, government transfers its own failings to the scapegoat user, who is threatened and bludgeoned instead of being served well and efficiently. There has been similar response by government to the ever-accelerating crime problem in New York City. Instead of providing efficient police protection, the city’s reaction has been to force the innocent citizen to stay out of crime-prone areas. Thus, after Central Park in Manhattan became a notorious center for muggings and other crime in the night hours, New York City’s “solution” to the problem was to impose a curfew, banning use of the park in those hours. In short, if an innocent citizen wants to stay in Central Park at night, it is he who is arrested for disobeying the curfew; it is, of course, easier to arrest him than to rid the park of crime. In short, while the long-held motto of private enterprise is that “the customer is always right,” the implicit maxim of government operation is that the customer is always to be blamed.

It is interesting to note that in nearly all the economics courses it is taught that the income tax is the proper instrument for the regulation of the country’s economy; that private property is not an inalienable right (in fact, there are no inalienable rights); that the economic ills of the country are traceable to the remnants of free enterprise; that the economy of the nation can be sound only when the government manages prices, controls wages, and regulates operations. This was not taught in the colleges before 1913. Is there a relationship between the results of the income tax and the thinking of the professors? There is now a strong movement in this country to bring the publicschool system under federal domination. The movement could not have been thought of before the government had the means for carrying out the idea; that is, before income taxation. The question is, have those who plug for nationalization of the schools come to the idea by independent thought, or have they been influenced by the bureaucrats who see in nationalization a wider opportunity for themselves? We must lean to the latter conclusion, because among the leaders of the movement are many bureaucrats. However, if the movement is successful, if the schools are brought under the watching eye of the federal government, it is a certainty that the curriculum will conform to the ideals of Big Government. The child’s mind will never be exposed to the idea that the individual is the one big thing in the world, that he has rights which come from a higher source than the bureaucracy. Thus, the immunities of property, body and mind have been undermined by the Sixteenth Amendment. The freedoms won by Americans in 1776 were lost in the revolution of 1913.

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any modern consultant would be quick to admit.

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any modern consultant would be quick to admit. This is the fly in the ointment of free-market capitalism. It cannot ensure that profits are gained in a fair way, or distributed in a fair manner. On the contrary, the craving to increase profits and production blinds people to anything that might stand in the way.

This revolution in the role of government has been accompanied, and largely produced, by an achievement in public persuasion that must have few rivals. Ask yourself what products are currently least satisfactory and have shown the least improvement over time. Postal service, elementary and secondary schooling, railroad passenger transport would surely be high on the list. Ask yourself which products are most satisfactory and have improved the most. Household appliances, television and radio sets, hi-fi equipment, computers, and, we would add, supermarkets and shopping centers would surely come high on that list. The shoddy products are all produced by government or government-regulated industries. The outstanding products are all produced by private enterprise with little or no government involvement. Yet the public—or a large part of it—has been persuaded that private enterprises produce shoddy products, that we need ever vigilant government employees to keep business from foisting off unsafe, meretricious products at outrageous prices on ignorant, unsuspecting, vulnerable customers. That public relations campaign has succeeded so well that we are in the process of turning over to the kind of people who bring us our postal service the far more critical task of producing and distributing energy.

I am suprised to a mad extent that people who claim to be intelligent and truth seeking go to church, hear their religious leaders say something, and without vetting it to a reasonable extent swallow it hook and all. Now the church has moved from speaking truth to power but has now aced her game by canvassing for politicians who have no business with God or his people. "by the use of simple propaganda even the most spiritual among us can be sold for the price of an orange," and the church is already falling into this snare. Without sentiments my prayers has been that God should raise us leaders who will futher his enterprise, leaders who will put God and the masses first. So it does not matter if it is Buhari or Jonathan, after all God used Cyrus who was a full blooded gentile(Isaiah 45 verses 1-8) to futher His cause. I strongly urge Nigerians to continue in their prayers for this Jerusalem. Left to some of our religious leaders they will even go the extent of helping God to decide who gets the votes. Let's not allow ourselves to be blinded by the curtains of religion and politics. And instead of using social media to spread bad blood and create feuds, let's encourage and spread the message of peace. Come the D day, we will go out there, vote (at least we have that right), and leave the rest to God. I am a Patriot

Many historians, many sociologists and psychologists have written at length, and with deep concern, about the price that Western man has had to pay and will go on paying for technological progress. They point out, for example, that democracy can hardly be expected to flourish in societies where political and economic power is being progressively concentrated and centralized. But the progress of technology has led and is still leading to just such concentration and centralization of power. As the machinery of mass production is made more efficient it tends to become more complex and more expensive – and so less available to the enterpriser of limited means. Moreover, mass production cannot work without mass distribution; but mass distribution raises problems which only the largest producers can satisfactorily solve. In a world of mass production and mass distribution the Little Man, with his inadequate stock of working capital, is at a grave disadvantage. In competition with the Big Man, he loses his money and finally his very existence as an independent producer; the Big Man has gobbled him up. As the Little Men disappear, more and more economic power comes to be wielded by fewer and fewer people. Under a dictatorship the Big Business, made possible by advancing technology and the consequent ruin of Little Business, is controlled by the State – that is to say, by a small group of party leaders and the soldiers, policemen and civil servants who carry out their orders.

It was in her abode, in the janitorial quarters assigned her on the ground floor rear, that seemingly inoffensive Mrs. Shapiro set up a clandestine alcohol dispensary—not a speakeasy, but a bootleg joint, where the Irish and other shikkers of the vicinity could come and have their pint bottles filled up, at a price. And several times on weekends, when Ira was there, for he got along best with Jake, felt closest to him, because Jake was artistic, some beefy Irishman would come in, hand over his empty pint bottle for refilling, and after greenbacks were passed, and the transaction completed, receive as a goodwill offering a pony of spirits on the house. And once again those wry (rye? Out vile pun!), wry memories of lost opportunities: Jake’s drab kitchen where the two sat talking about art, about Jake’s favorite painters, interrupted by a knock on the door, opened by Mr. Shapiro, and the customer entered. With the fewest possible words, perhaps no more than salutations, purpose understood, negotiations carried out like a mime show, or a ballet: ecstatic pas de deux with Mr. McNally and Mr. Shapiro—until suspended by Mr. Shapiro’s disappearance with an empty bottle, leaving Mr. McNally to solo in anticipation of a “Druidy drunk,” terminated by Mr. Shapiro’s reappearance with a full pint of booze. Another pas de deux of payment? Got it whole hog—Mr. Shapiro was arrested for bootlegging several times, paid several fines, but somehow, by bribery and cunning, managed to survive in the enterprise, until he had amassed enough wealth to buy a fine place in Bensonhurst by the time “Prohibition” was repealed. A Yiddisher kupf, no doubt.

The old order types were simple and straightforward and mainly sensible. The new order types that accompanied the explosion of high-frequency trading were nothing like them, either in detail or spirit. When, in the summer of 2012, the Puzzle Masters gathered with Brad and Don and Ronan and Rob and Schwall in a room to think about them, there were maybe one hundred fifty different order types. What purpose did each serve? How might each be used? The New York Stock Exchange had created an order type that ensured that the trader who used it would trade only if the order on the other side of his was smaller than his own order; the purpose seemed to be to prevent a high-frequency trader from buying a small number of shares from an investor who was about to crush the market with a huge sale. Direct Edge created an order type that, for even more complicated reasons, allowed the high-frequency trading firm to withdraw 50 percent of its order the instant someone tried to act on it. All of the exchanges offered something called a Post-Only order. A Post-Only order to buy 100 shares of Procter & Gamble at $80 a share says, “I want to buy a hundred shares of Procter & Gamble at eighty dollars a share, but only if I am on the passive side of the trade, where I can collect a rebate from the exchange.” As if that weren’t squirrely enough, the Post-Only order type now had many even more dubious permutations. The Hide Not Slide order, for instance. With a Hide Not Slide order, a high-frequency trader—for who else could or would use such a thing?—would say, for example, “I want to buy a hundred shares of P&G at a limit of eighty dollars and three cents a share, Post-Only, Hide Not Slide.” One of the joys of the Puzzle Masters was their ability to figure out what on earth that meant. The descriptions of single order types filed with the SEC often went on for twenty pages, and were in themselves puzzles—written in a language barely resembling English and seemingly designed to bewilder anyone who dared to read them. “I considered myself a somewhat expert on market structure,” said Brad. “But I needed a Puzzle Master with me to fully understand what the fuck any of it means.” A Hide Not Slide order—it was just one of maybe fifty such problems the Puzzle Masters solved—worked as follows: The trader said he was willing to buy the shares at a price ($80.03) above the current offering price ($80.02), but only if he was on the passive side of the trade, where he would be paid a rebate. He did this not because he wanted to buy the shares. He did this in case an actual buyer of stock—a real investor, channeling capital to productive enterprise—came along and bought all the shares offered at $80.02. The high-frequency trader’s Hide Not Slide order then established him as first in line to purchase P&G shares if a subsequent investor came into the market to sell those shares. This was the case even if the investor who had bought the shares at $80.02 expressed further demand for them at the higher price. A Hide Not Slide order was a way for a high-frequency trader to cut in line, ahead of the people who’d created the line in the first place, and take the kickbacks paid to whoever happened to be at the front of the line.

What are the future prospects for a country that turns from the economic and political principles that made it the world’s economic giant, and towards the European socialist state philosophy?  Who would have ever thought that the world’s leading free enterprise, free market nation would: a.) nationalize its banks; b.) replace the CEO of the nation’s largest industrial corporation by demand of the White House; c.) force itself into a position of majority ownership of that corporation and default on bondholders; d.) force the CEO of the nation’s largest bank to buy a company that could destroy the bank, and then force the CEO to lie to shareholders about the transaction, at the demand of the Secretary of the Treasury and the Chairman of the Federal Reserve?

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Most neoclassical economists would argue that state-owned firms will inevitably be less efficient than private ones because the state lacks the proper incentives to run enterprises efficiently. The state does not have to fear bankruptcy, since it can keep businesses going out of tax dollars or, at worst, by printing money. It also has strong incentives to use the firm for political ends like job creation and patronage. These deficiencies of public ownership have been the underlying justification for the global move toward privatization over the past decade. But state-owned enterprises can be run more or less efficiently, and any final judgment as to the efficiency price paid for nationalization has to be measured against the entrepreneurial capabilities of that society’s private sector. In France, nationalized companies have often been allowed considerable managerial discretion and operate not much differently from their private sector counterparts.36

Simplicity isn’t just an attribute of enterprise disruption — it’s the price of entry.

The Center for Neighborhood Technology pioneered car sharing in Chicago in 2002 with I-GO, which was operated by Alternative Transportation. I-GO was sold to Enterprise in 2013. With NeighborCar, local car owners set their rental rates, and drivers can use the car for a set price and defined time period. Tim Frisbie, a spokesman for the Shared-Use Mobility Center, another group that promotes ride sharing and is involved in NeighborCar, said that a price range has not been set.

People started realizing that the Russians, who were heading all the enterprises, were helping themselves to the merchandise, right and left. Of course, food became scarce because peasants were afraid of controls on the prices of their produce. As a result, they brought less food to market. Anybody working in a food store or restaurant or bakery or yeast factory was doing very well, while I, who couldn't steal anything, except for a Romanian book or ink, was at a clear disadvantage. It takes experience to realize where to work in case of a communist take-over.

Very few people writing about this new industry in the mainstream press truly understood how personal computers had already begun to revert to institutional machines. This was mainly because it was easier for most journalists of the early 1990s to envision and get personally excited about the potential of educational software, or of managing their personal finances, or organizing their recipes in the “digital” kitchen, or imagining how amateur architects could design funky homes right on their home computers. Who wouldn’t be excited about more power in the hands of people, the computer as an extension of the brain, a “bicycle for the mind,” as Steve put it? This was the story of computing that got all the ink, and it was a story no one unfurled as well as Steve. Bill Gates wasn’t swayed by that romance. He saw it as a naïve fantasy that missed the point of the much more sophisticated things PCs could do for people in the enterprise. A consumer market can be an enormously profitable one—put simply, there are so many more people than businesses that if you sell them the right product you can mint money. But the personal computers of that time still didn’t have enough power at a low enough price to excite the vast majority of consumers, or to change their lives in any meaningful way. The business market, however, was a different beast. The potential volume of sales represented by all those corporate desktops, in all those thousands of companies big and small, became the target of Bill Gates’s strategic brilliance and focus. Those companies paid good prices for the reliability and consistency that Windows PCs could deliver. They welcomed incremental improvement, and Bill knew how to give it to them. Steve paid lip service to it, but his heart wasn’t in it. He thrilled only to the concept of how a dramatically better computer could unlock even more potential for its user.

Aside from church and rare family events, we were always home. I can recall our family going out to dinner once throughout my entire childhood — if you don’t count vacations. For starters, there was the issue of cost. My father was the sole breadwinner. Taking six kids and two adults to even a modestly priced restaurant cost well over $100 in today’s dollars — money my parents simply could not spare. Then there was logistics. In the early 1970s, my father drove a Plymouth Fury III — a Starship-Enterprise-looking thing with faux wood paneling on its sides.

For whom, I asked myself innocently, were the riches and dominions that the English conquered and held on to at any price in the most remote corners of the planet? The neighborhoods which succeeded one another interminably down the narrow cobbled streets were not inhabited by the beneficiaries of those enterprises.

In those meetings, I learned that even economic diagrams needn’t be linear. Ours was a nest of concentric circles, and an enterprise was measured by its value to each circle, from the individual and family to the community and environment. I realized that Rebecca and her colleagues were trying to do nothing less than transform the System of National Accounts, the statistical framework here and in most countries for measuring economic activity. For instance, the value of a tree depends on its estimated value or sale price, but if it is sold and cut down, there is no accounting on the debit side of the ledger for loss of oxygen, seeding of other trees, or value to the community or the environment. This group was inventing a new way of measuring profit and loss. By the end of our days together, I understood economics in a whole new way. A balance sheet really could be about balance.

Religious bondage shackles and debilitates the mind and unfits it for every noble enterprise, every expanded prospect,” Madison told Bradford, writing with the authority of a man who knew firsthand the price of being bound to a received viewpoint—and the liberation of breaking free.

I couldn’t miss the irony, not as a forty-two-year-old native of the segregated South, still fighting to earn respect in the color-conscious world of American business. How often had my parents and grandparents, other family members and friends, and I myself been directed to the back door of a bus, a restaurant, or a theater because we were considered second class, even after paying a first-class price for service! But that night we were treated to courtesies that even President Nixon could not enjoy: entering through the lobby, approaching the front desk, quietly registering, and being assisted to our room by the highly trained wait staff. A familiar portion of a Bible verse came to mind. The last shall be first and the first last (Matt. 20:16).

They have just concluded their business in the latest town, where Itempas nearly drowned trying to help a fishing boat haul in its catch with old fraying nets and a captain who did not heed the dire weather reports. Because other mortals’ lives were at stake, Itempas could use magic to save them, translocating everyone from the boat to the shore just as the mast sank beneath the waves. As a crowd gathers ’round to exclaim over the miracle of survivors, and to shout at the captain who sits ashamed nearby, Glee goes to her father, who stands watching all of this with a sterner-than-usual set to his face. There is more to it than the captain’s negligence, Glee understands. The boat’s nets were frayed because the captain could barely afford to keep his business afloat. His business was in danger because the price of fish is being artificially controlled by the Nobles’ Consortium in order to please several of the wealthier islander merchants, who run large fish distribution enterprises. The same people who curse the captain now have happily bought the cheap fish that made him so desperate for just one more catch. Now the man has lost his livelihood altogether, as have his crew members—but the price of fish will stay low, driving other captains into other storms and causing other wrecks from which there will be no magical rescue. It is painfully clear even to Glee, who has less of a jaded eye toward human foibles, that these people will never believe themselves complicit in the lives lost. They accept that this is the way the world works, in part because it is all they know and in part because it is all they wish to know. They are Itempans, probably, all of them. Comfortable with the status quo.

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the investor would need more than a mere falling off in both earnings and price to give him a sound basis for purchase. He should require an indication of at least reasonable stability of earnings over the past decade or more—i.e., no year of earnings deficit—plus sufficient size and financial strength to meet possible setbacks in the future. The ideal combination here is thus that of a large and prominent company selling both well below its past average price and its past average price/earnings multiplier. This would no doubt have ruled out most of the profitable opportunities in companies such as Chrysler, since their low-price years are generally accompanied by high price/earnings ratios. But let us assure the reader now—and no doubt we shall do it again—that there is a world of difference between “hindsight profits” and “real-money profits.” We doubt seriously whether the Chrysler type of roller coaster is a suitable medium for operations by our enterprising investor. We have mentioned protracted neglect or unpopularity as a second cause of price declines to unduly low levels. A current case of this kind would appear to be National Presto Industries. In the bull market of 1968 it sold at a high of 45, which was only 8 times the $5.61 earnings for that year. The per-share profits increased in both 1969 and 1970, but the price declined to only 21 in 1970. This was less than 4 times the (record) earnings in that year and less than its net-current-asset value. In March 1972 it was selling at 34, still only 5½ times the last reported earnings, and at about its enlarged net-current-asset value.

If we assume that it is the habit of the market to overvalue common stocks which have been showing excellent growth or are glamorous for some other reason, it is logical to expect that it will undervalue—relatively, at least—companies that are out of favor because of unsatisfactory developments of a temporary nature. This may be set down as a fundamental law of the stock market, and it suggests an investment approach that should prove both conservative and promising. The key requirement here is that the enterprising investor concentrate on the larger companies that are going through a period of unpopularity. While small companies may also be undervalued for similar reasons, and in many cases may later increase their earnings and share price, they entail the risk of a definitive loss of profitability and also of protracted neglect by the market in spite of better earnings. The large companies thus have a double advantage over the others. First, they have the resources in capital and brain power to carry them through adversity and back to a satisfactory earnings base. Second, the market is likely to respond with reasonable speed to any improvement shown. A

Growth-Stock Approach Every investor would like to select the stocks of companies that will do better than the average over a period of years. A growth stock may be defined as one that has done this in the past and is expected to do so in the future.2 Thus it seems only logical that the intelligent investor should concentrate upon the selection of growth stocks. Actually the matter is more complicated, as we shall try to show. It is a mere statistical chore to identify companies that have “out-performed the averages” in the past. The investor can obtain a list of 50 or 100 such enterprises from his broker.† Why, then, should he not merely pick out the 15 or 20 most likely looking issues of this group and lo! he has a guaranteed-successful stock portfolio? There are two catches to this simple idea. The first is that common stocks with good records and apparently good prospects sell at correspondingly high prices. The investor may be right in his judgment of their prospects and still not fare particularly well, merely because he has paid in full (and perhaps overpaid) for the expected prosperity. The second is that his judgment as to the future may prove wrong. Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult. At some point the growth curve flattens out, and in many cases it turns downward.

There is no reason at all for thinking that the average intelligent investor, even with much devoted effort, can derive better results over the years from the purchase of growth stocks than the investment companies specializing in this area. Surely these organizations have more brains and better research facilities at their disposal than you do. Consequently we should advise against the usual type of growth-stock commitment for the enterprising investor.* This is one in which the excellent prospects are fully recognized in the market and already reflected in a current price-earnings ratio of, say, higher than 20. (For the defensive investor we suggested an upper limit of purchase price at 25 times average earnings of the past seven years. The two criteria would be about equivalent in most cases.)† The striking thing about growth stocks as a class is their tendency toward wide swings in market price. This is true of the largest and longest-established companies—such as General Electric and International Business Machines—and even more so of newer and smaller successful companies. They illustrate our thesis that the main characteristic of the stock market since 1949 has been the injection of a highly speculative element into the shares of companies which have scored the most brilliant successes, and which themselves would be entitled to a high investment rating. (Their credit standing is of the best, and they pay the lowest interest rates on their borrowings.) The investment caliber of such a company may not change over a long span of years, but the risk characteristics of its stock will depend on what happens to it in the stock market. The more enthusiastic the public grows about it, and the faster its advance as compared with the actual growth in its earnings, the riskier a proposition it becomes.

We have advised against the purchase at “full prices” of three important categories of securities: (1) foreign bonds, (2) ordinary preferred stocks, and (3) secondary common stocks, including, of course, original offerings of such issues. By “full prices” we mean prices close to par for bonds or preferred stocks, and prices that represent about the fair business value of the enterprise in the case of common stocks. The greater number of defensive investors are to avoid these categories regardless of price; the enterprising investor is to buy them only when obtainable at bargain prices—which we define as prices not more than two-thirds of the appraisal value of the securities.

In 1709 Darby moved his foundry enterprise to Coalbrookdale, a village along the Severn River, about eighty miles north of Bristol, near Dudley. There he began developing a method of preparing coal for iron smelting by coking it—baking it in a kiln under low-oxygen conditions to drive out the sulfur and other impurities that would otherwise embrittle the iron. Writing about the invention later, his son’s widow, Abiah Darby, would compare it to drying malt.47 As they mastered the technology, Darby and his descendants gradually substituted coke for charcoal. Smelting iron with coked coal then enabled British industry to bypass the bottleneck of wood scarcity, Abiah Darby noted in 1763: “Had not these discoveries been made, the Iron trade . . . would have dwindled away, for woods for charcoal became very scarce, and landed gentlemen [who owned the forests] rose the prices of Cord Wood exceeding high—indeed it would not have been to be got. But from pit coal being introduced in its stead, the demand for wood charcoal is much lessened and in a few years I apprehend will set the use of that article aside.”48 By the beginning of the nineteenth century, iron had largely replaced wood in manufacture and construction.49

Change has brought new meaning to that old mission. We can never again stand aside, prideful in isolation. Terrific dangers and troubles that we once called "foreign" now constantly live among us. If American lives must end, and American treasure be spilled, in countries we barely know, that is the price that change has demanded of conviction and of our enduring covenant. Think of our world as it looks from the rocket that is heading toward Mars. It is like a child's globe, hanging in space, the continents stuck to its side like colored maps. We are all fellow passengers on a dot of earth. And each of us, in the span of time, has really only a moment among our companions. How incredible it is that in this fragile existence, we should hate and destroy one another. There are possibilities enough for all who will abandon mastery over others to pursue mastery over nature. There is world enough for all to seek their happiness in their own way. Our Nation's course is abundantly clear. We aspire to nothing that belongs to others. We seek no dominion over our fellow man. but man's dominion over tyranny and misery. But more is required. Men want to be a part of a common enterprise--a cause greater than themselves. Each of us must find a way to advance the purpose of the Nation, thus finding new purpose for ourselves. Without this, we shall become a nation of strangers.

In the first case, you fear setting the price too low; in the second, you fear setting it too high. It is the job of your real-estate agent, of course, to find the golden mean. She is the one with all the information: the inventory of similar houses, the recent sales trends, the tremors of the mortgage market, perhaps even a lead on an interested buyer. You feel fortunate to have such a knowledgeable expert as an ally in this most confounding enterprise. Too bad she sees things differently. A real-estate agent may see you not so much as an ally but as a mark. Think back to the study cited at the beginning of this book, which measured the difference between the sale prices of homes that belonged to real-estate agents themselves and the houses

If shares are partial interests in enterprises, not just numbers on a screen, the certainty we seek must emanate from the business itself. Training our minds on businesses rather than stock prices moves us in the right direction. We’re not equally equipped to analyze every security or industry, but if we focus on spots where we are conversant, we’ll be more certain that we’ve put together the evidence properly. By entrusting our capital only to honest and capable executives, we reduce the risk of malfeasance. Some industries are brutally competitive and change relentlessly, and some companies depend on the kindness of bankers. Go elsewhere, where there’s more safety.

In the UK, for example, 97 percent of money is created by commercial banks and its character takes the form of debt-based, interest-bearing loans. As for its intended use? In the 10 years running up to the 2008 financial crash, over 75 percent of those loans were granted for buying stocks or houses—so fuelling the house-price bubble—while a mere 13 percent went to small businesses engaged in productive enterprise.47 When such debt increases, a growing share of a nation’s income is siphoned off as payments to those with interest-earning investments and as profit for the banking sector, leaving less income available for spending on products and services made by people working in the productive economy. ‘Just as landlords were the archetypal rentiers of their agricultural societies,’ writes economist Michael Hudson, ‘so investors, financiers and bankers are in the largest rentier sector of today’s financialized economies.

The Bill of Rights sets the standard for payment of seized property as “just compensation.” Invoking eminent domain inherently lowers market values. It does this by putting a cloud over continued ownership, making just a synonym for discounted. Eminent domain also creates an incentive for governments to offer the lowest price they can get away with. Landowners who do not like the price offered by government can go to court. Such a challenge requires deep pockets to finance litigation, itself a risky enterprise. Most people, faced with a government determined to seize their property, just take what they can and get out.

Pair 3: American Home Products Co. (drugs, cosmetics, household products, candy) and American Hospital Supply Co. (distributor and manufacturer of hospital supplies and equipment) These were two “billion-dollar good-will” companies at the end of 1969, representing different segments of the rapidly growing and immensely profitable “health industry.” We shall refer to them as Home and Hospital, respectively. Selected data on both are presented in Table 18-3. They had the following favorable points in common: excellent growth, with no setbacks since 1958 (i.e., 100% earnings stability); and strong financial condition. The growth rate of Hospital up to the end of 1969 was considerably higher than Home’s. On the other hand, Home enjoyed substantially better profitability on both sales and capital.† (In fact, the relatively low rate of Hospital’s earnings on its capital in 1969—only 9.7%—raises the intriguing question whether the business then was in fact a highly profitable one, despite its remarkable past growth rate in sales and earnings.) When comparative price is taken into account, Home offered much more for the money in terms of current (or past) earnings and dividends. The very low book value of Home illustrates a basic ambiguity or contradiction in common-stock analysis. On the one hand, it means that the company is earning a high return on its capital—which in general is a sign of strength and prosperity. On the other, it means that the investor at the current price would be especially vulnerable to any important adverse change in the company’s earnings situation. Since Hospital was selling at over four times its book value in 1969, this cautionary remark must be applied to both companies. TABLE 18-3. Pair 3. CONCLUSIONS: Our clear-cut view would be that both companies were too “rich” at their current prices to be considered by the investor who decides to follow our ideas of conservative selection. This does not mean that the companies were lacking in promise. The trouble is, rather, that their price contained too much “promise” and not enough actual performance. For the two enterprises combined, the 1969 price reflected almost $5 billion of good-will valuation. How many years of excellent future earnings would it take to “realize” that good-will factor in the form of dividends or tangible assets? SHORT-TERM SEQUEL: At the end of 1969 the market evidently thought more highly of the earnings prospects of Hospital than of Home, since it gave the former almost twice the multiplier of the latter. As it happened the favored issue showed a microscopic decline in earnings in 1970, while Home turned in a respectable 8% gain. The market price of Hospital reacted significantly to this one-year disappointment. It sold at 32 in February 1971—a loss of about 30% from its 1969 close—while Home was quoted slightly above its corresponding level.*

Most active-minded practitioners would prefer to venture into wider channels. Their natural hunting grounds would be the entire field of securities that they felt (a) were certainly not overvalued by conservative measures, and (b) appeared decidedly more attractive—because of their prospects or past record, or both—than the average common stock. In such choices they would do well to apply various tests of quality and price-reasonableness along the lines we have proposed for the defensive investor. But they should be less inflexible, permitting a considerable plus in one factor to offset a small black mark in another. For example, he might not rule out a company which had shown a deficit in a year such as 1970, if large average earnings and other important attributes made the stock look cheap. The enterprising investor may confine his choice to industries and companies about which he holds an optimistic view, but we counsel strongly against paying a high price for a stock (in relation to earnings and assets) because of such enthusiasm. If he followed our philosophy in this field he would more likely be the buyer of important cyclical enterprises—such as steel shares perhaps—when the current situation is unfavorable, the near-term prospects are poor, and the low price fully reflects the current pessimism.

Because the general prospects of the enterprise carry major weight in the establishment of market prices, it is natural for the security analyst to devote a great deal of attention to the economic position of the industry and of the individual company in its industry. Studies of this kind can go into unlimited detail. They are sometimes productive of valuable insights into important factors that will be operative in the future and are insufficiently appreciated by the current market. Where a conclusion of that kind can be drawn with a fair degree of confidence, it affords a sound basis for investment decisions. Our own observation, however, leads us to minimize somewhat the practical value of most of the industry studies that are made available to investors. The material developed is ordinarily of a kind with which the public is already fairly familiar and that has already exerted considerable influence on market quotations. Rarely does one find a brokerage-house study that points out, with a convincing array of facts, that a popular industry is heading for a fall or that an unpopular one is due to prosper. Wall Street’s view of the longer future is notoriously fallible, and this necessarily applies to that important part of its investigations which is directed toward the forecasting of the course of profits in various industries. We must recognize, however, that the rapid and pervasive growth of technology in recent years is not without major effect on the attitude and the labors of the security analyst. More so than in the past, the progress or retrogression of the typical company in the coming decade may depend on its relation to new products and new processes, which the analyst may have a chance to study and evaluate in advance. Thus there is doubtless a promising area for effective work by the analyst, based on field trips, interviews with research men, and on intensive technological investigation on his own. There are hazards connected with investment conclusions derived chiefly from such glimpses into the future, and not supported by presently demonstrable value. Yet there are perhaps equal hazards in sticking closely to the limits of value set by sober calculations resting on actual results. The investor cannot have it both ways. He can be imaginative and play for the big profits that are the reward for vision proved sound by the event; but then he must run a substantial risk of major or minor miscalculation. Or he can be conservative, and refuse to pay more than a minor premium for possibilities as yet unproved; but in that case he must be prepared for the later contemplation of golden opportunities foregone.

MORAL AND QUESTIONS: The speculative public is incorrigible. In financial terms it cannot count beyond 3. It will buy anything, at any price, if there seems to be some “action” in progress. It will fall for any company identified with “franchising,” computers, electronics, science, technology, or what have you, when the particular fashion is raging. Our readers, sensible investors all, are of course above such foolishness. But questions remain: Should not responsible investment houses be honor-bound to refrain from identifying themselves with such enterprises, nine out of ten of which may be foredoomed to ultimate failure? (This was actually the situation when the author entered Wall Street in 1914. By comparison it would seem that the ethical standards of the “Street” have fallen rather than advanced in the ensuing 57 years, despite all the reforms and all the controls.) Could and should the SEC be given other powers to protect the public, beyond the present ones which are limited to requiring the printing of all important relevant facts in the offering prospectus? Should some kind of box score for public offerings of various types be compiled and published in conspicuous fashion? Should every prospectus, and perhaps every confirmation of sale under an original offering, carry some kind of formal warranty that the offering price for the issue is not substantially out of line with the ruling prices for issues of the same general type already established in the market? As we write this edition a movement toward reform of Wall Street abuses is under way. It will be difficult to impose worthwhile changes in the field of new offerings, because the abuses are so largely the result of the public’s own heedlessness and greed. But the matter deserves long and careful consideration.

red-state blast by the Missouri farmer Blake Hurst that was originally published in The American Enterprise magazine. He and his fellow Bush voters, Hurst stepped forward to tell the world, were humble, humble, humble, humble! Most Red Americans can’t deconstruct post-modern literature, give proper orders to a nanny, pick out a cabernet with aftertones of licorice, or quote prices from the Abercrombie and Fitch catalog. But we can raise great children, wire our own houses, make beautiful and delicious creations with our own two hands, talk casually and comfortably about God, repair a small engine, recognize a good maple sugar tree, tell you the histories of our towns and the hopes of our neighbors, shoot a gun and run a chainsaw without fear, calculate the bearing load of a roof, grow our own asparagus . . . And so on.

Our concern,” Jimmy wrote in the DU brochure, is with how our city has been disintegrating socially, economically, politically, morally and ethically. We are convinced that we cannot depend upon one industry or any large corporation to provide us with jobs. It is now up to us—the citizens of Detroit—to put our hearts, our imaginations, our minds, and our hands together to create a vision and project concrete programs for developing the kinds of local enterprises that will provide meaningful jobs and income for all citizens. To engage Detroiters in the creation of this vision, DU embarked on a campaign for open government in the city, issuing a series of leaflets calling on citizens to examine the whole chain of developer-driven megaprojects with which Young had tried and failed to revive the city (including Poletown and the People Mover) and to assume responsibility for envisioning and implementing alternative roads of development based on restoring neighborhoods and communities. During the debate over casino gambling Young had challenged his opponents to come up with an alternative, accusing us of being naysayers without any solutions of our own. Jimmy welcomed the challenge. There was nothing he liked better than using crisis and breakdown as an opportunity for renewal and transformation. His forte was devising solutions that were visionary and at the same time so down-to-earth that people could almost taste them. For more than fifteen years he had been writing and talking about the crisis developing in our cities and the need to redefine work, especially for the sake of our young people. In October 1986, at a meeting in Oakland, California, which the Bay Area NOAR sponsored to present “a vision of 21st century neighborhoods and communities,” Jimmy had declared that it was now “idealistic” to expect the government or corporations to do the work that is needed to keep up our communities and to provide for our elementary safety and security. Multinational corporations and rapid technological development have turned our cities into graveyards. “Efficiency in production,” he argued, “can no longer be our guiding principle because it comes at the price of eliminating human creativity and skills and making millions of people expendable.” He continued: “The residue of the last 100 years of rapid technological development is alienation, hopelessness, self-hate and hate for one another, and the violence which has created a reign of terror in our inner cities.

Competition is often conflated with capitalism, but they are not at all the same. Capitalism involves private ownership of the means of production and distribution, but the word implies nothing about the way in which privately owned firms do business. Capitalism is perfectly compatible with a society in which a powerful state doles out favors to private monopolies, protects some enterprises from others, or even sets the prices privately owned firms may charge for their products. Indeed, while capitalists tend to praise the virtues of competition, many of them would just as soon avoid it.

Organizations seeking to commercialize open source software realized this, of course, and deliberately incorporated it as part of their market approach. In a 2013 piece on Pando Daily, venture capitalist Danny Rimer quotes then-MySQL CEO Mårten Mickos as saying, “The relational database market is a $9 billion a year market. I want to shrink it to $3 billion and take a third of the market.” While MySQL may not have succeeded in shrinking the market to three billion, it is interesting to note that growing usage of MySQL was concurrent with a declining ability of Oracle to sell new licenses. Which may explain both why Sun valued MySQL at one third of a $3 billion dollar market and why Oracle later acquired Sun and MySQL. The downward price pressure imposed by open source alternatives have become sufficiently visible, in fact, as to begin raising alarm bells among financial analysts. The legacy providers of data management systems have all fallen on hard times over the last year or two, and while many are quick to dismiss legacy vendor revenue shortfalls to macroeconomic issues, we argue that these macroeconomic issues are actually accelerating a technology transition from legacy products to alternative data management systems like Hadoop and NoSQL that typically sell for dimes on the dollar. We believe these macro issues are real, and rather than just causing delays in big deals for the legacy vendors, enterprises are struggling to control costs and are increasingly looking at lower cost solutions as alternatives to traditional products. — Peter Goldmacher Cowen and Company

economic policymakers devised an approach with the following elements: •  A shift from capital-intensive heavy industry to labor-intensive light industry. •  A focus on light industrial exports to generate the foreign exchange needed to import capital equipment. •  The establishment of special economic zones (SEZs), allowing foreign companies to set up factories on preferential terms. •  Price reforms, to reduce the power of central planners and increase the role of the market. • Increased tolerance for private enterprises.

Investors still need to ask, how stable is the enterprise, and what are its future prospects? What are its earnings and cash flow? What is the downside risk of owning it? What is its liquidation value? How capable and honest is its management? What would you pay for the stock of this company if it were public? What factors might cause the owner of this business to sell control at a bargain price? Similarly, the pair never addressed how to analyze the purchase of an office building or apartment complex. Real estate bargains come about for the same reasons as securities bargains—an urgent need for cash, inability to perform proper analysis, a bearish macro view, or investor disfavor or neglect. In a bad real estate climate, tighter lending standards can cause even healthy properties to sell at distressed prices. Graham and Dodd’s principles—such as the stability of cash flow, sufficiency of return, and analysis of downside risk—allow us to identify real estate investments with a margin of safety in any market environment.

Noyce recalled that the group had some slight qualms about running their own business, but these doubts were easily overcome by “the realization, for the first time, that you had a chance at making more money than you ever dreamed of.” The dream, as it happened, came true. Even by high-tech standards, that $500 turned out to be a spectacular investment. In 1968 the founders sold their share of Fairchild Semiconductor back to the parent company; Noyce’s proceeds—the return on his initial $500 investment—came to $250,000. Noyce and his friend Gordon Moore had by then found another financial backer and started a new firm, Intel Corporation (the name is a play on both Intelligence and Integrated Electronics). Intel started out making chips for computer memories, a business that took off like a rocket. Intel’s shares were traded publicly for the first time in 1971—on the same day, coincidentally, that Playboy Enterprises went public. On that first day, stock in the two firms was about equally priced; a year later, Intel’s shares were worth more than twice as much as Playboy’s. “Wall Street has spoken,” an investment analyst observed. “It’s memories over mammaries.” Today, Intel is a multibillion-dollar company, and anybody who held on to the founding group’s stake in the company is a billionaire several times over.

In the old days of enterprise computing, companies typically paid millions of dollars to license a package of software, millions more to buy the hardware and to get the software installed properly, and then more money for yearly maintenance contracts. Think Oracle. Then came Software-as-a-Service, or SaaS. The customer negotiated a price with the software supplier and paid monthly to use software that ran in the cloud. Think Salesforce. Now, we have the utilization model, with payments based on consumption. You buy credits and use them when you need them. Think Amazon’s AWS and Snowflake. We believe it’s a superior model and that someday most enterprise software will be purchased and delivered this way.

But Anita Roddick had a different take on that. In 1976, before the words to say it had been found, she set out to create a business that was socially and environmentally regenerative by design. Opening The Body Shop in the British seaside town of Brighton, she sold natural plant-based cosmetics (never tested on animals) in refillable bottles and recycled boxes (why throw away when you can use again?) while paying a fair price to the communities worldwide that supplied cocoa butter, brazil nut oil and dried herbs. As production expanded, the business began to recycle its wastewater for using in its products and was an early investor in wind power. Meanwhile, company profits went to The Body Shop Foundation, which gave them to social and environmental causes. In all, a pretty generous enterprise. Roddick’s motivation? ‘I want to work for a company that contributes to and is part of the community,’ she later explained. ‘If I can’t do something for the public good, what the hell am I doing?’47 Such a values-driven mission is what the analyst Marjorie Kelly calls a company’s ‘living purpose’—turning on its head the neoliberal script that the business of business is simply business. Roddick proved that business can be far more than that, by embedding benevolent values and a regenerative intent at the company’s birth. ‘We dedicated the Articles of Association and Memoranda—which in England is the legal definition of the purpose of your company—to human rights advocacy and social and environmental change,’ she explained in 2005, ‘so everything the company did had that as its canopy.’48 Today’s most innovative enterprises are inspired by the same idea: that the business of business is to contribute to a thriving world. And the growing family of enterprise structures that are intentionally distributive by design—including cooperatives, not-for-profits, community interest companies, and benefit corporations—can be regenerative by design too.49 By explicitly making a regenerative commitment in their corporate by-laws and enshrining it in their governance, they can safeguard a ‘living purpose’ through times of leadership change and protect it from mission creep. Indeed the most profound act of corporate responsibility for any company today is to rewrite its corporate by-laws, or articles of association, in order to redefine itself with a living purpose, rooted in regenerative and distributive design, and then to live and work by it.

On May 14, 1912—eight months after his stepmother’s awful death—Andrew Kehoe, then forty years old, took a wife. Her full name was Ellen Agnes Price—“Nellie” to everyone who knew her. Born in 1875, she came from a family of proud Irish Catholic immigrants, whose most prominent member was her uncle Lawrence. A Civil War hero who had fought at Antietam, Fredericksburg, Chancellorsville, and Gettysburg, Lawrence had grown up in Michigan, returned to his home state after the war, and purchased a wilderness tract in Bath Township, which he eventually transformed into a flourishing 320-acre farm. In 1880, he turned his phenomenal energies to mercantile pursuits, successfully engaging in the grocery, lumber, dry goods, and hardware businesses before becoming a pioneer in the nascent automobile industry as founder and president of the Lansing Auto Body Company. In addition to his myriad enterprises, he served as Lansing’s chief of police and superintendent of public works, did a four-year term as a member of the city council, headed the Lansing Business Men’s Association, and ran as the Democratic candidate for the US Senate in 1916.1 Among his eight siblings was his younger brother, Patrick. Born in Ireland in 1848, Patrick had been brought to America as an infant and spent most of his life in Michigan. Financially beholden to his wealthy older brother, he worked as a farmhand on Lawrence’s spread in Bath before becoming an employee of the Auto Body Company. His marriage to the former Mary Ann Wilson had produced a son, William, and six daughters, among them his firstborn child, Nellie, the future Mrs. Andrew Kehoe.2

Stock Guide material includes “Earnings and Dividend Rankings,” which are based on stability and growth of these factors for the past eight years. (Thus price attractiveness does not enter here.) We include the S & P rankings in our Table 15-1. Ten of the 15 issues are ranked B+ (= average) and one (American Maize) is given the “high” rating of A. If our enterprising investor wanted to add a seventh mechanical criterion to his choice, by considering only issues ranked by Standard & Poor’s as average or better in quality, he might still have about 100 such issues to choose from. One might say that a group of issues, of at least average quality, meeting criteria of financial condition as well, purchasable at a low multiplier of current earnings and below asset value, should offer good promise of satisfactory investment results.

Facebook, in fact, is the biggest surveillance-based enterprise in the history of mankind. It knows far, far more about you than the most intrusive government has ever known about its citizens. —John Lanchester

Adequate Size of the Enterprise All our minimum figures must be arbitrary and especially in the matter of size required. Our idea is to exclude small companies which may be subject to more than average vicissitudes especially in the industrial field. (There are often good possibilities in such enterprises but we do not consider them suited to the needs of the defensive investor.) Let us use round amounts: not less than $100 million of annual sales for an industrial company and, not less than $50 million of total assets for a public utility. 2. A Sufficiently Strong Financial Condition For industrial companies current assets should be at least twice current liabilities—a so-called two-to-one current ratio. Also, long-term debt should not exceed the net current assets (or “working capital”). For public utilities the debt should not exceed twice the stock equity (at book value). 3. Earnings Stability Some earnings for the common stock in each of the past ten years. 4. Dividend Record Uninterrupted payments for at least the past 20 years. 5. Earnings Growth A minimum increase of at least one-third in per-share earnings in the past ten years using three-year averages at the beginning and end. 6. Moderate Price/Earnings Ratio Current price should not be more than 15 times average earnings of the past three years.

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The idea that we should not concern ourselves unduly about the future because “expectancy is the main impediment to living” has to be qualified for other reasons too. At the societal level, too much focus on present goods, like lower taxes or gas prices, at the expense of future goods such as a cleaner environment and an adequately funded welfare state, is hardly praiseworthy, and we would do well to worry about the consequences of this shortsightedness. With respect to both individuals and communities, it is hard to make significant plans and engage in long-term projects without worrying about the ways in which they might be derailed. This is true whether one is raising a child, planting crops, running a business, carrying out research, writing a book, building an organization, or working for a cause. Yet immersing ourselves in such projects and bringing them to fruition yields some of our most valuable experiences and accomplishments. It hardly makes sense to eschew long-term enterprises on the grounds that they usually produce anxiety as well as (one hopes) satisfaction. And it is hard to really throw oneself into a project without worrying about its prospects for success. The advice not to worry unduly about the future thus has to be quite restricted if it is to be reasonable. It amounts to telling us not to spoil the present through excessive anxiety about the future, and not to worry unduly about the loss of things that do not really matter. One of the merits of simple living is that it demonstrates how little we need to possess in order to be content, and how much of what we consider necessary is in fact superfluous. Keeping these points in mind may help us become, in Epicurus’s phrase, “fearless of fortune,” at least with respect to wealth and possessions. But it is less obvious how living simply helps one to achieve greater detachment from other things one values, such as loved ones, meaningful projects, or political causes.

The reasons for the steep economic decline were numerous. The collapse of the Soviet economy not only disrupted economic ties between different republics but also spelled the end to procurement for the ex-Soviet military. Ukraine, home to a highly developed military-industrial complex, suffered disproportionately in this regard. Unlike Russia, Ukraine had no oil and gas revenues to soften the blow. Moreover, the Ukrainian metallurgical complex—the industrial sector that survived the crash and provided most of the funds for the Ukrainian budget—depended entirely on Russian natural gas supplies and had to pay ever increasing prices for that precious commodity. But by far the most important reason for the economic decline was the Ukrainian government’s delaying of badly needed economic reforms and continuing to subsidize money-losing state enterprises by issuing credits and printing more money. Runaway inflation, which reached a staggering 2,500 percent in 1992, set the seal on the rapid economic decline.

The pie includes the long-term value customers enjoy over and above the price they pay, which we’ll call surplus. An enterprise creates surplus by inventing a product that materially improves their lives, providing free after-sales service or not using misleading marketing tactics.

stockpiling of goods, runs on banks, and widespread urban discontent. This put Zhao seriously on the political defensive and under attack from the conservative Old Guard. Over the summer of 1988 a comprehensive plan to control inflation and stabilize the overheated economy was worked out by senior leaders Yao Yilin and Li Peng, as well as State Council think tank economists—which was presented to the Third Plenum of the Thirteenth Central Committee in September. As a result, prices were frozen, foreign trade was recentralized, a very tight fiscal policy forced on state banks, investment controls were put in place, and capital construction halted. Zhao himself came in for six-and-a-half hours of harsh criticism and was forced to make a self-criticism. This was the all-important backdrop to the dramatic demonstrations of the spring of 1989 (which were triggered by economic discontent as much as by political demands). Among the many other economic reforms stimulated during Deng’s tenure, two others deserve brief mention. The first concerned changes in the ownership structure, and the second concerned efforts to establish a regulatory structure (as distinct from an administrative structure) for qualitative oversight of economic activity. With regard to the first, a key part of creating the hybrid state-collective-private economy that Deng and his colleagues envisioned necessitated the creation of truly private enterprises and private ownership.56 Citizens in both rural and urban areas were permitted to purchase long-term leaseholds on property (often their homes) and to pass it from generation to generation. Another example of

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Now, supposing we should abolish all other taxes direct and indirect, substituting for them a tax upon land values, what would be the effect? In the first place it would be to kill speculative values. It would be to remove from the newer parts of the country the bulk of the taxation and put it on the richer parts. It would be to exempt the pioneer from taxation and make the larger cities pay more of it. It would be to relieve energy and enterprise, capital and labour, from all those burdens that now bear upon them. What a start that would give to production! In the second place we could, from the value of the land, not merely pay all the present expenses of the government, but we could do infinitely more. In the city of San Francisco James Lick left a few blocks of ground to be used for public purposes there, and the rent amounts to so much, that out of it will be built the largest telescope in the world, large public baths and other public buildings, and various costly works. If, instead of these few blocks, the whole value of the land upon which the city is built had accrued to San Francisco what could she not do?  So in this little town, where land values are very low as compared with such cities as Chicago and San Francisco, you could do many things for mutual benefit and public improvement did you appropriate to public purposes the land values that now go to individuals. You could have a great free library; you could have an art gallery; you could get yourselves a public park, a magnificent public park, too. You have here one of the finest natural sites for a beautiful town I know of, and I have travelled much. You might make on this site a city that it would be a pleasure to live in. You will not as you go now—oh, no! Why, the very fact that you have a magnificent view here will cause somebody to hold on all the more tightly to the land that commands this view and charge higher prices for it. The State of New York wants to buy a strip of land so as to enable the people to see Niagara, but what a price she must pay for it! Look at all the great cities; in Philadelphia, for instance, in order to build their great city hall they had to block up the only two wide streets they had in the city. Everywhere you go you may see how private property in land prevents public as well as private improvement.  But I have not time to enter into further details.

What we now refer to as justice, is from this point of view a highly refined usefulness, which does not take in consideration only the present moment and exploits the opportunity, but rather reflects with responsibility on the lasting consequences, therefore taking care of the well-being of the worker as well, of his physical and spiritual satisfaction, in order that he and his descendants will continue to work for our descendants, and will be available for a longer period of time than a single individual's life. The exploitation of the worker was, as one now understands, a stupidity, a ruthless enterprise at the cost of the future, which endangered society. Now we have before us almost a war, and the price for achieving peace, for sealing contracts and winning trust, will at any rate be very high, since the foolishness of the exploiters was great and long-lasting.

As one factor, Graham had this concept of value to a private owner-what the whole enterprise would sell for if it were available. And that was calculable in many cases. Then, if you could take the stock price and multiply it by the number of shares and get something that was one-third or less of sellout value, he would say that you've got a lot of edge going for you. Even with an elderly alcoholic running a stodgy business, this significant excess of real value per share working for you means that all kinds of good things can happen to you.

What we now refer to as justice, is from this point of view a highly refined usefulness, which does not take in consideration only the present moment and exploits the opportunity, but rather reflects with responsibility on the lasting consequences, therefore taking care of the well-being of the worker as well, of his physical and spiritual satisfaction, in order that he and his descendants will continue to work for our descendants, and will be available for a longer period of time than a single individual's life. The exploitation of the worker was, as one now understands, a stupidity, a ruthless enterprise at the cost of the future, which endangered society. Now we have before us almost a war, and the price for achieving peace, for sealing contracts and winning trust, will at any rate be very high, since the foolishness of the exploiters was great and long-lasting.

Around the same time, Congress passed the Economic Recovery Tax Act. Among other things, it extended the life of net operating loss carry-forwards (NOLs) from seven to fifteen years. NOLs allow companies to offset their current year’s taxable income with past losses, thereby reducing current tax liability. The goal of the act was to help struggling companies recover and to enable their shareholders to benefit from the prior losses. We took a look at all of the public companies with large NOLs and found something surprising. These companies had virtually no change in share price as a result of the new legislation. The market was overlooking the significant value added through the extended life of NOLs. That presented us with an enormous opportunity to gain control of those NOLs and create holding companies for businesses whose profits would be shielded. If a company was trading at $3 a share for a total enterprise value of $45 million and it had $350 million in NOLs, we knew we could create profits that were sheltered and convert those NOLs (which were valued at $0) to roughly $100 million of cash, or 25 cents on the dollar over time. And that’s just what we did.

The internal slave trade became the largest enterprise in the South outside of the plantation itself, and probably the most advanced in its employment of modern transportation, finance, and publicity. It developed its own language: prime hands, bucks, breeding wenches, and fancy girls. Its routes, running counter to the freedom trails that fugitive slaves followed north, were similarly dotted by safe houses - pens, jails, and yards that provided resting places for slave traders as well as temporary warehouses for slaves. In all, the slave trade, with its hubs and regional centers, its spurs and circuits, reached into every cranny of southern society. Few southerners, white or black, were untouched. In the half century following the War of 1812, planters and traders expanded and rationalized the transcontinental transfer of slaves. During the second decade of the nineteenth century, traders and owners sent an estimated 120,000 slaves from the seaboard to the west, with the states and territories of Georgia, Tennessee, Alabama, and Louisiana being the largest recipients. That number increased substantially during the following decade and yet again during the 1830s, when slave traders and migrating planters uprooted almost 300,000 black men, women, and children. By this time, though most of the slaves still derived from the Upper South - particularly Maryland and Virginia - their destination had moved further west. Alabama and Mississippi had become the largest recipients, with each receiving nearly 100,000 slaves during the 1830s. The Panic of 1837 and the subsequent decline in cotton and sugar production deflated the price of slaves and the trade slackened for a few years. But prices soon revived and with them the demand for slaves. Nearly one quarter of a million slaves left the seaboard for the interior during the 1850s, with more than half being taken west of the Mississippi River. The 'mania for buying negroes' easily overwhelmed periodic bans against slave importation and did not cease until the arrival of Union troops.

In short, there is a great deal of stagnation among the settlers and the medium-sized enterprises. The native there is often mistreated, exploited and has no medical care. In the Menteau farm, we observed a considerable number of varicose ulcers, which hardly exists at UM and La Forminière. There is no dispensary on this farm. The small settler can succeed in the Congo, one can doubt it, he lives by the exploitation of the native whom he makes work like a convict and moreover, he takes back his meager salary by selling him bad goods. The settler is often doubled as a trafficker, they complement each other, the system truck. Besides, the whole colonial edifice rests on the negro's shoulders. He alone is the source of profit, thanks to the excessive exploitation of which he is the object. In a colony, where there are few transport routes, where those that exist demand exorbitant prices, where there is little or no mechanical handling, no workhorse, only the degradation of the workforce - work can maintain the commercial level of the cost price. Large companies have the merit, through their tools, their medical assistance, their works of providing more treatment and of not wasting manpower.

threat that another enterprise will be able to offer an alternative product of higher quality, lower price, or both. The uncertainties of changing tastes and preferences, changing interest rates for loans, changing prices for necessary inputs, and so on confront enterprises with a vast array of threats to their survival. Political shifts in the larger society mean that the taxes they have to pay, regulations they have to endure, and subsidies they may lose can also threaten their survival. The typical capitalist enterprise’s response is to seek more profits, increase the size of the company, or gain a bigger share of the market. Different enterprises stress one or another of these goals, depending on which is more important or available for its survival. Achieving these goals strengthens the capacity of the enterprise to prevent or lessen or absorb the endless array of threats it faces. Likewise, achieving these goals improves the enterprise’s capacity to take advantage of any opportunity that arises. Thus, for example, greater profits enable an enterprise to make the investments needed to tap a new market; faster growth attracts capital and good press reports; and a larger market share can secure lower prices for larger quantities of purchased inputs. In short, what capitalists do is governed by the system that unites the enterprises directed by capitalists, the markets in which they buy and sell, and the larger society and government for which they provide the bulk of goods and services. Capitalists respond to the signals they receive from the markets, the media, the government, and so on. The goals they pursue—profits, growth, and

Many of the more literate politicians had heard of Adam Smith – though remarkably few had actually read him – and believed that ‘free enterprise’ could solve all of the world’s problems, despite Smith pointing out that businessmen were inevitably monopolist price-fixers whose prime aim was to profit through corruption.

Prices in the traditional model were quite inappropriate as guides to the efficient allocation of resources, and were (generally) not used as such. This resulted from the state determination of all prices at infrequent intervals; the fact that enterprise activities were supposed to be determined by the plan they received from above; the rationing of producer goods; and the fact that prices were fixed on a cost-plus basis.

Believing in a pending big bang economic earthquake and thinking gold will somehow help in such a case is a sociological construction. Believing in and acting on the realities of enterprise and markets as a condition for human flourishing is a theological construction. I pick B.

In an op-ed in Inc. magazine, Thomas Goetz explains the difficulties that Iodine and other startups in the United States have had in their efforts to revolutionize health care: Unlike so many other industries, health care has proved allergic to upstarts that would emerge, uncork a radically new model, and push the incumbents aside. There are many reasons for this, but most boil down to “health care is different.” It’s highly regulated, which makes rapid transformation difficult. The incumbents are massive enterprises with multiple services, so challenging them is nearly impossible. It isn’t a market-driven industry that responds to better, cheaper, faster. You can’t price-shop. The government is the biggest customer. All the incentives are misaligned.

If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coalmines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing.”43