John Bates Clark Quotes
The first issue to be settled is whether socialism has a right to exist Are its allegations concerning the present system true? Is industry proceeding on a principle of fraud? I wish to test the power of recent economic theory to give an exact answer to this question.
Clark, John Bates. The Distribution of Wealth: A Theory of Wages, Interest and Profits. The Macmillan Company, 1899, p. 3.
Sinclair had written an expose of the meat packing industry – the Jungle – which used as its setting the Armour meat packing factory. It changed the way the public thought about the industry, the role of government and regulation. President Roosevelt took up the reform role, and got Congress to Regulate the quality and cleanliness of the meat packing industry. Sinclair, however not only wanted that reform, but also wanted the labor wages and conditions reformed. He referred to the Armour plant as the fortress.
He was advocating a middle ground between corporate and wealthy individuals’ control of the government which then to a great extent existed and the Communist idea of the dictatorship of the proletariat.
Most classic socialists would not agree, but Deng’s approach created the most economically successful socialist economy in history.
John Bates Clark was an American neoclassical economist. He was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics, and spent most of his career as professor at Columbia University.