Eric Roll Quotes
The merchant created the industrialist.
Eric Roll,1907-2005, Economist, public servant, and banker, A History of Economic Thought, 1939
Sourced by: Eigen's Political and Historical Quotations
At the time very few industrialists appreciated the value of particular workers and tended to think of them as interchangeable parts.
Sometimes this is misquoted as 'The business of America is business.' See Woodrow Wilson for an earlier statement of this idea which is almost always incorrectly attributed to Coolidge as the originator of the idea.
This is one of the greatest economic predictions ever made.
After Nixon was elected, he never did very much to make Black Capitalism come to pass, but he did make the concept a more respectable idea and it has grown slowly since.
The socialist extremists wanted the state to own all the major businesses which would be operated without a profit allowing more money to be paid to the workers without any price increase for the consumer. Yet, many of them wanted the innovation and other virtues of the private sector and few were ready to take on the political chaos that would be involved in eliminating private ownership of businesses. Crosland forced them to logically accept the concept of profits as desirable for the society.
Eric Roll, Baron Roll of Ipsden KCMG CB was a British academic economist, public servant and banker. He was made a life peer in 1977.
