Paul Blanshard Quotes
We would write an amendment to the Constitution giving the Federal Government the right to regulate all private business and to enter into any business which it deemed proper …
Paul Blanshard, *, Socialist Leader, ‘Socialist and Capitalist Planning:’ The Annals of the American Academy of Political and Social Science, July 1932
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To the modern reader utterances such as this from a Conservative Prime Minister seem astounding. However, the Great Depression existed in Canada as well as the United States, and Franklin Delano Roosevelt was not the only world leader who would reach the conclusion that business and capitalism must be profoundly regulated and the system changed if it was to be saved.
TR came from a wealthy, upper class family, and because of his position favoring regulation of corporations he was called a traitor to his class by many.
During The Depression although business in general was doing very poorly, there were a few which had grown immensely powerful and abused the power as there was little or no regulation at the time.
Professor Epstein is a libertarian free market economist who advocates patience even if there are clear problems like corruption, unsafe working conditions, and the like. This view holds that the free market will sort itself out more effectively than the government will be able to do. Others, disagree.
This rigid view left no room for regulation which is what almost every modern industrial democracy has chosen. To some of his extremist followers, any government regulation of business or the economy whatsoever, regardless of how little, means that the nation has embraced socialism. It is in this sense that many extreme right wingers viewed Presidents like Franklin Delano Roosevelt, Harry Truman, John Kennedy, Bill Clinton, and Barack Obama as socialists while they saw themselves as opponents of socialism.
The Grammar Curmudgeon
The prime minister had a political and philosophical position that government should not interfere with or set or control pricing in the economy. However, a scandal broke out involving payday lending—short term lending the working class does to tide them over till pay day if they run out of money. Lenders were charging huge interest rates beyond anything that is conscionable. Cameron’s government placed controls on interest rates and other facets of that industry as they might have lost a vote of confidence in Parliament had they not acted. He was then questioned about the hypocrisy involved in his regulation, and he gave this amazing quotation, which was the classic reason for government price controls on the private sector that had been given by the Labor Party opponents for years. This also distressed extreme conservatives, who argue that market controls are always preferable to government controls.
Paul Beecher Blanshard was an American author, assistant editor of The Nation magazine, lawyer, socialist, secular humanist, and from 1949 an outspoken critic of Catholicism.