[An Inquiry Into The Nature Of Peace And The Terms Of Its Perpetuation by Thorstein Veblen]@TWC D-Link bookAn Inquiry Into The Nature Of Peace And The Terms Of Its Perpetuation CHAPTER VII 42/68
The outcome to be looked for should apparently be such an effectual recourse to capitalistic sabotage as will neutralise any added advantage that might otherwise accrue to the community from its continued improvements in technology. In spite of this singularly untoward conjuncture of circumstances to be looked for, there need be no serious apprehension that capitalistic sabotage, with a view to maintaining prices and the rate of profits, will go all the way, to the result indicated, at least not on the grounds so indicated alone.
There is in the modern development of technology, and confidently to be counted on, a continued flow of new contrivances and expedients designed to supersede the old; and these are in fact successful, in greater or less measure, in finding their way into profitable use, on such terms as to displace older appliances, underbid them in the market, and render them obsolete or subject to recapitalisation on a lowered earning-capacity.
So far as this unremitting flow of innovations has its effect, that is to say so far as it can not be hindered from having an effect, it acts to lower the effectual cost of products to the consumer.
This effect is but a partial and somewhat uncertain one, but it is always to be counted in as a persistent factor, of uncertain magnitude, that will affect the results in the long run. As has just been spoken of above, large coalitions of invested wealth are more competent to maintain, or if need be to advance, prices than smaller coalitions acting in severalty, or even when acting in collusion.
This state of the case has been well illustrated by the very successful conduct of such large business organisations during the past few decades; successful, that is, in earning large returns on the investments engaged.
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