Full employment is a socially hazardous goal. In effect, it aspires to restore through political expedients the pre-industrial state of toil that science, engineering, technology and modern management are pledged to overcome.

Most of us owe instead of own. And the less the economy needs our labor, the less able we are to "save" our way to capital ownership.

When capital owners are few, the private-property conduits of necessity create vast savings reservoirs for those few. If there were many owners, the same conduits would broadly irrigate the economy with purchasing power.

Our present predicament comes from the fact that running the economy on blood is no longer fashionable. We can't end this depression with another war.

The path the capitalist revolution will take faces in exactly the opposite direction from that taken by the communist revolution. It seeks to diffuse the private ownership of capital instead of abolishing it entirely. It seeks to make all men capitalists instead of preventing anyone from being a capitalist by making the State the only capitalist.

All this plan does is make everybody a capitalist. I know that the New York Stock Exchange says there are 25 million shareholders in the United States, but let me tell you something: about 15 million of those people could save their dividends for 10 years and maybe buy a new suit. That's not what I call capitalism.

We have an economic policy that is just about 10,000 years out of date.