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Against the tide - download pdf or read online

By Wilhelm Röpke

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What would be his judgment if they responded with silence to all the attacks showered upon them is anybody's guess, but that his conclusion is quite absurd would be obvious even if so many of the businessmen who talk and write did not burst with vitality and energy. The sole example of Ford should clinch the argument. The more deeply the capitalist world sinks down in the sulphurous vapors of catastrophe, the brighter rises the Russian star for our anti-capitalist intellectuals. T o be sure, they make reservations of all kinds, but on the whole they look to Russia in a way that some years ago would have been called national bolshevikism, and that seems to arouse a good deal more sympathy today than it did then.

Maybe he will have to record that the civiliza- 44 WEIMAR REPUBLIC, BROWN TOTALITARIANISM, WORLD WAR II tion and the economy of the Western world perished because people allowed an economic system of unparalleled strength and resilience to rot or threw it overboard. And not without bitterness will he recall not only those who sinned against the economic system but also the pessimists and amateurish activists whose prophesies based on secret desires came true, just because their propaganda was more than anything else responsible for undermining the intellectual foundations of the system.

And the meaning of all this is that the transfer will be associated with painful readjustments and with disturbances of the economic equilibrium. This, I repeat, is the 6 The limiting case referred to in the text is one where the elasticity of demand for the goods in question is unity or less than unity. 20 WEIMAR REPUBLIC, BROWN TOTALITARIANISM, WORLD WAR II true aspect of the transfer problem: transfer is not impossible, but it leads to frictions and disturbances that add much to the burden of the debtor country and may well spoil the creditor countries' joy.

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