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...the power to control the supply of money, which is one of the fundamental aspects of sovereignty, has passed from government into other hands; and therefore new institutions must be set up which will in effect exercise some of the major functions of government. They would set the level of public expenditure, and settle fiscal policy, the exercise of taxing and borrowing powers of the state, since these are indisputedly the mechanism by which the money supply is determined. But they would do more than this. They would be supreme over the economic ends and the social structure of society: for by fixing prices and incomes they would have to replace the entire automatic system of the market and supply and demand—be that good or evil—and put in its place a series of value judgments, economic or social, which they themselves would have to make...There is a specific term for this sort of polity. It is, of course, totalitarian, because it must deliberately and consciously determine the totality of the actions and activities of the members of the community; but it is a particular kind of totalitarian regime, one, namely, in which authority is exercised and the decisions are taken by a hierarchy of unions or corporations—to which, indeed, on this theory the effective power has already passed. For this particular kind of totalitarianism the Twentieth Century has a name. That name is "fascist. (en) |
