There were two kinds of Capitalist. One was the Production Capitalist and the other the Finance Capitalist. It is essential in our thinking that a broad line of distinction should be drawn between the producing capitalist and the finance capitalist, and the vast difference in the respective roles played by each.
Production CapitalismThe producing capitalist—large and small - produced goods and rendered service, and the amazing increase in production over the last 100 years is eloquent tribute to his achievement. From the point of view of industrial development in all fields along with scientific knowledge, no one will dispute the proposition that the last century has been the most amazing in history.An age of scarcity gave way to an Age of Abundance. Living standards were raised and hours of toil were reduced in industrialised countries. Such achievements are a striking monument to the free initiative, enterprise, industry, and driving force of the industrial capitalist, be he small farmer, large industrialist, or medium-sized manufacturer. Even the most bigoted Socialist, with any sense of fairness, must concede that production capitalism, so far as the production of goods and services are concerned, has done a great job, and brought the world into an era in which the Abundant Life is possible for all the people in every industrialised country. That this abundant life is not being enjoyed by all is due solely to the fact that finance capitalism has not kept pace with production capitalism.