By Melchior Palyi
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Extra info for A Lesson In French Inflation (1959)
49 ] These colossal organizations tend to grow into independent centers of social power, states within the state, functioning largely under their own rules or whims. Outside control of day-to-day operations is made illusory by the mere fact, or trick, that they publish reports once a year only, and then six to nine months late. Scrambled eggs cannot be unscrambled; commibnents cannot be reversed. Even if the Parliament would know what to do, and would care to do it, too many vested interests would be hurt.
Fresh capital is no problem either: The government's credit can be tapped, and on easier terms than those business has to accept. In fact, the collectivized sector has the first call on the respective country's capital resources. And it enjoys favorable tax treatment; in many cases it pays no taxes at all. Technocracy is the better off the less competition it faces. Its natural breeding ground is the mammoth organization that embraces an industry: coal, electricity, gas, aviation in Britain and France; railroad and telephone all over Europe, to mention the largest ones.
Cos. 41' General Index 275 stocks of overseas and domestic companies 275 General Index-90 stocks of overseas companies __ 90 Farmland _________________________________ 12 Rubber Plantations ________________________ 10 Metal Mines ______________________________ 11 Diverse Mining Properties __________________ 7 Diverse Industries _________________________ 13 Public Utilities ____________________________ 12 Merchandising ____________________________ 12 Banks & Mortgage Credit ___________________ 7 Holding Companies ________________________ 6 128 146 130 143 156 150 125 137 172 137 160 134 149 136 131 159 143 158 151 191 135 205 250 257 220 189 272 254 311 286 307 198 293 1940 1941 376 372 299 251 354 399 439 346 513 249 524 (Ma, (Mlr.
A Lesson In French Inflation (1959) by Melchior Palyi