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Updated: June 14, 2025
Even allowing for the more modest insurance policies, and savings bank accounts, as belonging in part to non-capitalists, small capitalists have piled up many new billions within the same decade, in the form of bank deposits, good-sized investments in insurance companies, in government, municipal, and railway bonds, bank stock, and other securities.
Broadly considered, there is no such disparity between large capitalists and small, either in wealth and power, as at first appears. All the accounts of the tendency towards monopoly have been written, not in the name of non-capitalists, but in that of small capitalists.
The purpose of the democratic policy, where it is adopted, is to stimulate new political interest in the "State Socialistic" program, and by increasing cautiously the political weight of the non-capitalists without going far enough to give them any real or independent power to check the reactionary element among the capitalists that tries to hold back the industrial and governmental organization the progressives have in view.
Such a policy is economically impossible to-day because it would gradually drive capital to other cities and so indirectly injure the whole population including the non-capitalists.
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