chapter  VIII
The Dynamics of Progress
Pages 26

British society since 1945 has been far from dynamic in material economic terms. Moreover a society may materially progress, though more slowly, if its capital remains roughly the same in value or volume, but technical progress renders it more productive year by year, as the old is replaced by the new. Creating capital means saving resources which could otherwise be consumed and making tools out of them. A modern industrial democracy is built on freedoms; and as it already possesses much capital, it naturally tends to leave the saving for the upkeep and growth of its capital to persons and corporate bodies as a voluntary act. The trouble in post-war Britain has been rapid and uninterrupted inflation, causing over-full employment, a chaos of wage-rates and disappearing 'differentials' and the rigidity in the economic system. The more skilled, responsible and productive 20% of Britain's working population is the most highly directly taxed group of people in the world.