ABSTRACT
Orthodox socialists have, however, held that these things could not in fact be done under capitalism: for in order to do them policies would have to be adopted which entailed accepting a lower rate of profit than that obtainable by adhering to the traditional policies of the system. The mechanisation of agricultural processes is at last going forward on a really great scale both at home and overseas. The problem of production has been solved’ proved to be a very premature slogan. As soon as a reasonable degree of the redistribution of income had broken the artificial barriers restricting demand, millions of consumers turned out to have a more or less unlimited ‘propensity to consume’—to use the Keynesian phrase. The habitual posture of the Chancellor of the Exchequer in a full employment economy will be that of a man pulling and hauling with might and main at the brake levers of the economy.
