ABSTRACT
Let us suppose that by the wave of some magic wand—the nature of which we will examine later—the ownership of property could be equally distributed over all the citizens in the community. What a wonderful culture could now result from our future automated economy! Imagine a world in which no citizen owns an excessively large or an unduly small proportion of the total of private property. Each citizen will now be receiving a large part of his income from property. For we are assuming that for society as a whole the proportion of income which accrues from earnings has been greatly reduced by automation. Institutions in the capital market would no doubt need to be appropriately developed so that a very large number of moderate private properties could be pooled through insurance companies, investment trusts, and similar intermediaries so that risks were spread and the ultimate investments chosen by specialists on behalf of the man in the street.
