Friday, May 4, 2018
Interest and Self-Interest
Among the commonest contemporary sources of Profit is one of the oldest, one that pre-dates most Economic institutions--Interest. But, as is the case with Slavery, at least until recently, age does not justify its continued wide acceptance. Nor does Interest involve any vital Self-Interest, consisting in merely a combination of Excess and Deficiency, which, as is the case in lending between friends or relatives, can be balanced without recourse to Interest. To the contrary, a society without Interest might be one absent both living beyond means and a frequent opportunity for exploitation. Of course, such a society is nowhere in sight at this stage of human history, though the illegalization of slavery might have seemed unimaginable until relatively recently in that history.
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