Paul M. Sweezy '31, former assistant professor in Economics, told members of the John Reed Society last night that only the "Colonel Blimps of the world now believe the old arguments against socialism."
Sweezy pointed out that the main points now offered in defense of capitalism are out-dated and have lost all persuasiveness."
Admitting that incentive systems are necessary in a successful economy, he stressed the fact that socialism uses such systems, but "with far more success" than capitalism.
"The worker in a socialistic system can see," he explained, "that his increased efforts serve to benefit the immediate community and not merely to increase the profits of management."
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