dividend by personal exertion sufficient to pay for the kind of life
which has been led. In opposing Socialism I am not defending parasitism.
That can be got rid of when it becomes worth while and will be. But to
jump out of parasitism into Socialism would be jumping out of the
frying-pan into the fire. And we should have parasites still.

So much for the Captains of Industry whom we need. But there is still
another class which could not exist in the Socialistic state, and which
a great part of mankind holds in profound disesteem, but which is
essential nevertheless. This is the man with the instinct of
accumulation and whom we stigmatize as the "Capitalist" - the man who
grasps what is within reach and holds it; who often gets the main
profits of the inventions of the inventor; who forsees the future value
of unused gifts of Nature and acquires them while they can be got cheap;
who combines with others like him to control everything controllable and
makes mankind pay roundly when it wants it. He is really the man to whom
mankind is most indebted of all for without his beneficent if execrated
service, in vain would the scientist toil in his laboratory, the
inventor struggle through poverty to perfect his machine, the Captain of
Industry conceive great accomplishment, and the laborer delve and grind
at his daily task. The one supremely useful man is he who accumulates
and holds.

If you say that this is an unlovely person the answer is that sometimes
he is and sometimes he is not. If you say he is selfish the reply is
that we are all selfish - he merely being able to make his selfishness
effective. If you say he accumulates by devious ways and by grinding the
face of the poor the reply is that sometimes he does and sometimes he
does not. In these human aspects he is about like the rest of us. He it
is who makes happiness and helpfulness possible.