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By Wilhelm Röpke

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Cit. 6 In that case the capital transfer would clearly be altogether impossible. But while the first, most favorable, limiting case is quite conceivable, the second, most unfavorable one, is unimaginable. The second would require conditions that are most unlikely ever to obtain. It would have to be assumed, for example, that there are no other goods at all in the debtor country that could take the place of those not wanted in the creditor countries; it would have to be assumed, furthermore, that there are no services that could take the place of these goods; and it would, finally, have to be concluded that the goods offered by the debtor country could be transformed into others more acceptable to the creditor country via triangular trade, that is, by the intermediary of third countries.

One of these emotional appeals is a sort of glorified nationalism, which so dominates the Tat circle in particular, that one almost gets the impression that the whole economic policy program is merely a means to some foreign policy purpose. Again and again we read how closely things national and social belong together. And this connection is made even closer by defining, if need be, the infinitely iridescent concept of "capitalism" in such a way that it coincides with the whole group of countries that are the bugbear of foreign policy, that is, Western Europe.

But is it not a sign of his particularly acute sense of social responsibility that he does not let his sentiments obscure his recognition of the fact that some part, at least, of what for ten years or so has been extolled as social progress ultimately annuls itself and, beyond that, is destructive and in the end effect, therefore, unsocial? These are just examples to show that anyone who cannot refute our rational arguments has no right to cast doubt on our sentiments and motives. But there are also sentiments of a morally less clear-cut kind, and they are today associated especially with the anti-capitalism of those intellectuals who stand aside from the real mass movement of socialism.

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Against the tide by Wilhelm Röpke


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