A MODERN UTOPIA
for the State; they commence always as experiments of unascertained value, and next after the invention of money, there is no invention has so facilitated freedom and progress as the invention of the limited liability company to do this work of trial and adventure. The abuses, the necessary reforms of company law on earth, are no concern of ours here and now, suffice it that in a modern Utopia such laws must be supposed to be as perfect as mortal laws can possibly be made. Caveat vendor will be a sound qualification of Caveat emptor in the beautifully codified Utopian law. Whether the Utopian company will be allowed to prefer this class of share to that or to issue debentures, whether indeed usury, that is to say lending money at fixed rates of interest, will be permitted at all in Utopia, one may venture to doubt. But whatever the nature of the shares a man may hold, they will all be sold at his death, and whatever he has not clearly assigned for special educational purposes will—with possibly some fractional concession to near survivors—lapse to the State. The "safe investment," that permanent, undying claim upon the community, is just one of those things Utopia will discourage; which indeed the developing security of civilisation quite automatically discourages through the fall in the rate of interest. As we shall see at a later stage, the State will insure the children of every citizen, and those legitimately dependent upon him, against the inconvenience of his death; it will carry out all reasonable additional dispositions he may have made for them in the same event; and it will insure him against old age and infirmity; and the
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