[Ads-l] Saying Origin: Socialize the Costs and Privatize the Profits

[ADSGarson O'Toole]

I received a request to explore the family of expressions of the type
in the subject line. The phrasing is highly variable; hence, this
family is difficult  to trace. Here is an overview with dates and
ascriptions.

1924: Succeeded in individualizing their profits and socializing their
risks (W. H. Wakinshaw)

1952 May: A policy that attempts to socialize the losses and to
individualize gains (Karl Brandt)

1971 Oct: They pocket the profits and socialize the losses to be
passed on to everyone (James Branscome)

1971 Nov: Capitalized the profits while socializing the losses (Harry
M. Caudill)

1972 Sep: To socialize the losses while industry continues to
individualize the profits (Erma Angevine)

1974 Aug: Socialize the losses on big projects and privatize the
profits (Harold Davies)

1975 Feb: Socialize the losses and keep the profits private!
(Attributed to boardroom philosopher)

1977 Mar: They want to socialize the risks and privatize the profits
(Gene R. La Rocque)

2024 Jun: Socialize the cost and privatize the profit (Old Adage)

Here are details for the first citation:

[ref] 1924, The Solution of Unemployment: Or, The Postulates and
Implications of the Social Credit Theorem of Major C. H. Douglas by W.
H. Wakinshaw (Formerly Scholar of Exeter College, Oxford), Chapter 4:
The Trend of Industry, Quote Page 91, Andrew Reid and Company,
Newcastle-Upon-Tyne, England. (Google Books Full View) link [/ref]

https://books.google.com/books?id=tUwJAQAAIAAJ&q=%22their+risks%22#v=snippet&

[Begin excerpt]
They may even boast that they are "individualists," i.e. men of vision
who succeeded in individualizing their profits and socializing their
risks, even when all but the strongest minded between 1914 and 1918
were wantonly socializing their profits and individualizing their
risks.
[End except]

Barry Popik explored a distinct but related expression: “Socialism for
the rich and capitalism for the poor”
https://barrypopik.com/blog/socialism_for_the_rich_and_capitalism_for_the_poor

Earlier citations and other pertinent citations would be welcome for
the family listed above. Thanks.
Garson

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