SECT

VI. J. S. Mill and his attitude to Socialism, as gathered

from his "Principles of Political Economy," his

66 Chapters on Socialism" (Fortnightly Review) and

his 66 Autobiography." His general ideal of the

future society. Ideal in the sphere of industry; Co-

operative production, realized without State aid. His

prophecy in 1848. Why co-operative production has

not succeeded. Great extension and development

of the opposite system of capitalism since that time.

Cairnes' error as to the dithculties in the way of co-

operative production. Supplementary note

Robert Owen's relation to Socialism and co-opera-

tive production

on

PAGE

115-124

CHAPTER IV.

THE NEW SOCIALISM AND ITS ARGUMENT.

I. The third Socialist crusade preached by Lassalle:

the inspiration derived from Karl Marx. Improved

method of attack on the existing system. Marx's

economical and historical arguments. Their

guns turned on the orthodox economists. Commun-

istic point of departure of Marx: the subsequent

changes in his ideas and methods

125-131

II. The new Socialism (Collectivism) and its aims: why

it deserves special attention. Marx's three stages

in the history of industry. The appearance of the

capitalist and origin of capital. Stages before the

Industrial Revolution. The Industrial Revolution:

its causes and results. Completion of the revolu-

tion

131-138

III. Marx's theory of value derived from Ricardo. His

own theory of "surplus value." Fallacy of the

arguments in support of the theory. The appeal to

morals. Element of truth in the charges of Marx

against the capitalist employers in the past

138-151

CHAPTER V.

IN THE SOCIALIST STATE.

I. General outline of the Collectivist scheme from the

SECT.

economic point of view. Production, distribution,

and value.

PAGE

152-161

II. Statement and examination of the chief objections

urged against the scheme: (1) that production

would be controlled by authority instead of by the

desires and demands of the community; (2) that

production would be diminished from the with-

drawal of the present stimulus to the director of in-

dustry (entrepeneur); (3) that capital, especially fixed

capital, would not be furnished in sufficient amount;

(4) that liberty would be in danger; (5) that indi-

viduality of character would be repressed; (6) that

culture would be endangered

162-182

CHAPTER VI.

IN THE SOCIALIST STATE (continued).

THE DISTRIBUTION OF WEALTH.

I. Importance of the question of distribution in its rela-

tion to Sociali m. The existing system. On what the

future of collectivism depends. Collectivist objection

10 the present system. The proposed principle of

distribution :—“To each in proportion to his hours of

average labour." General difficulty of applying the

principle. Difficulty illustrated concretely in the case

of the cotton industry. Marx's standard of average

or common labour uncertain and indefinite. Diffi-

culty of reducing different kinds of skilled labour to

the standard.

184-196

II. Examination and refutation of Marx's theory that

skilled labour is common labour intensified or multi-

plied. Importance of the theory in connection with

the collectivist principle of distribution. True reason

why the skilled should receive a larger remuneration

than the unskilled labourer. Why, in particular, the

industrial chief, the inventor, &c., should be liberally

remunerated
. 196-204

III. Further examination of the Socialist theory of value
and principle of distribution. Objections: diminished
stimulus to labour on the part of the generality.
Impossibility of keeping values fixed as required by

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the scheme. Foreign trade under Collectivism.
Difficulties of carrying it on in the absence of the
money measure of values. Difficulty of keeping
values of foreign commodities fixed

PAGE

204-212

IV. Final conclusion as to the Socialist principle of

distribution.

212-215

CHAPTER VII.

IN THE SOCIALIST STATE (continued).

THE SUPPRESSION OF MONEY AND MARKETS.

I. How far the abolition of money proposed by the col-

lectivists is possible. The labour cheques would

take the place of money: Would be subject to

all the evils of inconvertible paper-money, with other

unknown evils. Impossibility of suppressing market

values and speculation under Socialism. Probable

increase of speculation in worse forms than at

present. Cures for the present evils connected with

the fluctuations of values. Difficulties of applying

remedies, especially in the case of fraudulent finan-

cing and "company floating"

216-228

II. The recent increase in the formation of companies

and syndicates. Significance of the syndicates as

a possible stage in the direction of Socialism. Why

a general syndicate occupation of the field of business

and industry is unlikely for a long time yet.

228-234

CHAPTER VIII.

IN THE SOCIALIST STATE (concluded).

UNPRODUCTIVE LABOURERS. THE CHURCH AND THE

GOVERNMENT.

I. How far certain kinds of unproductive labourers of the
less skilled sort might be enrolled under service of
the State. Inconvenience of suppressing domestic
servants and substituting for them public function-
aries as proposed by the Socialists. The Professions

SECT.

PAGE

under Socialism. Individuals with special skill in
much request must be permitted to reap the natural
rewards of it. Examples: the physician, the advocate,
the artist, &c. The teaching service, like the civil
and the military service, might fit into Socialism
without great change
235-241

II. Possible position of Men of Letters and of

Philosophers under Socialism. Importance of the

functions of the latter in modern society. The

Philosophers and Socialism. The Church and

Socialism

III. The Government under Socialism.

Socialist authorities on this topic. Mode in which
superiors are to be selected. A complete political
revolution implied, as well as a social and economi-
cal one. How far a violent revolution would be likely
to further the Socialist programme

250-257

IV. Final pronouncement on Collectivism. True course

for the working class, their friends, and all the dis-

contented under the present order

257-266

CHAPTER IX.

PRACTICABLE STATE SOCIALISM:-(A) LEGISLATIVE.

I. The case of the Socialists, so far as real, and what

makes its strength. The supporters of Socialism 267-272

II. Co-operative production. Where it might succeed.
How far likely to be a solution of the Capital and
Labour question. Difficulties in the way of success.
State assistance under certain conditions to associa-
tions of labourers might be tried as an experiment.
Best modes of composing the difference between
Capital and Labour at the present time

272-282
III. The Land Question. In England the creation of
small holdings should be aimed at, also allotments
to agricultural and other labourers; also the buying
out by the municipalities of the speculative holders
of land in or near the large towns. How far
a certain kind of limited but healthy Socialism

IV. How to provide greater equality of chances to ability

in the lower social grades. Importance of this kind

of Socialism, which is also the most practicable.

Reasons in favour of it

288-297

V. The taxation of inheritances. Justice of the public

claim to part of inheritances. How most appro-

priately to apply the funds raised. Mill's more

extreme proposal. Probable results of it. The in-

crease should be gradual, and should not go much

ahead of the general sentiment or set of opinion.

Postulates moral improvement in individuals to make

it effective

297-308

VI. The unemployed labourers. Importance of knowing

how to deal with the question. Explanation of the

increased number of the unemployed in recent times.

Possible remedies for unemployed labour

308-320

VII. The Right to Labour. Consequences of conceding

the right according to Mill. His conclusions not

accepted by certain social thinkers. Reasons why the

right to labour cannot be guaranteed by the State

under the existing organization of industry .

321-326

CHAPTER X.

ON SOME PROPOSED REMEDIES FOR LOW WAGES AND

UNEMPLOYED LABOUR.

I. A minimum wage to be fixed, (1) by authority; (2) by

labourers themselves through Trades Unions. Con-

sequences of the first proposal. How far the second

course would be beneficial to the labourers.

what the wages of common labour depend

On

327-332

II. The classical economists' doctrine of an average
rate of wages." Objections to Mill's method of
determining the average rate by the Wage Fund
theory. His remedies for low wages as based
on that theory. Why wages have not fallen but
risen, though population has greatly increased