The Civic Federation of New York, an influential body which aims, in various ways, at harmonising apparently divergent industrial interests in America, having decided on supplementing its other activities by a campaign of political and economic education, invited me, at the beginning of the year 1907, to initiate a scientific discussion of socialism in a series of lectures or speeches, to be delivered under the auspices of certain of the great Universities in the United States. This invitation I

THE HISTORICAL BEGINNING OF SOCIALISM AS AN OSTENSIBLY SCIENTIFIC THEORY Socialism, whatever may be its more exact definition, stands for an organisation of society, and more especially for an economic organisation, radically opposed to, and differing from, the organisation which prevails to-day. So much we may take for granted; but here, before going further, it is necessary to free ourselves from a very common confusion. When socialism, as thus defined, is spoken of as a thing that exists—as a

THE THEORY OF MARX AND THE EARLIER SOCIALISTS SUMMARISED All radical revolutions which are advocated in the interests of the people are commended to the people, and the people are invited to accomplish them, on the ground that majorities are, if they would only realise it, capable of moulding society in any manner they please. As applied to matters of legislation and government, this theory is sufficiently familiar to everybody. It has been elaborated in endless detail, and has expressed itself

THE ROOT ERROR OF THE MARXIAN THEORY. ITS OMISSION OF DIRECTIVE ABILITY. ABILITY AND LABOUR DEFINED In approaching the opinions of another, from whom we are about to differ, we gain much in clearness if at starting we can find some point of agreement with him. In the case of Marx we can find this without difficulty, for the first observation which our subject will naturally suggest to us is an admission that, within limits, his theory of production is true. Whatever may be the agencies which are

INTEREST AND ABSTRACT JUSTICE The essential feature of interest, as distinct from the income due to active ability, is that while the latter ceases as soon as the able man ceases to exert himself, the former continues to replenish the recipient's pockets, though for his part he does nothing, or need do nothing, in return for it. Since, then, the possession of this particular form of income is admittedly unconnected with any concurrent exertion on the part of those possessing it (such is the argu