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Economics and Socialism

Economics and Socialism

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Excerpt from Economics and Socialism: A Demonstration of the Cause and Cure of Trade Depressions and National Poverty

I proposed to show, more perhaps in detail than in these pages I have done, that this method of taxation was quite opposite in principle and method to socialism. I saw that it was not, as is generally imagined by front-rank Socialists, merely a less efficacious remedy than their own. Still less was it, as thought by more obscure Socialists, the practical recognition of an evil, the demonstration of which was a proof of the correctness of their own teaching.

But although I had realized so much which did not appear to be generally known and admitted, I was, as I afterwards found, still very far from the truth. It was easy to show that socialism fully developed was the reduction of economic error to an absurdity. I might at once have seen that injury to a smaller extent was already being done by the error in its milder form, and could only be avoided by the entire uprooting of the doctrine from its first beginnings. Yet although the coal war of 1893 had strongly impressed itself upon my mind as a gigantic mistake on the part of the men, it had only appeared mistaken in that the state of trade was so utterly disregarded and the laws of supply and demand so visibly set at defiance.

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