"That will do, Esther.--Now, George, I want you to tell us just a little about a particular body among the learned class of the nineteenth century, which, according to the professions of its members, ought to have known and to have taught the people all that we have so easily perceived as to the suicidal character of the profit system and the economic perdition it meant for mankind so long as it should be tolerated. I refer to the political economists."
"There were no political economists before the Revolution," replied the lad.
"But there certainly was a large class of learned men who called themselves political economists."
"Oh, yes; but they labeled themselves wrongly."
"How do you make that out?"
"Because there was not, until the Revolution--except, of course, among those who sought to bring it to pass--any conception whatever of what political economy is."
"What is it?"
"Economy," replied the lad, "means the wise husbandry of wealth in production and distribution. Individual economy is the science of this husbandry when conducted in the interest of the individual without regard to any others. Family economy is this husbandry carried on for the advantage of a family group without regard to other groups. Political economy, however, can only mean the husbandry of wealth for the greatest advantage of the political or social body, the whole number of the citizens constituting the political organization. This sort of husbandry necessarily implies a public or political regulation of economic affairs for the general interest. But before the Revolution there was no conception of such an economy, nor any organization to carry it out. All systems and doctrines of economy previous to that time were distinctly and exclusively private and individual in their whole theory and practice. While in other respects our forefathers did in various ways and degrees recognize a social solidarity and a political unity with proportionate rights and duties, their theory and practice as to all matters touching the getting and sharing of wealth were aggressively and brutally individualistic, antisocial, and unpolitical."
"Have you ever looked over any of the treatises which our forefathers called political economies, at the Historical Library?"
"I confess," the boy answered, "that the title of the leading work under that head was enough for me. It was called The Wealth of Nations. That would be an admirable title for a political economy nowadays, when the production and distribution of wealth are conducted altogether by and for the people collectively; but what meaning could it conceivably have had as applied to a book written nearly a hundred years before such a thing as a national economic organization was thought of, with the sole view of instructing capitalists how to get rich at the cost of, or at least in total disregard of, the welfare of their fellow-citizens? I noticed too that quite a common subtitle used for these so-called works on political economy was the phrase 'The Science of Wealth.' Now what could an apologist of private capitalism and the profit system possibly have to say about the science of wealth? The A B C of any science of wealth production is the necessity of co-ordination and concert of effort; whereas competition, conflict, and endless cross-purposes were the sum and substance of the economic methods set forth by these writers."