Karl Marx and the Economics of Socialism
First comprehensive statement of the materialist conception of history by Marx—La Misère de la Philosophie, a criticism of Proudhon—Marx's first essay in economic science—His frank recognition of the Ricardians—Marx in England becomes familiar with the work of the Ricardians from whom he is accused of "pillaging" his ideas—Criticisms of Menger and others—Marx expelled from Germany and France—Removal to London—The struggle with poverty—Domestic life—Capital an English work in all essentials—The Ricardians and their precursors—Superior method and insight of Marx—The sociological viewpoint in economics—Mr. W. H. Mallock's criticisms of Marx based upon misrepresentation and misstatement—Marx on the Gotha Programme of the German Social Democracy—Marx on the "ability of the directing few"—No ethical deductions in the Marxian theory—"Scientific Socialism," criticisms of the term.
Outlines of Socialist Economic Theory
The sociological viewpoint pervades all Marx's work—Commodities defined—Use-values and economic values—Exchange of commodities through the medium of money—The labor theory of value in its crude form—Marx and Benjamin Franklin—Some notable statements by the classic economists—Scientific development of the labor theory of value by Marx—"Unique values"—Price and value—Money as a price-expression and as a commodity—The theory of supply and demand as determinants of value—The "Austrian" theory of final utility as the determinant of value—The Marxian theory not necessarily exclusive of the theory of final, or marginal, utility—Labor-power as a commodity—Wages, its price, determined as the prices of all other commodities are—Wherein labor-power differs from all other commodities—"Surplus Value": why Marx used the term—The theory stated—The division of surplus value—No moral judgment involved in the theory—Other theories of the source of capitalist income—Wherein they fail to solve the problem—Fundamental importance of the doctrine.
Outlines of the Socialist State
Detailed specifications impossible—Principles which must characterize it—Man's egoism and sociability—Socialism and Individualism not opposites—The idea of the Socialist state as a huge bureaucracy—Mr. Anstey's picture and Herbert Spencer's fear—Justification of this view in Socialist propaganda literature—Means of production, individual and social—Professor Goldwin Smith's question—The Socialist ideal of individual liberty—Absolute personal liberty not possible—Spencer's abandonment of laissez faire—Political organization of Socialist régime must be democratic—Automatic democracy unattainable—The need of eternal vigilance—Delegated authority—The rights of the individual and of society briefly stated—Private property and industry not incompatible with Socialism—Public ownership not the end, but only a means to an end—Economic structure of the Socialist state—Efficiency the test for private or public industry—The application of democratic principles to industry—The right to labor guaranteed by society, and the duty to labor enforced by society—Free choice of labor—Mode of remuneration—Who will do the dirty work?—The "abolition of wages"—Approximate equality attainable by free play of economic law under Socialism—Hoarded wealth—Inheritance—The security of society against the improvidence of its members—The administration of justice—Education completely free—The question of religious education—The state as protector of the child—Strict neutrality upon religious matters—A maximum of personal liberty with a minimum of restraint.