Lest our survey of industrial reform seem negative and devoid of constructive elements, therefore, the next chapter will be devoted to what may be called a democratic program of industrial reform. The basic idea of this program is that poverty is as unnecessary as malaria or yellow fever, and that we can abolish poverty without sacrificing private property, personal initiative, or any of the other institutions which we hold dear.
QUESTIONS ON THE TEXT
1. What are some of the administrative difficulties which would confront a socialist state?
2. Why would socialism tend to give rise to a bureaucratic government?
3. In what way does socialism run counter to human nature?
4. In what way does the socialist differ from the non-socialist in his attitude toward the principle of self-interest?
5. In what way is the socialist theory of distribution unsound?
6. Demonstrate the unsoundness of the labor theory of value, with reference to three classes of goods.
7. How may we explain the socialist's tendency to overestimate the importance of labor, and to underestimate the value of other factors of production?
8. Explain clearly the statement that "history has disproved socialism."