,libr>ies7       ,b>b>a ,we9/ock        
,lectures on ,! ,morals ( ,trade        
,,social ,,ju/ice ,,)\t ,,socialism4 ,by
 ,john ,bates ,cl>k4  ,,! ,,conflict    
,,betwe5 ,,private ,,monopoly ,,& ,,good
 ,,citiz5%ip4 ,by ,john ,graham ,brooks4
  ,,comm]cialism ,,& ,,j\rnalism4 ,by   
,hamilton ,holt4  ,,! ,,bus9ess ,,c>e]  
,,9 ,,its ,,public ,,relations4 ,by     
,alb]t ,%aw4     ,,social ,,ju/ice ,,)\t
 ,,socialism    ,,by  ,,john ,,bates    
,,cl>k  ,,pr(essor ,,( ,,political      
,,economy ,,at ,,columbia ,,univ]sity   
,,bo/on ,,& ,,new ,,york ,,h\ghton      
,,miffl9 ,,company ,! ,riv]side ,press  
,cambridge #aiad  ,,copyright1 #aiad1   
,,by ,,! ,,reg5ts ,,( ,,! ,,univ]sity   
,,( ,,cali=nia  ,,all ,,rights ,,res]v$ 
,publi%$ ,april #aiad     ,,b>b>a       
,,we9/ock ,,lectures ,,on ,,! ,,morals  
,,( ,,trade  ,?is s]ies w conta9 essays 
by repres5tative s*ol>s & m5 ( affairs  
deal+ ) ! v>i\s phases ( ! moral law 9  
its be>+ on bus9ess life "u ! new       
economic ord]1 fir/ deliv]$ at !        

,univ]sity ( ,cali=nia on ! ,we9/ock    
f\ndation4     ,,social ,,ju/ice ,,)\t  
,,socialism   ,x is curr5tly report$ t !
 late ,k+ ,edw>d once said1 ,we are all 
,sociali/s1 n[3 & if ! t]m ,socialism   
meant to-day :at ,8 ,maje/y probably    
meant by x1 _m ( u c\ld tru?fully make a
 simil> /atem5t4 ,)\t any d\bt1 we c\ld 
d s if we atta*$ to ! t]m ! mean+ :i* x 
_h :5 x 0 fir/ inv5t$4 ,x came into use 
9 ! ?irties ( ! la/ c5tury1 & express$ a
 c]ta9 disappo9tm5t ov] ! result (      
political re=m4 ,! bill :i* gave m m5 ! 
"r to vote did n give !m high] wages4 ,!
 conditions ( labor 7 deplorable be=e ! 
,re=m ,bill 0 pass$ & !y cont9u$ to be s
 = "s "t aft]w>ds4 ,a m]ely political   
*ange1 !re=e1 0 n all t 0 want$1 & x 0  
necess>y to c>ry democracy into a social
 sph]e 9 ord] to improve ! condition ( !
 poor] classes4 ,! t]m ,socialism1      
!re=e1 0 *os5 to describe a play ( =ces 
t w\ld act 9 ?is way on society itself1 
& 0 an excell5t t]m = describ+ ?is "r & 
j t5d5cy4 ,! "n 0 quickly adopt$ by ^? )

 ^: practical plans mo/ ( u d n agree2 b
 its orig9al idea 0 democracy c>ri$ into
 bus9ess1 & at pres5t t is ! dom9ant    
t5d5cy ( all successful p>ties4 ,= six  
mon?s we h be5 liv+ "u :at may be call$ 
triumphant democracy1 n because !       
,democratic ,p>ty has beat5 its rivals &
 come into control ( ! ,gov]nm5t1 b = a 
mu* deep] reason1 namely1 t a democracy 
c>ri$ into indu/rial life is ! dom9at+  
pr9ciple ( e political body t c hope =  
success4 ,e p>ty mu/ %[ by its action t 
x values ! man m ?an ! doll>4 ,to ?is   
ext5t we are all democrats & wi% !      
,gov]nm5t to act = ! p z well z to be   
controll$ by ! p4  ,:5 we diff]1 x is 9 
decid+ on ! means to c>ry out our common
 purpose2 & "h we diff] v widely4 ,"s   
w\ld use ! p[] ( ! ,/ate to correct &   
improve our sy/em ( indu/ry1 & ^!       
con/itute a p>ty ( re=m4 ,o!rs w\ld     
aboli% t sy/em & sub/itute some?+       
untri$4 ,= private capital !y w\ld put  
public capital & = private managem5t1   
public managem5t--ei!r 9 ! :ole field ( 

indu/ry or 9 t great "p ( x :]e l>ge    
capital rules4 ,^! are ,sociali/s 9 !   
mod]n & curr5t s5se ( ! t]m4  ,"o       
diff]5ce ( view :i* 0 =m]ly v %>p is n[ 
sc>cely traceable4 ,e "o kn[s t we mu/  
invoke ! aid ( ! ,/ate 9 ord] to make   
indu/ry :at x %\ld be4 ,! rule t w\ld   
bid ! ,/ate keep its h&s (f ! entire    
field ( bus9ess1 ! extreme laissez-faire
 policy once dom9ant 9 lit]ature &      
?\ght1 n[ f9ds few p]sons bold en\gh to 
advocate x or fooli% en\gh to believe 9 
x4 ,9 a v *a/5$ =m1 h[ev]1 ! _s t w\ld  
put a reasonable limit on :at ! ,/ate   
%all be ask$ to d happily does survive &
 is p[]ful4 ,x seeks a gold5 mean betwe5
 lett+ ! ,/ate d no?+ & ask+ x to d     
ev]y?+4 ,x is ?is plan ( action t ,i    
%all try to outl9e1 & x w appe> t ev5   
?is plan requires t ! ,/ate %\ld d v    
mu*4 ,"u an in]t gov]nm5t ! indu/rial   
sy/em w\ld suff] irrep>ably4  ,! ?+ fir/
 to be rescu$ is competition--mean+ t   
heal?ful rivalry betwe5 diff]5t produc]s
 :i* has always be5 ! gu>anty ( te*nical

 progress4 ,t su* progress has gone on )
 bewild]+ rapidity s9ce ! inv5tion ( !  
/eam eng9e is n[h]e d5i$2 & nei!r is x  
d5i$ t competition ( ! normal k9d--!    
ef=t ( rivals to excel 9 productive     
processes--has caus$ x4 ,x has multipli$
 ! product ( labor "h t5fold1 !re1      
tw5tyfold1 & else:]e a hundr$fold & m4  
,?is increas$ p[] to produce has rescu$ 
u f an appall+ evil4 ,)\t x1 su* a cr[d+
 ( population z "s c\ntries h exp]i5c$  
w\ld h c>ri$ _! peoples to & bel[ !     
/>vation level4 ,ma*9]y n[ enables u to 
live2 & if _w-cr[d+ 7 to g on 9 ! future
 z x has done1 & ! te*nical progress    
%\ld cease1 _m ( u c\ld n live4 ,pov]ty 
w\ld increase till its cruele/ effects  
w\ld be realiz$ & lives en\gh w\ld be   
cru%$ out to enable ! survivors to get a
 liv+4 ,( all conditions ( human        
happ9ess1 ! "o :i* is mo/ und]e/imat$ is
 progress 9 p[] to produce4 ,h>dly any (
 ^? :o w\ld revolutionize ! indu/rial   
,/ate1 & n all ( ^? :o w\ld re=m x1 h   
any conception ( ! importance ( ?is     

progress4 ,x is ! s9e qua non ( any     
hopeful outlook = ! future ( mank9d4  ,i
 am to speak1 h[ev]1 ( ju/ice 9 !       
bus9ess relations ( life1 & x might seem
 t ?is %ut out ! m]e "q ( g5]al         
prosp]ity4 ,! mo/ obvi\s issue betwe5   
diff]5t social classes conc]ns !        
division ( :atev] income exi/s4 ,:atev] 
!re is1 be x l>ge or small1 may be      
divid$ rightly or wrongly2 b ,i am n    
able to see t ! m]e division ( x exhau/s
 ! application ( ! pr9ciple ( ju/ice4   
,:ile x is cle>ly wrong = "o p>ty to    
plund] ano!r1 x is almo/ z cle>ly wrong 
= "o p>ty to r$uce ! g5]al income & s1 9
 a s5se1 rob ev]ybody4 ,a p>ty t %\ld   
sy/ematically h9d] production & r$uce   
its fruits w\ld rob a myriad ( hone/    
labor]s :o are ill prep>$ to /& ?is loss
 & h a p]fect "r to be protect$ f x4  ,e
 man1 woman1 & *ild has a "r to dem& t !
 p[]s t be remove h9drances 9 ! way (   
production1 & n only all[ ! g5]al income
 to be l>ge & gr[ l>g]1 b d ev]y?+ t !y 
possibly c d to make x gr[ l>g]4 ,x is  

an unju/ act to r$uce g5]al e>n+s1 ev5  
?\gh no "o is s+l$ out = p>ticul>       
injury4 ,on ?is gr\nd we insi/ on tru/  
legislation1 t>iff re=m1 ! cons]vation (
 natural res\rces1 etc4 ,i am prep>$ to 
claim t x is 9 ?is _s t we dem& t       
private initiative1 :i* has giv5 u !    
am\nt ( prosp]ity t we h ?us f> obta9$1 
%all be enabl$ to cont9ue its "w )\t be+
 supplant$ by monopoly4 ,9 a g5]al way  
,i %\ld include public monopoly z well z
 private among ! ?+s :i* w\ld put a     
damp] on ! progress ( improvem5t & less5
 ! income on :i* ! com=t ( labor]s 9 !  
ne> future w be dep5d5t4 ,monopoly ( any
 sort is ho/ile to improvem5t1 & 9 ?is  
*iefly lies ! m5ace :i* x holds =       
mank9d4  ,x is a fairly safe pr$iction  
t1 if a public monopoly 7 to exi/ 9 e "p
 ( ! indu/rial field1 ! p] capita income
 w\ld gr[ less1 & t x w\ld be only a "q 
( "t1 & a %ort "t at t1 :5 ! labor]s    
w\ld be worse (f ?an !y are n[4 ,?\gh1  
at ! outset1 !y might absorb ! entire   
incomes ( ! well-to-d classes1 ! am\nt  

?us ga9$ w\ld %r9k 9 _! h&s until _!    
position w\ld be worse ?an _! pres5t "o4
 ,!y w\ld h pull$ d[n ! capitali/s )\t m
 ?an a mom5t>y b5efit = !mselves & ) a  
prospect ( soon s9k+ to a l[] level ?an 
z a class !y h ?us f> rea*$4  ,! impulse
 to revolutionize ! sy/em comes f !     
belief t x is irreclaimably bad4 ,! fir/
 ?+ to be done is to see h[ mu* reclaim+
 ! sy/em is capable (2 & ! only sure way
 to te/ ?is "q is to use all our p[] 9 !
 ef=t to improve x4 ,:5 all su* ef=ts   
%all h fail$1 x w be "t = desp]ate      
measures4  ,our indu/rial sy/em has _m  
faults3--"h we are happily agre$4 ,x is 
! inf]5ces we draw f ?is fact t are     
diff]5t4 ,! "o t ,i draw is l "o :i* is 
record$ 9 a fam\s case 9 antiquity4 ,:5 
! ,mac$onian armies seem$ ab\t to       
ov]:elm ,greece1 ,demo/h5es enc\rag$ !  
,a!nians by ?is v s\nd bit ( philosophy3
 ,! wor/ fact 9 our pa/ af=ds ! brighte/
 hope = our future4 ,x is ! fact t our  
mis=tunes h come because ( our own      
faults4 ,if !y _h come :5 we 7 do+ our  

be/1 !re w\ld be no hope = u4 ,n[ !     
evils ( our own social sy/em :i* result 
f mi/akes or faults are j su* a gr\nd ( 
hope4 ,e su* evil :i* c be cit$         
describes "o possible re=m1 & ! long] ! 
li/ ( evils1 ! great] is ! sum total (  
ga9 :i* we c make by do+ away ) !m4 ,if 
we cite !m all s]iatim1 :at impression  
%all we get8 ,w x m]ely %[ h[ badly (f  
we are8 ,w x make u despair = our       
future8 ,on ! contr>y1 x %\ld fill u )  
hope = ! future4 ,we />t f ! fact t we h
 ?us f> surviv$ 9 spite ( ! faults4 ,!  
wor/ (f among u is above />vation & mo/ 
( u are 9 a tol]able /ate4 ,if we c     
remove ! evils t exi/1 we %all make our 
/ate v mu* m ?an tol]able4 ,! greatness 
( ! evils measures ! ga9 f remov+ !m4 ,e
 s+le "o t is remov$ improves ! /atus ( 
our p4 ,we c take1 z x 71 a social      
acc\nt ( /ock1 measure our pres5t /ate1 
measure ! ext5t to :i* we c improve x by
 putt+ an end to "o bad influ5ce1 c\nt !
 numb] ( su* bad influ5ces1 & s get an  
e/imate ( ! ga9s ( c>ry+ out a complete 

re=matory programme4 ,x w %[ an enorm\s 
possibility ( improvem5t4  ,9 ! /ruggle 
= re=ms we h ! great middle class ) u4  
,all hone/ capitali/s1 great & small    
alike1 are natural allies ( hone/ labor1
 & !y are int]e/$ ma9ly 9 ! same re=ms z
 are ! memb]s ( ! work+-class4 ,if we   
recognize a necessity = a /ruggle (     
classes1 x is n "o t m>%als labor aga9/ 
all weal?4 ,! cont5tion is r betwe5     
hone/ weal? alli$ ) hone/ labor1 on ! "o
 h&1 & di%one/ weal? on ! o!r2 & 9 a    
conte/ s align$1 victory = ! =m] p>ty   
means social ju/ice4  ,!re is a         
prelim9>y re=m to be c>ri$ ?r\gh z a    
condition ( secur+ mo/ ( ! o!rs4 ,:o c  
e/imate ! b5efit :i* w\ld come f m]ely  
mak+ our ,gov]nm5t :at x purports to    
be--gov]nm5t by ! p8 ,! initiative1 !   
ref]5dum1 ! recall1 ! %ort ballot1      
direct prim>ies1 & proportionate        
repres5tation are all design$ to transf]
 p[] f r+s & bosses to ! p !mselves4 ,if
 !y actually d x1 z soon] or lat] ^? or 
k9dr$ measures probably w1 !y w s f>    

re/ore ! democracy ( our e>li] & simpl] 
days z to make u look back on ! rule (  
r+s & bosses z on a nightm>e ( ! pa/4   
,:5 ! ,gov]nm5t is ?us really controll$ 
by ! p we c c\nt on hav+ its full p[]   
ex]t$ = !m4  ,:at are a few ( ! ?+s t we
 %all !n try to get8  ,! work+ day is   
too long4 ,9 "s occupations x cov]s f>  
too _m h\rs1 & 9 mo/ occupations x cov]s
 m ?an x ideally %\ld4 ,!re are d\btless
 "s indu/ries 9 :i* h\rs might be r$uc$ 
) no less5+ ( wages1 because pr(its are 
l>ge en\gh to be> "s r$uction4 ,9 ^!    
cases a /rong union might get ei!r m pay
 = a day ( ! pres5t l5g? or ! pres5t    
rate = a %ort] day4 ,a univ]sal r$uction
 ( ! p]iod ( labor w\ld h to mean a     
r$uction ( ! product ( indu/ry1 & )\t   
imm$iate improvem5ts 9 me?od (          
production x w\ld entail small] wages4  
,improvem5ts1 h[ev]1 might soon obviate 
t necessity4 ,) ma*9]y gr[+ m & m       
effici5t1 ! day may be %ort5$ ) no      
dim9ution ( wages2 & ! natural effect ( 
increas+ p[] to produce has always be5  

"s %ort5+ ( labor-"t c\pl$ ) "s         
enl>gem5t ( pay4 ,)9 ! la/ "o hundr$    
ye>s ! p]iod ( daily labor 9 "s types ( 
manufactur+ has come to cov] only a     
little ov] "o ?ird ( ! tw5ty-f\r h\rs1  
in/ead ( m ne>ly two ?irds2 :ile ! e>n+s
 h become mu* l>g] ?an !y 7 at ! beg9n+ 
( ! p]iod4 ,normally ?is progress %\ld  
cont9ue1 & long be=e ! dawn ( !         
tw5ty-fir/ c5tury we %\ld see "w /ill   
less sev]e1 less prolong$1 & bett] paid4
 ,:]e1 z 9 "s dep>tm5ts ( /eel-mak+1    
labor 9 two %ifts cont9ues ?r\gh !      
tw5ty-f\r h\rs1 !re is a *ance to make  
?is ga9 )\t appreciable wait+2 & else:]e
 x %\ld be possible to make x )\t wait+ 
= ! tw5ty-fir/ c5tury to come mu* ne>]  
?an x is4  ,dang]\s & injuri\s          
occupations /ill cont9ue2 & our c\ntry  
is sl[] ?an o!rs 9 rem$y+ ?is tr\ble4   
,_m safegu>ds t are easily obta9able are
 neglect$4 ,protection = ! work]s &     
indemnities = injuries :5 !y occur c be 
insur$ by well-made laws1 prop]ly en=c$4
 ,sanit>y regulations & pure-food laws  

ne$ to be /r5g!n$ & m fully en=c$4  ,our
 protective t>iff be>s heavily on ! poor
 man4 ,8 w>drobe conta9s little or no?+ 
t is made ( wool1 & he may well sigh = !
 mix$ cotton & %oddy ( e>li] days4 ,our 
import duties1 :i* d1 inde$1 try to sp>e
 8 d9n]-pail1 %\ld be made to sp>e 8    
w>drobe & ! mode/ com=ts ( 8 life4      
,comm]cial crises /ill occur & are      
foll[$ by h>d times2 & :ile a really    
wise re=m ( money & bank+ w\ld n :olly  
prev5t !m1 x w\ld greatly mitigate _!   
sev]ity4#a        #a ,?is 0 writt5 be=e 
! rec5t re=ms ( import duties       & ( 
! bank+ sy/em _h be5 enact$4  ,em]g5cy  
employm5t is desp]ately ne$$ :5 h>d     
times come4 ,european ,gov]nm5ts excel  
our own 9 provid+ x1 b x is entirely    
possible to adopt _! me?ods & improve on
 !m4  ,our natural res\rces h be5 wa/$ 9
 a prodigal way4 ,=e/s h be5 recklessly 
cut1 fires be5 invit$ & ! soil itself   
has be5 sacrific$4 ,natural gas & oil h 
be5 burn$ ) no reg>d = ! future4 ,coal &
 o!r m9]als h n be5 husb&$4 ,x %\ld be  

possible = u to cease to play !         
sp5d?rift ) ! patrimony t nature has    
giv5 to u4  ,we h ! beg9n+s ( a p>cel   
po/1 b we ne$ a m highly develop$ "o t w
 come ne>] to ! /&>ds ma9ta9$ 9 o!r     
c\ntries4 ,) x we ne$ telephone &       
telegraph sy/ems t c be univ]sally us$4 
,9 our l>g] cities1 we are /ruggl+ to   
get rapid transit & %all h to cont9ue ! 
/ruggle2 b we ought to h1 ) urban       
railroads1 subways1 & ! l1 measures t   
w\ld r$uce ! am\nt ( travel+ t has to be
 done betwe5 homes & places ( labor4 ,a 
free use ( ! pr9ciple ( em95t doma9 w\ld
 make x possible to acquire l& = c>ry+  
out any policy ( g5]al b5efic5ce1 & t1  
too1 )\t robb+ ! own]s ( x4 ,by resort+ 
to ?is measure mu* ( ! manufactur+ :i*  
exposes great cities to imm95t dang] (  
conflagration might & %\ld be mov$      
bodily to outly+ di/ricts4  ,( all      
indu/rial abuses ( ! pa/ ! cruele/ has  
be5 ! cru%+ ( ! life ( "y *ildr5 by h>d 
& prolong$ labor4 ,we are mak+ headway 9
 remov+ ?is evil1 b mu* /ill rema9s to  

be ga9$2 & a va/ am\nt is to be ga9$ by 
a compreh5sive policy = improv+ ! /atus 
( work+-wom54  ,social ju/ice dem&s "s  
effective means ( gett+ legal ju/ice4   
,we h c\rts1 c]ta9ly4 ,d !y give !      
s]vice t we ne$ &1 9 p>ticul>1 d !y give
 x to ! poor8 ,we d n "h impugn !       
motives ( judges4 ,g5]ally speak+1 !y   
are hone/2 b ! :ole sy/em ( c\rt        
proc$ure is hamp]$ by detail$ /atutes & 
te*nical rules1 t mean an am\nt ( co/ & 
delay :i* 9 itself is ! v qu9tess5ce (  
inju/ice4 ,a citiz5 is (f]$ a *oice     
betwe5 submitt+ to ! wrong inflict$ by a
 fell[-citiz5 & accept+ ! wrong inflict$
 by a dilatory & cru%+ly co/ly legal    
proc$ure4 ,we probably excel "s nations 
9 ! rightfulness ( ! decisions we c get 
if we live long en\gh & h money en\gh to
 get !m2 b !re are few civiliz$ nations 
t d n excel u 9 ! rapidity & *eapness ( 
! process4 ,a ,*9ese /ud5t 9 ,columbia  
,univ]sity s]v$1 dur+ ! fir/ ye> ( 8    
resid5ce 9 ,new ,york1 z judge (        
,*9at[n1 &1 by giv+ up only ! ,saturday 

ev5+ ( ea* week to ! s]vice1 he settl$ !
 disputes :i* arose betwe5 ,*9ese       
resid5ts4 ,z he 0 le>n$ 9 ! pr9ciples ( 
,confucius1 ,i d\bt n he settl$ !m      
ju/ly1 & _m a "t 9 t same city ,i h     
sigh$ = 8 s]vices = native ,am]icans4   
,! l9e ( division betwe5 labor & capital
 ought n always to be ! %>p b\nd>y t x  
is4 ,labor %\ld be enabl$ to acquire a  
mode/ %>e ( capital & to inve/ x        
securely4 ,protection = small inve/m5ts 
is urg5tly ne$$1 & w\ld d mu* to *ange a
 prolet>iat into an indep5d5t           
work+-class4 ,?is is an ess5tial feature
 ( ! social sy/em we wi% = & "w =4 ,!   
man :o h]eaft] %all correspond to       
,longfell['s village blacksmi? w p]haps 
be ! own] ( a hundr$ %>es 9 "s          
corporation4 ,9 agriculture small hold+s
 may always survive2 b !re may be l>ge  
ones also1 & 9 t case ! f>m] ( ! future 
may h ei!r five acres & a hoe1 or =ty   
acres & a mule1 or a hundr$ & sixty     
acres & a reap]1 or an undivid$ %>e 9 a 
?\s& acres & a traction eng9e4  ,if we  

c\ld c>ry ?r\gh ev5 ! re=ms ?us f>      
enum]at$1 x w\ld make u feel z if we _h 
be5 lift$ f a sl\gh & plac$ on a plateau
 ab\nd+ 9 air & sunlight2 b if we /opp$ 
) ?is1 we %\ld leave mu* to be desir$4  
,!re are /ill m press+ measures to be   
enact$4  ,ne>ly ! greate/ evil we are   
fac+ is monopoly4 ,?is is n ! univ]sal  
view4 ,?\gh !re are few :o approve (    
monopoly1 !re are ^? :o reg>d x )       
tol]ation & ?9k t1 if we accept x &     
regulate prices "u x1 we %all f>e       
suffici5tly well4 ,z yet1 x is 9 an     
incipi5t /age ( developm5t & has by no  
means reveal$ its full p[] = evil4 ,if  
we let x gr[ freely1 we %all f9d lat]   
:at x is capable (4 ,wise measures1     
adopt$ ev5 n[1 w come e>ly en\gh to     
prev5t x f ev] gr[+ to maturity4  ,) !  
/eel tru/1 ! ,/&>d ,oil tru/1 & o!r     
comb9ations be=e our eyes1 x seems an   
absurdity to speak ( monopolies z be+ 9 
an incipi5t /age4 ,is x possible t any?+
 :atev] :i* ^! great comb9ations        
repres5t c be nipp$ 9 ! bud8 ,are !y n  

already 9 ! fulle/ fl[]1 & big & mature 
z !y are ev] likely to be8 ,! companies 
!mselves1 ) _! va/ mat]ial plants1      
c]ta9ly are s4 ,:at we are talk+ ab\t1  
h[ev]1 is n ! m]e size ( ! companies1 b 
! elem5t ( monopoly t is 9 !m4 ,h !y su*
 a p[] t !y c safely *>ge any?+ !y      
please = _! products8 ,is x z ?\gh !y 7 
lic5s$ by ! ,gov]nm5t to be ! sole mak]s
 & v5dors ( _! special w>es8 ,bus9ess m5
 "k t ?is is n ! case2 & t some?+ puts a
 *eck on _! action4 ,!y c make _! prices
 high] ?an !y %\ld be--high] ?an x is = 
! int]e/ ( ! c\ntry to h !m2 b !y _c    
make !m z high z !y w\ld be "u a real & 
secure monopoly4 ,! po9t ,i am mak+ is t
 we c de/roy su* monopoli/ic p[] z !y h4
 ,we c lib]ate competition1 :i* has1 9 !
 ma91 af=d$ reasonable prices1 & has    
also gu>ante$ t progress :i* is         
indisp5sable = ma9ta9+ a human life t is
 wor? liv+4 ,x is to-day ! only means ( 
insur+ a con/antly increas+ p[] ov]     
nature--an ability to turn out1 9 great]
 & great] abundance1 ! ?+s :i* make life

 com=table4  ,^! comb9ations n[ possess 
a p[] :i* x is highly p]il\s to let !m  
keep4 ,!y c disable _! rivals by f\l    
play1 :i* w\ld be impossible "u prop]   
rules ( ! r+4 ,by secur+ control ( raw  
mat]ials1 by sell+ goods bel[ co/ 9 !   
t]ritory :]e a small rival is op]at+ &  
keep+ up ! prices ev]y:]e else1 by =c+  
m]*ants to boycott indep5d5t            
manufactur]s1 by gett+1 9 spite ( laws &
 commissions1 "s advantages f railroads1
 & by o!r simil> practices1 !y c drive  
competitors out ( bus9ess4 ,yet e "o (  
^! practices c be def9$ & prohibit$1 &  
resort+ to any ( !m c be1 if n :olly    
prev5t$1 at lea/ made s p]il\s t !      
practices w become ext9ct4  ,x is       
possible to give to e competitor a fair 
field & no favor1 &1 9 s do+1 to infuse 
aga9 into ! indu/rial sy/em ! life &    
vigor :i* competition gu>antees4 ,?is & 
only ?is w insure t progress 9          
production itself :i* is ! s9e qua non (
 future com=t4 ,x may !n be expect$ t   
inv5tions w cont9ue1 t ma*9es w become m

 p]fect1 & t ! p[] ( society to pay     
wages w gr[ l>g]4 ,labor w !n be ! heir 
( ! c5turies1 & "u prop] laws c claim & 
get its inh]itance4 ,if ! _w cr[ds      
itself full] & full] ( population &     
progress at ! same "t /agnates1 no?+ c  
prev5t an increase ( pov]ty unreliev$ by
 any bright outlook4 ,te*nical progress1
 p[] to make two blades ( grass gr[ :]e 
"o gr[s n[1 & to d x 9 ! v>i\s dep>tm5ts
 :]e m5 labor1 is ! sole condition ( a  
s\nd hope = ! future ( ! wage-e>n]4 ,x w
 be z necess>y "u ,socialism z "u !     
pres5t sy/em2 b "u ,socialism x w be    
difficult to get4 ,9 s f> z x is        
possible to judge1 x dep5ds on !        
pres]vation ( normal competition 9 !    
g5]al economic field4  ,lead]s ( !      
,indu/rial ,work]s ( ! ,_w h rec5tly    
ann\nc$ an int5tion ( =c+ ! h\rs ( labor
 d[nw>d f t5 h\rs p] day to eight1 six1 
& f9ally1 f\r1 :ile at ! same "t ! pay w
 be =c$ up 9 a m or less correspond+    
ratio4 ,!y h also ann\nc$ an int5tion ( 
mak+ capital useless to its own]s1 by   

crippl+ its productive p[]1 & s mak+ x  
easi] to seize x4 ,x goes )\t say+ t a  
f\r-h\r day & high wages c nev] come by 
a w> :i* de/roys mo/ ( ! income to be   
divid$4 ,make ! figures m mod]ate & all[
 "t en\gh = x1 & x may be made to come  
by ! diametrically opposite plan ( mak+ 
indu/ry m & m fruitful4 ,! t5-h\r day   
succe$$ ! twelve- or f\rte5-h\r "o ( =m]
 times 9 exactly t way4  ,! division ( !
 social income is ( vital importance z  
well z ! g5]al size ( x4 ,i h claim$ = !
 regulation ( monopoly t x is ne>ly !   
greate/ ( possible re=ms4 ,p]haps ! v   
greate/ is a *ange 9 ! mode ( adju/+    
wages4 ,!y are fix$ at pres5t 9 a       
r\gh-&-ready way1 ?\gh n )\t "s ref]5ce 
to :at labor produces & :at employ]s c  
pay1 & n1 !re=e1 )\t ! action ( a       
pr9ciple :i* makes1 9 a p[]ful way1 =   
ju/ice4 ,any me?od1 h[ev]1 :i* involves 
_m /rikes & lock\ts1 is bad economically
 & worse morally4 ,! conte/s are always 
co/ly1 & !y easily run into viol5t      
w>f>e2 b und]nea? all ^! /ruggles & !   

hates & horrors t result1 !re is work+1 
if we w see x1 a law t makes = peace    
f\nd$ on ju/ice4 ,x t5ds 9 ! direction (
 a fair division ( products betwe5      
employ]s & employ$1 & if x c\ld "w      
entirely )\t h9drances1 w\ld actually   
give to e labor] sub/antially :at he    
produces4 ,9 ! mid/ ( all preval5t      
abuses ?is basic law ass]ts itself l a  
law ( gravitation1 & s long z monopoly  
is exclud$ & competition is free1--s    
long z bo? labor & capital c move )\t   
h9drance to ! po9ts at :i* !y c create !
 l>ge/ products & get ! l>ge/           
rew>ds--its action _c be /opp$1 :ile t (
 ! =ces t di/urb x c be s4 ,9 ?is is !  
mo/ inspirit+ fact = ! social re=m]4 ,if
 !re are inspiration po9ts on !         
m\nta9-tops ( sci5ce1 z well z on ^? (  
nature1 ?is is "o ( !m1 & x is rea*$    
:5ev] a man discov]s t 9 a highly       
imp]fect society ! fundam5tal law makes 
= ju/ice1 t x is impossible to prev5t x 
f work+ & t x is entirely possible to   
remove ! h9drances x enc\nt]s & let x h 

! fir/ play4 ,nature is beh9d ! re=m]1  
(t5 unse51 always effici5t1 &1 9 ! end1 
resi/less4 ,to get a glimpse ( :at x c d
 & :at man c help x d is to get a vision
 ( ! k+doms ( ! e>?1 & ! glory ( !m--a  
glory t may come f a moral r$emption ( !
 economic sy/em4 ,x is a r$emption t man
 & nature c toge!r br+ ab\t if only man 
himself is wor?y ( ?is alliance4        
,diff]5ces ( m]e int]e/ betwe5 ! v>i\s  
social classes are inevitable4 ,!re w   
nev] be a "t :51 9 ! division ( any     
common prop]ty1 ! m]e bald int]e/s ( !  
claimants are alike4 ,:5 two fi%]m5 own 
"o boat & fi% toge!r1 ea* "o is int]e/$ 
9 tak+ ! :ole cat*4 ,!y divide1 h[ev]1  
by a fair rule & live 9 peace4 ,any     
simil> division may proce$ 9 h>mony if  
:at ! p>ties want is ju/ice4 ,till      
rec5tly ,am]ican workm5 h liv$ ) _!     
employ]s )\t hat+ !m2 & if wages c be   
fix$ n[ by "s appeal to ! pr9ciple (    
ju/ice1 !y c live ) !m 9 t way aga94    
,?is means a bett] me?od ( adjudicat+   
claims ?an by a crude te/ ( /r5g?4 ,!re 

is no "t to discuss a s*eme by :i* ?is c
 be done4 ,i mu/ claim t x c be done1 & 
take ! responsibility ( prov+ x :5 m "t 
is available4 ,!re are beg9n+s ( a good 
me?od 9 ,new ,zeal&1 9 ,au/ralia1 & 9   
,canada1 & ! po9t ,i am mak+ n[ is t if 
we get a plan :i* works well 9 ! ,unit$ 
,/ates1 we %all save a deplorable wa/e &
 d m to revive ! _s ( frat]nity ?an we c
 by any measure ev] attempt$4 ,/ruggles 
( classes !re may be1 z !re are betwe5  
buy]s & sell]s ev]y:]e2 b ?is ne$ n make
 ! p>ties enemies4 ,its effects d n ne$ 
to ext5d to ! he>t & "* & to put di/ru/ 
& hatr$ 9 ! place ( confid5ce & good w4 
,! moral effects ( ?is re=m w be ! be/  
ones1 b ! economic effects also w be va/
 & b5efic5t4  ,i am n pr$ict+ a complete
 mill5nium m]ely z ! result ( ! re=ms ,i
 h describ$4 ,t w\ld require also !     
moral p]fection ( ! human race4 ,n a    
little moral improvem5t is to be expect$
 z ! effect ( ^! measures1 b x is too   
mu* to claim t !y w repress all vice &  
crime1 reclaim all crim9als1 & give to !

 race g5]ally a ke5 devotion to duty4 ,a
 belief 9 a ,/ate :]e ev5 ?is w be      
realiz$ is deeply implant$ 9 human      
nature1 & ,socialism itself might easily
 get a major premise f x4 ,! syllogism  
w\ld run ?us3 7#a7 ,a bett] ,/ate is    
b\nd to come4 7#b7 ,x _c come "u ! sy/em
 ( private capital4 7#c7 ,!re=e t sy/em 
mu/ be aboli%$4 ,s w\ld we all say if ! 
m9or premise 7 true--,! good ,/ate is   
impossible "u private capital4 ,we claim
 t x is possible & t we c see h[ to     
realize x4 ,we c trace ! =ces :i*1 )\t  
revolution1 w make "w light]1 pay bett]4
 ,we also c make a syllogism1 & x reads 
?us3 7#a7 ,! pres5t ,/ate is tol]able4  
7#b7 ,e re=m w make x bett]1 & !re are  
_m to be made4 7#c7 ,! com+ ,/ate w be  
:atev] we h wit & en]gy en\gh to make x4
  ,our plea = ! ju/ice ( ! com+ sy/em w 
n conv9ce any man :o />ts ) ! ass]tion t
 capital ought to h no return :atev]1 & 
t int]e/ is robb]y1 & t ! m5 :o br+     
empty h&s to ! mill %\ld take all !     
product ( x4 ,to mo/ m5's in/9ctive     

judgm5t ?is view does n appeal4 ,! g5]al
 v]dict is t x is "r = capital to get   
some?+4  ,if we are fi%+ toge!r f ! %ore
 & ,i make a canoe :i* multiplies my    
cat* by five1 ,i h a "r to ! extra      
return :i* my new in/rum5t gives me4 ,if
 my neighbor asks me to l5d x to him &  
,i d s1 ,i deprive myself ( ! extra     
product ,i h be5 gett+ by means ( x1 & x
 is "r = him to pay me int]e/ on ! co/ (
 ! boat4 ,he c d x & make money by !    
transaction4 ,if 8 cat* is n[ five times
 :at x 01 he c af=d to pay me a "p ( !  
extra return & /ill be bett] (f ?an he 0
 be=e4  ,if my %>e is /ill l>ge1 o!r m5 
w make boats & (f] !m = hire4 ,!y w     
compete 9 l5d+ !m till a mode/ p]c5tage 
( ! co/ is all t any own] c get4 ,!     
borr[]s w !n get ! major b5efit4 ,?is   
implies competition & %[s ! necessity ( 
pres]v+ x4  ,if1 9 lieu ( l5d+ my canoe1
 ,i p]suade ano!r man to take x & fi% = 
me1 ,i %all h to give him m fi% ?an he 0
 orig9ally cat*+2 & ! m ! boats         
multiply1 ! l>g] ! %>e :i* w h to be    

giv5 to ! m5 :o are hir$ to "w !m1 & !  
small] ! %>e :i* w be kept by ! own] (  
any "o boat4 ,"u a normal condition1    
multiply+ capital means 9 itself high]  
wages4 ,high] wages mean t labor]s1 9 ! 
end1 beg9 to get boats ( _! own1 or %>es
 9 boats1 & t ! labor+-class & !        
capitali/ class are m & m m]g$4         
,inv5tion--t is1 devis+ & introduc+     
canoes--& accumulation ( capital--t is1 
active canoe-build+--mean = labor]s     
high] pay & a *ance to save capital4  ,d
 y tell me t ?is is a primitive ,/ate1  
an ,ed5 ( ! pa/ & hopelessly vani%$ f ! 
pres5t e>?2 t x is a lo/ ,p>adise ^:    
gates are =ev] b>r$8 ,! :ole po9t ( !   
economic /udy ( :i* ,i h giv5 ! briefe/ 
outl9e is t x is practicable to create 9
 complex mod]n life ! mo/ ess5tial      
condition ( ?is primitive life--its     
t5d5cy t[>d ju/ice4 ,9 ! ,scriptures !  
primitive ,ed5 0 a g>d51 b ! ,new       
,j]usalem is a city4 ,:at we h be=e u = 
/udy is a va/ c5traliz$ economic sy/em  
sugge/+ ! city2 & we h to see :at c be  

made ( x4  ,x is some?+ extremely good4 
,! late ,edw>d ,atk9son 0 fond ( say+ t1
 if improvem5ts are all[$ to d _! be/1 !
 "t w come :51 z he express$ x1 x w n   
pay to be ri*4 ,! work]s w be s         
com=table t ! c>e ( a great capital w m 
?an (fset any additional com=t a man c  
get by own+ x4 ,grotesquely exagg]at$ z 
?is claim may appe> to be1 x 0 bas$ on  
s]i\s economic /udy4 ,!re are =ces at "w
 :i*1 if !y h free play1 w c>ry human   
life v f> 9 ! direction ( ! ,/ate s     
describ$1 ) its com=t1 cont5tm5t1 &     
frat]nity4  ,t frat]nity is possible 9  
spite ( %>p cont5tion is cle> :5ev]     
a?letic teams meet & celebrate a game   
:i* has be5 a victory = "o & a defeat = 
! o!r2 & ! p>ties t cont5d 9 ! great    
indu/rial field may be equally bro!rly  
if !y play fairly4 ,f\l play always     
means enmity1 & fair play1 fri5d%ip4 ,! 
f9e/ possible type ( "* gr[s up 9 !     
c\rse ( ke5 b honorable rivalry4 ,!     
noble/ manhood t c any:]e be develop$   
w\ld come f compet+ vigor\sly 9 ! m>ket 

& liv+ toge!r z bro!rs :5 ! conte/      
closes4 ,! beat5 man may n enjoy 8      
defeat1 b he may act rightly & feel     
rightly t[>d ! victor4 ,develop 9 ^!    
economic conte/s ! s5se ( ju/ice--let   
bo? p>ties seek to foll[ a rule ( "r--& 
m5's he>ts1 at lea/1 w n ne$ to be      
embitt]$4 ,y w !n see a conte/1 :i*1 :5 
x is wag$ ) bombs & bludgeons1 looks l a
 ,%eol1 s *ang$ t x %all op5 ! way to a 
trans=m$ _w & make ! hope ( a future    
,ed5 no day-dream1 b a sci5tific        
d$uction f cosmic law4 ,we may build a  
new e>? out ( ! difficult mat]ial we h  
to "w )1 & cause ju/ice & k9dness to    
rule 9 ! v place :]e /rife n[ holds     
sway4 ,a ,new ,j]usalem may actually    
arise out ( ! fi]ce cont5tions ( ! mod]n
 m>ket4 ,! wra? ( m5 may praise ,god & 8
 ,k+dom may come1 n 9 spite (1 b by     
means ( ! conte/s ( ! economic sph]e4   
,socialism c h no monopoly ( beatific   
visions4 ,x (f]s mu* 9 t direction4 ,x  
draws a picture ( a future ,/ate ( great
 ri*es & g5]al equality2 & ! picture is 

glorifi$ by a vision ( g5]al bro!rhood4 
,to "s ?is seems m attractive ?an any   
o!r :i* imag9ation c create4 ,i confess 
to a pref]5ce = a prospect :i* assures1 
be=e all else1 ! cont9uance ( progress1 
& %[s humanity /riv+ to make =w>d /eps &
 actually mak+ !m s long z ! univ]se    
%all exi/4 ,z betwe5 a /ation>y p>adise 
& a progressive purgatory1 ,i %\ld pref]
 ! latt]1 = ! sake ( ! p]man5t well-be+ 
( ! human race2 b :at ,i %\ld *oose 9   
pref]5ce to ei!r is a progressive       
p>adise4 ,! capacity = fur!r improvem5t 
is ! ess5tial trait ( ! be/ condition n[
 9 sight4 ,! re=m] c po9t to 8          
delectable m\nta9s & trace an un5d+ r\te
 to & ov] !m1 z !y rise range beyond    
range & lose !mselves 9 ! di/ance4 ,m5  
are1 9 g5]al1 foll[+ ! r\te1 & ea*      
g5]ation advances beyond ! po9t atta9$  
by its pr$ecessor4 ,e /ep is =w>d &     
upw>d1 & ! ne>e/ goal w soon be rea*$ & 
pass$4 ,our desc5dants w rea* a bett] & 
m di/ant goal & !n press on to some?+   
remot] & /ill bett]4 ,aga9 & aga9 b>ri]s

 seem+ly insurm\ntable w be pass$4 ,!   
impossibility ( to-day w be ! reality ( 
to-morr[1 & ! dazzl+ vision ( to-day w  
be ! reality ( ! future & ! />t+-po9t = 
/ill gr&] a*ievem5ts4   ,! ,riv]side    
,press ,,cambridge 4 ,,massa*usetts ,u 4
 ,s 4 ,a