CAPITALISM
state for socialistic purposes. But there is need of political action to transform the machinery of the state, side by side with the transformation which we hope to see in economic institutions. In this country, neither transformation is likely to be brought about by a sudden revolution; we must expect each to come step by step, if at all, and I doubt if either could or should advance very far without the other.
The economic system we should ultimately wish to see would be one in which the state would be the sole recipient of economic rent, while private capitalistic enterprises should be replaced by self-governing combinations of those who actually do the work. It ought to be optional whether a man does a whole day's work for a whole day's pay, or half a day's work for half a day's pay, except in cases where such an arrangement
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