interference for the benefit of various sections of the wage-earning
classes. I think it is at least doubtful whether such measures do
anything at all to contribute toward the ideals which inspired the
early socialists and still inspire the great majority of those who
advocate some form of socialism.

Let us take as an illustration such a measure as state purchase of
railways. This is a typical object of state socialism, thoroughly
practicable, already achieved in many countries, and clearly the sort
of step that must be taken in any piecemeal approach to complete
collectivism. Yet I see no reason to believe that any real advance
toward democracy, freedom, or economic justice is achieved when a
state takes over the railways after full compensation to the
shareholders.

Economic justice demands a diminution, if not a total abolition, of
the proportion of the national income which goes to the recipients of
rent and interest. But when the holders of railway shares are given
government stock to replace their shares, they are given the prospect
of an income in perpetuity equal to what they might reasonably expect
to have derived from their shares. Unless there is reason to expect a
great increase in the earnings of railways, the whole operation does
nothing to alter the distribution of wealth. This could only be
effected if the present owners were expropriated, or paid less than
the market value, or given a mere life-interest as compensation. When
full value is given, economic justice is not advanced in any degree.

There is equally little advance toward freedom. The men employed on
the railway have no more voice than they had before in the management
of the railway, or in the wages and conditions of work. Instead of