counter to our fundamental beliefs and ideals.

157. SOCIALISM WOULD DESTROY PERSONAL INITIATIVE.--One of the
strongest arguments against socialism is that it would destroy
personal initiative. Socialism runs counter to human nature by under-
valuing the principle of self-interest. Economists are generally
agreed that the abolition of the institution of private property would
cause the ambition of the individual to slacken. In spite of its
defects, it is the competitive system, with its promise of reward to
the energetic and the capable, which is largely responsible for the
miraculous prosperity of modern times. Men ordinarily will not undergo
systematic training, perfect inventions, strive to introduce greater
and greater economies into their business, or undertake the risk of
initiating new enterprises, unless they are assured that they will be
able to enjoy the fruits of their labor.

And not only would socialism discourage ambition by abolishing private
enterprise, but it might encourage inefficiency and shiftlessness.
Every man would be guaranteed a job, every individual would be
protected against want. It is even likely that a socialist state would
undertake to rear and provide for the offspring of its citizens. Human
experience indicates that this degree of paternalism would encourage
laziness and increase irresponsibility.

It is sometimes said that under socialism men would work as eagerly
for social esteem as they now work for financial gain. This would be a
highly desirable condition, but unfortunately there is nothing in
human experience to justify the hope that such a state of affairs will
speedily be realized. The spread of altruism in the modern world is
heartening, but no sensible person will shut his eyes to the fact