extended to many people now left to their own resources.

But certainly socialism could not cure ills which are due either to
natural causes, or to the infirmities of human nature. The abolition
of private initiative and of private property would strike at the root
of progress. Socialism would also probably give rise to a series of
new problems, such as the evils arising out of a bureaucratic form of
government. As its program now stands, it is probably fair to say that
the defects of socialism greatly outweigh its merits.

165. SOCIALISM UNDER-RATES CAPITALISM.--The ardor of the socialist
often causes him to underestimate the merits of capitalism, and to
exaggerate its defects. The striking achievements of capitalism, so in
contrast with the negative character of socialism, are not generally
appreciated by the socialist. On the other hand, the socialist places
an undue emphasis upon the defects of the present system. The radical
agitator too often overlooks the millions of happy, prosperous homes
in this and other countries; he too often sees capitalism in terms of
poverty, crises, unemployment, vice, disease, and extravagance.

Our age is not to be despaired of. An age of progress is always an age
of adaptation and of adjustment, and it is precisely because American
democracy is both a progressive ideal and a living, growing
institution that it is confronted with problems. The socialist
indictment is not a prelude to chaos, for through the process of
adjustment we are making steady progress in solving our problems.
Capitalism has served us well, and though it has defects, these are
clearly outweighed by its merits. So long as we know of no other
system which would work better, we are justified in retaining
capitalism.