University.]


167. THERE IS NO SIMPLE REMEDY FOR THE DEFECTS OF CAPITALISM.--The
economic system of a modern civilized nation is a vast and complicated
affair, and its defects are both numerous and deep-lying. No one
really familiar with the problem would propose so simple a remedy as
socialism for so complex a disease as industrial maladjustment.
History affords many examples of schemes that were designed to
eliminate poverty from the world suddenly and completely, but no such
scheme has succeeded.

Let it be understood at the outset of this chapter, therefore, that
really to eliminate the basic defects of our industrial system we must
resort to a series of comprehensive reforms rather than to a single
scheme or theory. These reforms must be so wisely planned and so
carefully executed as to attack the evils of capitalism from a number
of angles simultaneously. The attack must be partly by legislative,
and partly by non-legislative methods.

The series of reforms referred to above must have three aims: first,
to give every individual exactly what he earns; second, to make it
possible for every individual to earn enough to support himself and
his family at least decently; and third, to teach every individual to
use wisely and economically the income which he receives.

A program embodying these three aims has the disadvantage of seeming
commonplace and slow of fulfillment to those who prefer novel and
sensational schemes, but it has the advantage of being both workable
and safe.