A Critical Examination of Socialism

Questions about who creates industrial wealth guide W. H. Mallock's challenge to socialism. Expanded and rearranged from lectures delivered in American cities in 1907, this work examines the relationship between labour, capital and economic leadership. Mallock disputes Karl Marx's account of production, arguing that the knowledge and energy used to direct workers deserve separate recognition. He calls this contribution ability and treats capital as a means of putting it into practice.

The chapter summaries extend his argument to state ownership, the appointment of industrial managers and the incentives for people with exceptional skills. A later discussion considers whether political teaching or Christian belief can change individual motives, drawing examples from fiction and family life. Readers studying economic debate can use the book to examine a critic's defence of private enterprise and his objections to socialist plans for organizing industry.