As the reader approaches the question of state functions he is confronted by a number of views relating to the control and regulation of industry. At one extreme is the panpolity of the scientific socialist school and at the other the anarchistic individualists; between the two extremes is a variety of opinion shading from one to the other. Socialism proposes, in so far as it may be distinguished from state socialism, a revolution of society, the elimination of competition, the suppression of private property and the control of industry by the people. It is based upon the widest notions of democracy. German in origin, it refuses to accept the modern state, forgetting that in England and America a democracy already exists upon which might be builded a socialist state. It seeks a new organization dominated by notions of equality resting upon labor theories of value.
Nevertheless it may be taken for granted that the corner stones of the modern state, so long in the making, will not be cast aside in the organization of the future state. In so far as scientific socialism proposes to do this just so far may it be counted out in the reconstruction of modern industry. The right to property, individual initiative, competition, freedom of contract, are necessary to growth and progress. From time to time these may be modified, may be limited and restricted, but the present
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Publication information: Book title: Modern Industrialism:An Outline of the Industrial Organization as Seen in the History, Industry, and Problems of England, the United States, and Germany. Contributors: Frank L. McVey - Author. Publisher: D. Appleton and Company. Place of publication: New York. Publication year: 1904. Page number: 216.
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