Socialism

the doctrine set forth in that book, and in Mr. Hobson's treatment of the question in the present volume we have discerned, as we think, signs of some modification of his former opinions. But such would certainly be the popular inference drawn from the earlier book, although the opinion may perhaps be hazarded that the capital mistake of this, as of so many similar discussions, has consisted in what may, with an appearance of paradox but a basis of truth, be called the illogical process of carrying arguments to their ' logical' conclusion. We have endeavoured to follow Mr. Hobson's reasoning with careful attention, but we confess to a difficulty in grasping it fully. As it seems to us, he has shown that capital may be misdirected, and that the comparatively permanent form, which it takes in the shape of machinerv, may prevent the correction of original misdirection before a fresh misdirection has followed. He has, we think, demonstrated that saving may conceivably thus be fraught with repeated injury to the general public. But we may be pardoned for thinking that a large part of his quarrel with the older economists turns on the use of words: and it is. certainly our impression that an appendix, in which he criticises the views of more recent writers such as Mr. Bonamy Price and M. Yves Guyot, affords a new illustration of unfruitful logomachy. We also remain of the opinion that both he and the Austrian economists, of whom he approves, are in as much danger of going astray, and taking a onesided view of phenomena, by concentrating attention on consumption, as the older economists were in laying e,xcessive stress on production. It is so difficult, when we are regarding one side of phenomena, to remember that there is another side, and it is so hard to retain in our consciousness the fact that the processes of production and consumption are going on simultaneously, that, as in the larger questions of metaphysics, the observer of the search after unity is. often prompted to interpose with a bold assertion of a common-sense belief in duality. But to follow Mr. iobson at any detail into the intricacies of his argument would be to transgress the limits of this. review: and he will allow us to part from him with the observation that, while we are willing to go some distance in his company, we are not prepared to undertake the whole journey. L. L. PRICE

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