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 independence and scope for initiative. These things are more important than income, as soon as a certain minimum has been reached. They can be secured by gild socialism, by industrial self-government subject to state control as regards the relations of a trade to the rest of the community. So far as I know, they cannot be secured in any other way.

Gild socialism, as advocated by Mr. Orage and the "New Age," is associated with a polemic against "political" action, and in favor of direct economic action by trade-unions. It shares this with syndicalism, from which most of what is new in it is derived. But I see no reason for this attitude; political and economic action seem to me equally necessary, each in its own time and place. I think there is danger in the attempt to use the machinery of the present capitalist