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 expect to be derived from their establishment. Luckily one of the clearest thinkers on the Socialist side published just before the war a compact handbook showing the aims of Socialism, the reasons why in his opinion it ought to be introduced, and the benefits which he expected to accrue from it. Mr. Philip Snowden's book on Socialism and Syndicalism, though there is no date upon the title-page, seems to have appeared in 1913 or later, since it contains a reference to the election of the German Reichstag in 1912. This authority tells us (page 107) that "so far as it is possible to express the aim of present-day Socialism in a formula, that has been done by Dr. Schäffle in a statement which will be accepted by all Socialists as a reasonable definition of their aims. 'The economic quintessence of the Socialistic programme, the real aim of the international movement is as follows:—To replace the system of private capital (i.e. the speculative method of production, regulated on behalf—of society only by the free competition of private enterprises) by a system of collective capital, that is, by a method of production which would introduce a unified (social or collective) organization of national labour, on