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 pose to deal with the capitalist, the man who owns the plant and takes the risk of productive failure. He is just to be relieved of his property, and Messrs. Hobson-Orage call attention to the great advantage of this plan over that of the State Socialists, whom they credit with the intention of buying him out. On page 179 of their book they set out the advantage in the form of an equation as follows:—

"Cost of production under State Socialism = raw material + standing charges + rent + interest + profits + increased wages. Cost of production under Guild Socialism = raw material + standing charges + pay."

And on page 240 they develop Mr. Cole's suggestion of "catastrophic action or general strike" in detail in the form of a dialogue between a Guild deputation and the Chairman and General Manager of a large industrial enterprise that divides £100,000 a year amongst its shareholders. The deputation admits that the company pays standard rates of wages, but says it has decided that the men shall no longer work on a wage basis. In the first place, the men now on the pay-rolls must continue there whether there is work for them or not. The Guild is going to "assume partner-