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the many drawbacks that mar the system of private ownership of capital, as it has been hitherto developed, an obvious blot has already been noted, when it was observed, some pages ago, that if only every one had a fair start it would be difficult to devise a more stimulating arrangement for human nature as it is with its instinct for acquisition and rivalry. Under private ownership of capital this fair start has not been given. Capitalism, as now understood, is usually regarded as dating from about the middle of the eighteenth century, when what is called the Industrial Revolution began. Before then, the tools of industry were primitive and cheap, and it was comparatively easy for the worker to own his own capital, in the shape of tools and raw material. When machinery came and brought with it production on a great scale in large factories, a great capital was necessary to success, and so the worker and his capital were divorced from