If we do not restore the Institution of Property we cannot escape restoring the Institution of Slavery; there is no third course.

Pale Ebenezer thought it wrong to fight. But roaring Bill, who killed him, thought it right.

When the mass of men are dispossessed - own nothing - they become wholly dependent upon the owners; and when those owners are in active competition to lower the cost of production the mass of men whom they exploit not only lack the power to order their own lives, but suffer from want and insecurity as well.

How on earth could that be done? If you try to laugh and say 'No' at the same time, it sounds like neighing - yet people are perpetually doing it in novels. If they did it in real life they would be locked up.

Property, as a general social institution, well-divided property, having disappeared and Capitalism having taken its place, you cannot reverse the process without acting against natural economic tendencies.

Capitalism had arisen through the misuse and exaggeration of certain rights, notably the right of property - the basis of economic freedom - and the right of contract, which is one of the main functions of economic freedom. Therefore, even under Capitalism, so long as the old principles were remembered it was possible to recall the principles whereby Society had once been sane and well ordered.

But if we are to retain freedom, then we can only do so by keeping the determining mass of the citizens the possessors of property with personal control over it, as individuals or as families. For property is the necessary condition of economic freedom in the full sense of that term. He that has not property is under economic servitude to him who has property, whether the possessor of it be another individual or the State.