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THE END OF CLASSICAL ECONOMICS OR LIBERALISM AND SOCIALISM AT THE CROSSROADS

LIBERALISM AND SOCIALISM AT THE CROSSROADS

In' the first quarter of the nineteenth century there was still but one social ideal which all men of good Will strove to establish arid secure: a society of liberty and equality as it had been conceived by John Locke and propagated by Adam Smith. No open confliCt had yet ensued between liberalism and socialism~ Both were bent upon the realization of social equality : . and if the liberals proposed to bring it about by a wide distribution of national wealth, while the socialists preferred the general abolition of private property, the end was still the same and only the means different. In fact, the decision between individualism a,nd collectivism was as yet a matter of expediency rather than a question of principle.