A Social Question recognised by Contemporary Economists, 297--Mr. Cairnes on the Situation, 297--Socialist Indictment of Existing _Régime_, 299--1st, the "Iron Law of Wages," 300--Alleged Deterioration of Wage-Labourers' Position Unfounded, 301--Their Standard of Living Better, 302--Their Individual Share in the National Wealth more, 304--The "Iron Law" Misunderstood by Socialists, 305--The "Iron Law" Itself Unsound, 307--The Rate of Wages really Depends on the _per capita_ Production, 307--Prospects of Increasing _per capita_ Production, 312--Piecework, 314--Shorter Day of Labour, 318--2nd, Alleged Multiplication of Vicissitudes, 323--Effects of Machinery, 323--Temporary Redundancies, 324--Serious Redundancies Lessening, 324--Value of Good System of Commercial Statistics, 325--3rd, Alleged Expropriation of the Value of the Labourer's Work, 327--How Value is Constituted, 327--Justice of Interest, 329--Social Importance of Work of Capitalist Employer, 330--Public Value of Private Property, 333--Value of Freedom, 334--_Laissez-faire_, 336--Necessity for Opportunities of Investment, 338--Co-operative Production, 338--Advantage of Interlacing of Classes, 340--Reason of exceptionally good House Accommodation among Working Classes of Sheffield, 341. CHAPTER XI. STATE SOCIALISM. _1. State Socialism and English Economics._ M. Léon Say on State Socialism, 345--State Property and State Industries in Germany, 345--Mr. Goschen and others on Change in English Opinion regarding State Intervention, 346--Their Views Exaggerated and undiscriminating, 347--Little done in England in Nationalizing Industries, 348--Much done in enlarging Popular Rights, 349--English Thinkers never Believers in _Laissez-faire_, 351--Except Mr. H. Spencer, 352--Adam Smith's "Simple and Obvious System of Natural Liberty," 353--His Theory of Social Politics, 356--Ricardo's Views, 359--McCulloch's, 360--On the Manufacturing System, 362--On Crises, 363--On Irish Pauper Labour, 364--On Factory Legislation, 366--On Housing the Poor, 366--On the Poor Law, 368--The So-called Manchester School, 372--The English Theory of Social Politics, 373. _2. The Nature and Principle of State Socialism._ Different Definitions of Socialism, 374--Origin and Meaning of State Socialism, 379--The Social Monarchists, 380--Rodbertus, 380--His Theory of Social Politics, 381--M. de Laveleye and Establishment of Equality of Conditions, 384--Alleged Disinheritance of the People from the Primitive Economic Rights, 385--Mr. Chamberlain's Doctrine of "Ransom," 386--Professor A. Wagner's State Socialism, 387. _3. State Socialism and Social Reform._