V PRIVATE LANDOWNERSHIP A NATURAL RIGHT 56 Three Principal Kinds of Natural Rights 57 Private Landownership Indirectly Necessary for Individual Welfare 59 Excessive Interpretations of the Right of Private Landownership 61 The Doctrine of the Fathers and the Theologians 62 The Teaching of Pope Leo XIII 64 VI LIMITATIONS OF THE LANDOWNER'S RIGHT TO RENT 67 The Tenant's Right to a Decent Livelihood 69 The Labourer's Claim Upon the Rent 71 VII DEFECTS OF THE EXISTING LAND SYSTEM 74 Landownership and Monopoly 75 Excessive Gains from Private Landownership 80 Exclusion from the Land 90 VIII METHODS OF REFORMING OUR LAND SYSTEM 94 The Leasing System 95 Public Agricultural Lands 97 Public Ownership of Urban Land 98 Appropriating Future Increases of Land Value 100 Some Objections to the Increment Tax 102 The Morality of the Proposal 108 The German and British Increment Taxes 114 Transferring Other Taxes to Land 117 The Morality of the Plan 120 Amount of Taxes Practically Transferable 122 The Social Benefits of the Plan 127 A Supertax on Large Holdings 130 References on Section I 133 SECTION II THE MORALITY OF PRIVATE CAPITAL AND INTEREST IX THE NATURE AND THE RATE OF INTEREST 137 Meaning of Capital and Capitalist 137 Meaning of Interest 138 The Rate of Interest 141 X THE ALLEGED RIGHT OF LABOUR TO THE ENTIRE PRODUCT OF INDUSTRY 145 The Labour Theory of Value 146 The Right of Productivity 149