What Capitalism Is—Our Debt to Capitalism—The Alleged Defects of Capitalism—Where Reform is Admittedly Needed—The Failure of Past Socialistic Experiments—Limits within which Nationalization is Practicable—The Different Schemes of Land Nationalization—The Taxing-out Scheme—The State Purchase Scheme—The Socialistic Confiscation Schemes—The Conceptions Underlying Each Scheme—The Disadvantages of State Ownership of Land. We propose now to offer some broad criticisms upon Labour’s Industrial and Land Policy. What Capitalism Is The primary object, as we have shown, of the Labour Party is to abolish capitalism. What, therefore, do we understand by that? It cannot be better described than has been so admirably done by that distinguished writer, Mr. Hartley Withers, in the _Case for Capitalism_, p. 13: “The present system under which we work and exchange our work for that of others is that commonly described as Capitalism. Under it each one, male or female, can choose what work he will try to do and what employer he will try to serve; if he does not like his job or his employer, he can leave it or him and try to get another. He cannot earn unless he can do work that somebody wants to buy, and so he competes with all other workers in producing goods or services that others want and will pay for. His reward depends on the success with which he can satisfy the wants of others. Whatever money he earns in return for his labour he can spend as he chooses on the purchase of goods and services for his own use or for that of his dependents, or he can invest it in opening up a business or industry on his own, account, or in shares and debts of public companies, and debts of Governments or public bodies; these securities will pay him a rate of profit or interest if the companies or debtors prosper and are solvent. Whatever money he earns by labour or by investment he can, after paying such taxes on it as the State demands, hand on to any heirs whom he may name.