Chapter IV: The Fundamental Doctrines of Socialism

In describing the doctrines of Socialism I do not mean to state in detail the whole of the Socialistic theories. Such a statement would fill a volume, it would be excessively tedious to most readers, and it is for all practical purposes quite unnecessary. A statement of the leading doctrines on which the activity of the Socialists is based--the doctrines which are constantly asserted and which are the fundamental dogmas of the Socialist faith--will enable us to obtain a clear view of the foundations upon which the theoretic fabric of Socialism is built, and to judge whether that foundation is scientific and sound, or unscientific and unsound.

The basic doctrine of Socialism, upon which the great edifice of Socialistic theory has been reared, may be summed up in the phrase

"LABOUR IS THE ONLY SOURCE OF WEALTH"

Therefore we read in the celebrated pamphlet "Facts for Socialists," of which some important extracts were given in the preceding chapter: "Commodities are produced solely by the 'efforts and sacrifices' (Cairns), whether of muscle or of brain, of the working portion of the community, employed upon the gifts of Nature. Adam Smith 'showed that labour is the only source of wealth.... It is to labour, therefore, and to labour only, that man owes everything possessed of exchangeable value (McCulloch's 'Principles of Political Economy,'