Chapter 2: The Present Economic System

REFERENCES.

_Cooley, C. H._, Human nature and the social order. 1902.

_Cooley, C. H._, Personal competition. Amer. Econ. Assn., Econ.
Studies, 4: 78-173. 1899.

*_Ely, R. T._, Competition: its nature, its permanency, and its
beneficence. A. E. Assn. Pubs., 3d ser., 2: 55-70. 1901.

_Ely, R. T._, Evolution of industrial society. 1903.

_Ely, R. T._, Property and contract in their relation to the
distribution of wealth. 1914. (2 vols.)

_Giddings, F. H._, The economic ages. P. S. Q., 16: 193-221. 1901.

*_Gray, John H._, Economics and the law. A. E. Rev., 5 (no. 1,
supp.): 3-23. 1914.

_Kinley, David_, The renewed extension of government control of
economic life. A. E. Rev., 4 (no. 1, supp.): 3-17. 1914.

_Schmoller, Gustav_, The mercantile system. Trans. by Ashley, 1896.

QUESTIONS.

1. State briefly and criticize the theories of the origin of private
property.

2. What have been the theories put forward to justify the system of
private property in the past?

3. Under private property, can men complain of the use made by others
of their wealth on the ground merely that it was unwise?

4. What are the recognized limitations upon the right of private
property? Are these limitations in opposition to the principle by
which private property is now generally defended?

5. Is the right of bequest a necessary condition of private property?

6. Do you know of any father who created more wealth because he could
bequeath it to his son?

7. Does the son work as hard when he inherits his father's wealth?

8. What is the effect of private property on saving?

9. What is meant by the "Factory System"?

10. Through what historic stages has production passed?