broken-down capitalist who is the presiding genius, the Leclaire or Godin), but their very existence in this form presupposes exploitation going on above, below, and around them-in other words, the prevailing industrial anarchy.

"As I have said, co-operative experiments reflect what are, from a Socialistic point of view, the worst aspects of the ancient orders. The trade co-operator canonizes the bourgeois virtues, but Socialist vices, 'over-work' and 'thrift.' To the Socialist, labour is an evil to be minimised to the utmost. The man who works at his trade or vocation more than necessity compels him, or who accumulates more than he can enjoy, is not a hero, but a fool, from the Socialist's standpoint. It is this necessary work which it is the aim of Socialism to reduce to the minimum. Again, 'thrift,' the hoarding up of the product of labour, it is obvious, must be without rhyme or reason, except on a capitalist basis. For the only two purposes which commodities serve are consumption and exchange. Now, except under peculiar circumstances (Arctic expeditions and the like), it is certain they would not be 'saved' to any considerable extent merely for the sake of future consumption. Hence the object of 'thrift,' or hoarding, must lie in exchange. And, in short, it is the increment obtainable by commodities or realized labour-power, when represented by exchange, value or money-that furnishes the only raison d'etre of 'thrift.' The aim of the Socialist, therefore, which is the enjoyment of the products of labour, as opposed to that of the bourgeois, which is their mere accumulation with a view to 'surplus value,' is radically at variance with thrift" (L. BELFORT BAX).