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Hobson then proposes his collectivist program, which he rightly considers to be not Socialist but Liberal merely and we find it more collectivistic, radical, and democratic than that of many so-called Socialists. Moreover it expresses the views of a large and growing proportion of the present Liberal Party. Then he concludes as follows:

The Southern operative is too close to the soil to be either socialistic in his views or collectivistic in his attitude. The labor agitator has found sterile soil for his propaganda. Yet signs of a dawning class consciousness are appearing. As always, the first manifestation is opposition to the dominant political party or faction.

In recent years a new type of intellectual has come to the front. A product of a more generalized mental environment than his predecessor, he is more daring in his retrospects and his prospects. He is just as ready to advance an "economic interpretation of the constitution" as to advocate a collectivistic panacea for the existing industrial and social ills.

In attacking individualistic and reactionary rather than collectivistic and progressive capitalism, these Socialists are not only wasting their energies by assaulting a moribund power, but are training their forces to use weapons and to practice evolutions that will soon be obsolete and useless. They are doing the work and filling the function of the small capitalists.

What Fascism does not countenance is the collectivistic solution proposed by the Socialists. The chief defect of the socialistic method has been clearly demonstrated by the experience of the last few years.

The keynote of his system was to be opposition to the individualistic theory of the philosophic Liberals whom the Fabians hoped to succeed rather than opposition to the principles of capitalism, which lend themselves equally well either to an individualistic or to a collectivistic application. Just as Mr. Webb is the leading publicist, so Mr.