The book is frank and honest criticism of socialism. Its take is that the Socialism is till now an unrealized theory. In order to discus it, it must be defined. Being of no general interest except as a nucleus of some general movement, we must identify it as a theory which has united large number of men in a common demand for change. As the definite theoretical nucleus of a party or movement, socialism dates from the middle of the nineteenth century, when it was erected into a formal system by Karl Marx. Thus the book begins the examination of it by taking it in its earliest, systematic form. This book, though consisting of negative criticism and analysis of facts, and not trenching on the domain of practical policy and constructive suggestion, aims at facilitating a rational social policy by placing in their true perspective the main statistical facts and dynamic forces of the modern economic world, which socialism merely confuses. In pointing out the limitations of labour as a productive agency, and the dependence of the labourers on a class other than their own, it does not seek to represent the aspirations of the former to participate in the benefits of progress as illusory, but rather to place such aspirations on a scientific basis.
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