o
now. He would be no more free than I am, and I am no more free than
the person who is sometimes described as a "wage slave." The Guildsman
might be happier in the feeling that he worked for a Guild rather than
a capitalist employer, but this is by no means certain. The writers
just quoted show with much frankness and good sense that there would
be plenty of opening for friction, suspicion, discontent and strikes.
"A Guild," they say, "that thought itself ill-used by its fellows
would be able to signify its displeasure by the threat of a strike."
The officials of the Guild are to be chosen by the "men best qualified
to judge" of their ability, whoever they may be, and every such choice
would be ratified by the workers who are to be affected by it. "The
Guild would build up in this way a pyramid of officers, each chosen by
the grade immediately below that which he is to occupy," Did not the
Bolsheviks try something like this system, with results that were not
conducive to efficient production? And to meet the danger that the
officials as a whole might combine "in a huge conspiracy against
the rank and file," Messrs Bechhofer and Reckitt can only suggest
vigilance committees within the Guilds. In a word, Guild Socialism
seems to be a system that might possibly be worked by a set of ideally
perfect beings; but as folk are in this workaday world one can only
doubt whether it would be conducive either to freedom, efficiency or a
pleasant life for those who lived under it.

XV

POST-WAR FINANCE

_November_, 1918

Taxation after the War--Mr. Hoare's Scheme described and analysed--The
Position of the Rentier--Estimates of the Post-War Debt--The
Compulsory Loan Proposal--What Advantages has it over a Levy on
Capital?--The Argument from Social Justice--Questions still to be
answered--The Choice between a Levy and Stiff Taxation--Are we still
a Creditor Nation?--Our Debt not a Hopeless Problem--Suggestions for
solving it.

Under this heading two very interesting articles were contributed to
the October issue of _Sperling's Journal_ by Mr Alfred Hoare and an
"Ex-M.P.," and the subject is clearly one to which, now that the end
of the war has been brought appreciably nearer by the feats of the
Allied armies, too much thought and discussion can hardly be given.
How are we going to face the problem that has been built up for us by
the bad finance of the war, the low proportion of its cost that has
been paid for out of