the public without receiving its pay, are far less frequent
in modern life, than the smaller commonwealths of antiquity. These
considerations did not make us overlook the folly of premature attempts
to dispense with the inducements of private interest in social affairs,
while no substitute for them has been or can be provided: but we
regarded all existing institutions and social arrangements as being (in
a phrase I once heard from Austin) "merely provisional," and we welcomed
with the greatest pleasure and interest all socialistic experiments by
select individuals (such as the Co-operative Societies), which, whether
they succeeded or failed, could not but operate as a most useful
education of those who took part in them, by cultivating their capacity
of acting upon motives pointing directly to the general good, or making
them aware of the defects which render them and others incapable of
doing so.

In the _Principles of Political Economy_, these opinions were
promulgated, less clearly and fully in the first edition, rather more so
in the second, and quite unequivocally in the third. The difference
arose partly from the change of times, the first edition having been
written and sent to press before the French Revolution of 1848, after
which the public mind became more open to the reception of novelties in
opinion, and doctrines appeared moderate which would have been thought
very startling a short time before. In the first edition the
difficulties of Socialism were stated so strongly, that the tone was on
the whole that of opposition to it. In the year or two which followed,
much time was given to the study of the best Socialistic writers on the
Continent, and to meditation and discussion on the whole range of topics
involved in the controversy: and the result was that most of what had
been written on the subject in the first edition was cancelled, and
replaced by arguments and reflections which represent a more advanced
opinion.

The _Political Economy_ was far more rapidly executed than the _Logic_,
or indeed than anything of importance which I had previously written. It
was commenced in the autumn of 1845, and was ready for the press before
the end of 1847. In this period of little more than two years there was
an interval of six months during which the work was laid aside, while I
was writing articles in the _Morning Chronicle_ (which unexpectedly
entered warmly into my purpose) urging the formation of peasant
prop