Parkinson, Webbs, Von Mises and Hobson 241by Sidney in collaboration with G. B. Shaw. The British Labor
party was founded, in large measure, on Fabian principles, and
its constitution was drafted by Sidney Webb. He later served in
Parliament as a member of the Labor party. It was through the
political power of the Labor party that England nationalized the
coal mines, medicine, and transportation.
The major contribution of the Webbs was to establish that
socialism could exist without having to subscribe to Marxist
theory or Utopian planning. The concept of democratic social
ism, through education and within existing political, social, and
economic institutions is the outstanding legacy of their philoso
phy. The success of their ideas has been indicated by the number
of laws the Labor party was able to enact, thus making England
a Democratic Socialist nation. (It is interesting to note, that in
recent years, a slow but steady repeal has occurred, and much
that the Labor party had entrusted to government is being
returned to private enterprise.)
Ludwig Von Mises (1881-1973)
Ludwig Von Mises was a classical economist. He has been
associated, for the better part of the twentieth century, with the
Austrian School of economics, and has written several tracts on
history, philosophy, and sociology. His major economic work,
Human Action, is a comprehensive view of his philosophy. We
shall touch on some of the most important concepts which
dominate his thinking.
Von Mises asserts as a historical fact that civilization and
private property are indispensable to one another. He claims that
not one example in human history disputes that assertion, and
that government’s attempts to eliminate private property are
doomed, not only to failure, but to the destruction of civilization
as well. The implications for the role of the state, based on this
premise, are clear. Von Mises abhors state interference in all
economic matters. He decries state interference with all indi
vidual actions.
Praxeology is Von Mises’ term for the science of dealing with
human action. His philosophy rests on the principle of the
supremacy of the individual. Praxeology deals with the actions
of individual people. Action is always the action of individuals.