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Is it possible to evolve a form of socialism which, while promoting industrial development, will be merciful to the ideals of democracy? This book attempts to answer this question: first the author deals with the differing conceptions of socialism and democracy and discusses co-operative socialism. The he turns to the problem of industrialization; the need for leadership in economic transition and the role of the concept of property; the capitalist solution; decentralization; and finally industrialization within the democratic framework.This book raises issues which are as important now as when it was first published in 1962.