This is the first volume of a planned collection of works by Arthur Penty, one of the leading English socio-economic writers of the early to middle 20th century. In the first volume, Penty covers some of the basics of his thinking on social and economic questions. He rigorously and thoroughly, but dispassionately, examines the assumptions and preconceptions behind both of the dominant modern economic systems, capitalism and socialism. He exposes the flaws in both approaches to economics, and proposes his alternative vision: a system of guilds for both workers and management, and a scheme of widespread property ownership. This is the first time that this collection of Penty's thought has been made available to modern readers. It will be of interest to anyone dealing with the philosophical and logical foundations of economic theory.