This volume was Cole's first major work of political economy in almost a decade and it effectively positioned him as a mainstream Fabian who sought to stabilize capitalism before progressing socialism by essentially statist means. Influenced by J A Hobson and Maynard Keynes the imperative for Cole became the formulation of a strategy which would mitigate the suffering of the masses and lay the basis for socialist advance.
George Douglas Howard Cole was an English political theorist, economist, writer and historian. As a libertarian socialist he was a long-time member of the Fabian Society and an advocate for the cooperative movement. He and his wife Margaret Cole (1893-1980) together wrote many popular detective stories, featuring the investigators Superintendent Wilson, Everard Blatchington and Dr Tancred.
Cole was educated at St Paul's School and Balliol College, Oxford.
As a conscientious objector during World War One, Cole's involvement in the campaign against conscription introduced him to a co-worker, Margaret Postgate, whom he married in 1918. The couple both worked for the Fabian Society for the next six years before moving to Oxford, where Cole started writing for the Manchester Guardian. During these years, he also authored several economic and historical works including biographies of William Cobbett and Robert Owen. In 1925, he became reader in economics at University College, Oxford. In 1944, Cole became the first Chichele Professor of Social and Political Theory at Oxford. He was succeeded in the chair by Isaiah Berlin in 1957.