Only a complete transformation of the American economic system—“the complete passing of the old order of capitalism” with its laissez-faire government and unfettered economic individualism—would cure the problems, Olds said. The old ideal of democracy had become perverted; the idea of political freedom had resulted in the loss of the economic freedom which alone could really insure political freedom. “Without such a transformation,” he wrote, “to millions of workers … the Fourth of July will loom as anything but the birthday of liberty.”
