"Socialism is like the people of Missouri," declared Philip Cabot '94, professor of Industry in Government, in the second session of his economic seminars at the Business School this weekend, "They started west and got scared of the idea."

Mr. Cabet went on to say that he did not think that either communism nor socialism would work in the United States. "Equality and liberty cannot go together," he continued. "Because when you call all men equal you are infringing upon the liberty of those men who are naturally superior.

"To do this you need a dictator. I think that communism is probably the most absolute form of dictatorship."

Turning to national planning by an economic board, Mr. Cabot said it would not work "because there is no authority now in existence which has the power to put the plans into effect.' He described the results of such a board as "a million plans gathering dust an someone's desk."

Professor Cabot is of the opinion that business should be regulated by boards selected from men engaged in similar enterprises, and that the day of fearing friendly contact with a competitor must go. Organization of trade groups as encouraged by the NRA will be the topic for discussion at the next seminar.

Professor Cabot is conducting these conferences in the belief that open minded discussions involving officials of organizations engaged in widely different forms of business and carried on in a University atmosphere with no issues at stake will give those taking part in it a broader view of present problems than they would get in their individual occupations. It may also develop a scheme for economic stability in the future.