Economic Affairs, where his publishing program was one of the principal influences on governments all around the world, persuading them to liberaliee their economies. "The Virtues of Capitalism", the inaugural volume in Liberty Funds Collected Works of Arthur Seldon, presents the foundation of Seldons views and theories of capitalism and its alternatives. Entitled "Corrigible Capitalism; Incorrigible Socialism", part one of "The Virtues of Capitalism" was first published in 1980. It explains why, Seldon believes, 'private enterprise is imperfect but redeemable', but the state economy promises the earth, and ends in coercion to conceal its incurable failure. The second part, 'Capitalism', is widely considered to be Seldons finest work. It covers a wide range of the classical liberal thought that inspired the movement toward free-market reforms in Great Britain in opposition to the collectivist tide of socialism. In an understandable and eloquent manner, Seldon offers 'Capitalism' as a celebration rather than a defence of classical liberalism.