these lines, though not easy, is by no means impossible or even
improbable.

{282}

We may seek to understand this eventual international evolution of
business by visualising a world organisation of the steel industry.
Either one corporation might be formed or a common control might be
established among national steel companies through an interchange of
stock. The result might be somewhat as follows: In the United States
we should have an organisation comprising all American steel concerns,
its directors representing constituent companies as well as the
government, labour and consumers. In its domestic affairs, it would be
under governmental jurisdiction. Its capital might amount to a few
billion dollars, of which a part would represent holdings of European
companies in return for American stock, transferred to European
companies.

Such a world corporation would be a financial aggregation immensely
greater than any in the past. Its principles of organisation, however,
would not materially differ from those with which we are familiar. In
each country a board of directors would hold control over constituent
companies, and at London, Paris or New York a high Federal Council
would settle controversies and make arrangements for the business of
the world. Each company would have two elements of protection against
unfair treatment; a community of interest secured through an
interchange of stock and a representative on the Federal Council.

A development, such as is here outlined, is in advance of the
psychological preparation of the world. We have not yet succeeded in
regulating corporations, and there would remain innumerable
difficulties and inequalities as between nations, which could not
easily be settled. The price which such concerns might be allowed to
pay for ores or charge for finished products and the pressure which
they might put upon workmen might cause financial {283} quarrels,
leading to international controversies. If the governments held hands
off, even greater evils might result. The various peoples would
hesitate to turn over their basic industries to a private corporation
beyond the regulation either of competitors or of their own government.

But we are here concerned not with the end but with the direction of
international capitalism, and this direction tends to be the same as
that of national capitalism. Division of the field, interchange of
stock, community of interest, co-operation and