he rights of investment and business
management. The market--that is to say the rule of the price-system in
all matters of production and livelihood--may be expected to gain in
volume and inclusiveness; so that virtually all matters of industry and
livelihood will turn on questions of market price, even beyond the
degree in which that proposition holds today. The progressive extension
and consolidation of investments, corporate solidarity, and business
management may be expected to go forward on the accustomed lines, as
illustrated by the course of things during the past few decades. Market
conditions should accordingly, in a progressively increased degree, fall
under the legitimate discretionary control of businessmen, or syndicates
of businessmen, who have the disposal of large blocks of invested
wealth,--"big business," as it is called, should reasonably be expected
to grow bigger and to exercise an increasingly more unhampered control
of market conditions, including the money market and the labor market.

With such improvements in the industrial arts as may fairly be expected
to come forward, and with the possible enhancement of industrial
efficiency which should follow from a larger scale of organisation, a
wider reach of transport and communication, and an increased
population,--with these increasing advantages on the side of productive
industry, the per-capita product as well as the total product should be
increased in a notable degree, and the conditions of life should
possibly become notably easier and more attractive, or at least more
conducive to efficiency and personal comfort, for all concerned. Such
would be the first and unguarded inference to be drawn from the premises
of the case as they offer themselves in the large; and something of that
kind is apparently what floats before the prophetic vision of the
advocates of a league of nations for the maintenance of peace at large.
These premises, and the inferences so drawn from them, may be further
fortified and amplified in the same sense on considering that certain
very material economies also become practicable, and should take effect
"in the absence of disturbing causes," on the establishment of such a
peace at large. It will of course occur to all thoughtful persons that
armaments must be reduced, perhaps to a minimum, and that the cost of
these things, in point of expenditures as well as of man-power spent in
the service, would consequently fall off in