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prize of world…empire。 In that given direction they will have
attained their maximum development； before the whole world； in the
same direction； has attained its。 There will no longer be room for
them。 But if they can survive the shock of being flung out of the
world's industrial orbit； a change in direction may then be easily
effected。 That the decadent and barbarous peoples will be crushed
is a fair presumption； likewise that the stronger breeds will
survive； entering upon the transition stage to which all the world
must ultimately come。
This change of direction must be either toward industrial
oligarchies or socialism。 Either the functions of private
corporations will increase till they absorb the central government；
or the functions of government will increase till it absorbs the
corporations。 Much may be said on the chance of the oligarchy。
Should an old manufacturing nation lose its foreign trade； it is
safe to predict that a strong effort would be made to build a
socialistic government； but it does not follow that this effort
would be successful。 With the moneyed class controlling the State
and its revenues and all the means of subsistence； and guarding its
own interests with jealous care； it is not at all impossible that a
strong curb could be put upon the masses till the crisis were past。
It has been done before。 There is no reason why it should not be
done again。 At the close of the last century； such a movement was
crushed by its own folly and immaturity。 In 1871 the soldiers of
the economic rulers stamped out； root and branch； a whole generation
of militant socialists。
Once the crisis were past； the ruling class； still holding the curb
in order to make itself more secure； would proceed to readjust
things and to balance consumption with production。 Having a
monopoly of the safe investments； the great masses of unremunerative
capital would be directed； not to the production of more surplus
value； but to the making of permanent improvements； which would give
employment to the people； and make them content with the new order
of things。 Highways； parks； public buildings； monuments； could be
builded； nor would it be out of place to give better factories and
homes to the workers。 Such in itself would be socialistic； save
that it would be done by the oligarchs； a class apart。 With the
interest rate down to zero； and no field for the investment of
sporadic capital； savings among the people would utterly cease； and
old…age pensions be granted as a matter of course。 It is also a
logical necessity of such a system that； when the population began
to press against the means of subsistence； （expansion being
impossible）； the birth rate of the lower classes would be lessened。
Whether by their own initiative； or by the interference of the
rulers； it would have to be done； and it would be done。 In other
words； the oligarchy would mean the capitalization of labor and the
enslavement of the whole population。 But it would be a fairer；
juster form of slavery than any the world has yet seen。 The per
capita wage and consumption would be increased； and； with a
stringent control of the birth rate； there is no reason why such a
country should not be so ruled through many generations。
On the other hand； as the capitalistic exploitation of the planet
approaches its maximum； and countries are crowded out of the field
of foreign exchanges； there is a large likelihood that their change
in direction will be toward socialism。 Were the theory of
collective ownership and operation then to arise for the first time；
such a movement would stand small chance of success。 But such is
not the case。 The doctrine of socialism has flourished and grown
throughout the nineteenth century； its tenets have been preached
wherever the interests of labor and capital have clashed； and it has
received exemplification time and again by the State's assumption of
functions which had always belonged solely to the individual。
When capitalistic production has attained its maximum development；
it must confront a dividing of the ways； and the strength of capital
on the one hand； and the education and wisdom of the workers on the
other； will determine which path society is to travel。 It is
possible； considering the inertia of the masses； that the whole
world might in time come to be dominated by a group of industrial
oligarchies； or by one great oligarchy； but it is not probable。
That sporadic oligarchies may flourish for definite periods of time
is highly possible； that they may continue to do so is as highly
improbable。 The procession of the ages has marked not only the rise
of man； but the rise of the common man。 From the chattel slave； or
the serf chained to the soil； to the highest seats in modern
society； he has risen； rung by rung； amid the crumbling of the
divine right of kings and the crash of falling sceptres。 That he
has done this； only in the end to pass into the perpetual slavery of
the industrial oligarch； is something at which his whole past cries
in protest。 The common man is worthy of a better future； or else he
is not worthy of his past。
NOTE。The above article was written as long ago as 1898。 The only
alteration has been the bringing up to 1900 of a few of its
statistics。 As a commercial venture of an author； it has an
interesting history。 It was promptly accepted by one of the leading
magazines and paid for。 The editor confessed that it was 〃one of
those articles one could not possibly let go of after it was once in
his possession。〃 Publication was voluntarily promised to be
immediate。 Then the editor became afraid of its too radical nature；
forfeited the sum paid for it； and did not publish it。 Nor； offered
far and wide； could any other editor of bourgeois periodicals be
found who was rash enough to publish it。 Thus； for the first time；
after seven years； it appears in print。
A REVIEW
Two remarkable books are Ghent's 〃Our Benevolent Feudalism〃 ｛7｝ and
Brooks's 〃The Social Unrest。〃 ｛8｝ In these two books the opposite
sides of the labor problem are expounded； each writer devoting
himself with apprehension to the side he fears and views with
disfavor。 It would appear that they have set themselves the task of
collating； as a warning； the phenomena of two counter social forces。
Mr。 Ghent； who is sympathetic with the socialist movement； follows
with cynic fear every aggressive act of the capitalist class。 Mr。
Brooks； who yearns for the perpetuation of the capitalist system as
long as possible； follows with grave dismay each aggressive act of
the labor and socialist organizations。 Mr。 Ghent traces the
emasculation of labor by capital； and Mr。 Brooks traces the
emasculation of independent competing capital by labor。 In short；
each marshals the facts of a side in the two sides which go to make
a struggle so great that even the French Revolution is insignificant
beside