I am fully aware, as already intimated, that the forgoing interpretation of the Promise of American life will seem fantastic and obnoxious to the great majority of Americans, and I am far from claiming that any reasons as yet alleged afford a sufficient justification for such a radical transformation of the traditional national policy and democratic creed. All that can be claimed is that if a democratic ideal makes an express consideration of the social problem inevitable, it is of the first importance for Americans to realize this truth and to understand the reasons for it. Furthermore, the assumption is worth making, in case the traditional American system is breaking down, because a more highly socialized democracy is the only practical substitute on the part of convinced democrats for an excessively individualized democracy. Of course, it will be claimed that the traditional system is not breaking down, and again no absolute proof of the breakdown has been or can be alleged. Nevertheless, the serious nature of contemporary American political and economic symptoms at least pointedly suggests the existence of some radical disease, and when one assumes such to be the case, one cannot be accused of borrowing trouble, I shall, consequently, start from such an assumption, and make an attempt to explain contemporary American problems as in part the result of the practice of an erroneous democratic theory. The attempt will necessarily involve a brief review of our political and economic history, undertaken for the purpose of tracing the traditional