since such men usually prefer the opportunities which individualistic business offers of making a larger income; and fourthly, that it is difficult for a democratically managed concern to compete successfully with autocratic business.  Political democracies are at a disadvantage in a struggle with tyrannies, if the latter are governed by able men.  A one- man policy is more stable, permits of quicker action and a more consistent policy than is possible to a democracy.  Exactly so in business, our dictatorial captains of industry have an advantage over their usually less skilled and always less powerful heads, and their smaller capital.  The millionaire can cut prices and stand losses which would ruin a cooperative body of workingmen.  So that cooperative production has not generally proved successful.  In any case, there seems to be no probability of societies of producers being able to supplant the capitalistic concerns; we must turn elsewhere for the solution of our problems.

(3) Consumers’ cooperation has been more widely successful.  On this plan a number of people contribute the capital of a business in equal small amounts and share the profits in proportion to their purchases.  The possibility of excessive profits to a single owner or a small group of owners is thus abolished.  But the other evils of autocratic industry remain; laborers are hired for current wages, as by the capitalists, and the temptations to unfair treatment of employees and of competitors remain.

(4) “Consumers’ Leagues,” so called, have made a business of ascertaining the conditions under which goods are produced, and exhorting their members to purchase only those which have involved fair treatment to the workers.  The undertaking is praiseworthy, and has accomplished some good.  But its effects are limited by obvious causes.  It is extremely difficult in many cases for the consumer to discover the conditions of production of what he wishes to buy.  It is a nuisance to have to burden himself with such perplexing considerations.  And it is impossible to maintain public allegiance to a white list in face of the temptation of bargain sales.  Evils must be attacked at their source; they cannot be effectively controlled from the consumer’s end.  III.  Government regulation of prices, profits, and wages?  There are two proposals that promise thoroughgoing cure for industrial evils government regulation of business, leaving it upon its present capitalistic basis, and socialism, the complete democratizing of industry.  It seems that one or the other alternative must ultimately be accepted.  According to the former, and less radical, plan, publicity of accounts would be required in every industry; and state or national commissions would have full power to supervise the conditions of production, to set a minimum standard below which wages must not fall, to fix maximum prices above which the products must not be sold, to prevent stock- watering, to enforce standards of honesty and