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 ECONOMICS AND POLITICS [1905]

is the chief economic problem of the present time? It would be difficult to say. The question reminds me of the time when I asked a class in political economy what is the first great requirement which a territory must fulfil in order to become the seat of a thriving colony. The answer which I wanted was that it must furnish an article of export in high demand in the country from which the colonists are to come. At last one man replied: "Hard money and free trade." My own view of the economic future is optimistic in the highest degree. I believe that the twentieth century is to see an increase of economic power far beyond anything which men have heretofore experienced; and by "economic power" I mean power over nature to extort from it supplies for the material needs of men. The developments in the application of electricity exceed any foresight of ours; the power of falling water will be applied to economize the consumption of coal; it seems now that the discovery of the radio-active substances may prove to be the greatest of all discoveries yet made by man. These and other similar facts in the economic outlook promise great increase in wealth in all departments of productive activity. Especially it seems that the rewards of talent and highly skilled effort will be such as our fathers would have thought fabulous. What is there to frustrate or hinder the economic benefits which the future seems to offer?