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 118 create new forms and to create them under juster conditions. But this latter conception should inevitably follow an adequate realisation of the ephemeral nature of most forms of wealth; and there is no truth more fully recognised by economic winters than that nearly all forms of material wealth, except, indeed, the planet on which we live and the elements of nature, are extremely fugitive and prone to decay. Thus for instance, J. S. Mill, in "Elements of Political Economy," Book 1, Chapter v., says: "The greater part in value of the wealth now existing in England has been produced by human hands within the last twelve months. A very small proportion indeed of that large aggregate was in existence ten years ago;—of the present productive capital of the country, scarcely any part except farm-houses and manufactories and a few ships and machines; and even these would not in most cases have survived so long if fresh labour had not been employed within that period in putting them into repair. The land subsists, and the land is almost the only thing that subsists." The leaders of the great socialistic movement, of course, know all this perfectly well; yet this quite elementary truth seems to fade from their minds when they are discussing methods of reform, and they appear to be as anxious to seize upon present forms of wealth as if they regarded them as of a really lasting and permanent nature.

But this inconsistency of socialistic writers is all the more striking when one remembers that these writers are the very ones who insist most strongly upon the view that a very large part of the wealth-forms now in existence are not really wealth at all—that they are "ilth," and that any form of society which represents even a step