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 world's finance. Love of power is obviously the ruling motive of many politicians. It is also the chief cause of wars, which are admittedly almost always a bad speculation from the mere point of view of wealth. For this reason, a new economic system which merely attacks economic motives and does not interfere with the concentration of power is not likely to effect any very great improvement in the world. This is one of the chief reasons for regarding state socialism with suspicion.

The problem of the distribution of power is a more difficult one than the problem of the distribution of wealth. The machinery of representative government has concentrated on ultimate power as the only important matter, and