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 That is all. Hardly another word from beginning to end is allowed to relieve the gloom, and in this relentless pressure upon the mind of the reader lies a great part of the power which this book has acquired.

Two questions are raised by Marx's work. First, are his laws of historical development true? Second, is Socialism desirable? The second of these questions is quite independent of the first. Marx professes to prove that Socialism must come, but scarcely concerns himself to argue that when it comes it will be a good thing. It may be, however, that if it comes, it will be a good thing, even though all Marx's arguments to prove that it must come should be at fault. In actual fact, time has shown many flaws in Marx's theories. The development of the world has been sufficiently like his prophecy to prove him a man of very unusual penetration, but has not been sufficiently like to make either political or economic history exactly such as he predicted that it would be. Nationalism; so far from diminishing, has increased, and has failed to be conquered by the cosmopolitan tendencies which Marx rightly discerned in finance. Although big businesses have grown bigger and have over a great area reached the stage of monopoly, yet the number of shareholders in such enterprises is so large that the actual number of individuals interested in the capitalist system has continually increased. Moreover, though large firms have grown larger, there has been a simultaneous increase in firms of medium size. Meanwhile the wage-earners, who were, according to Marx, to have remained