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 world of industry precisely the same position and fill precisely the same roles as were filled in the political world by King Louis, who said, "I am the State."

This power of concentrated wealth which rules America is known by many names. It is "Wall Street," it is "Big Business," it is "the Trusts." It is the "System" of Lincoln Steffens, the "Invisible Government" of Woodrow Wilson, the "Empire of Business" of Andrew Carnegie, the "Plutocracy" of the populists. It has been made the theme of so much stump-oratory that in cultured circles it is considered good form to speak of it in quotation marks, with a playful and skeptical implication; but the simple fact is that this power has controlled American public life since the civil war, and is greater at this hour than ever before in our history.

The one difference between the Empire of Business and the Empire of Louis is that the former exists side by side with a political democracy. To keep this political democracy subservient to its ends, the industrial autocracy maintains and subsidizes two rival political machines, and every now and then stages an elaborate sham-battle, contributing millions of dollars to the campaign funds of both sides, burning thousands of tons of red fire, pouring out millions of reams of paper propaganda and billions of words of speeches. The people take interest in this sham-battle—but all sensible men understand that whichever way the contest is decided, business will continue to be business, and money will continue to talk.

So we are in position to understand the facts presented in this book. Journalism is one of the devices whereby industrial autocracy keeps its control over political democracy; it is the day-by-day, between-elections propaganda, whereby the minds of the people are kept in a state of acquiescence, so that when the crisis of an election comes, they go to the polls and cast their ballots for either one of the two candidates of their exploiters. Not hyperbolically and contemptuously, but literally and with scientific precision, we define Journalism in America as the business and practice of presenting the news of the day in the interest of economic privilege.

A modern newspaper is an enormously expensive institution. The day is past when a country printer could set up a hand-press and print news about the wedding of the village blacksmith's daughter and the lawn-party of the Christian Endeavor Society, and so make his way as a journalist. Now