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118 for itself, knowing that failure to do so spells ruin. In some industries there have been brilliant achievements, but on the whole it is doubtful whether these constructive efforts have any more than merely offset the destructive influences. There is no positive evidence that 100 billion hours of work are producing any more goods in 1923 than in 1913. There is considerable evidence to the contrary. There is however positive evidence that 42,000,000 workers do not function for so many hours per annum in 1923 as they did in 1913. As I have previously pointed out the economic effects of this may be obscured for a long time, for they may be, and probably will be, at the expense of principal so to speak, and they will not be apparent until we find that we do not possess adequate housing, means for transportation, not enough schools, etc. Indeed, we are conscious of such inadequacy even now, but there is a general failure to understand its meaning or what has brought it about.

Let us pause here to consider what indeed it is that has brought this about. I say in one phrase that it is a state of mind; and I amplify this to say an ignorant and even insane state of mind. There has been a revolt against what is called capitalism. There has been the stupid representation that although capitalism had served to elevate the scale of living of the civilized world it had outlived its usefulness and could no longer succeed in functioning properly. Herein we find the germ of state socialism and pink socialism, which are founded on the preposterous idea that experienced people do not know how to conduct affairs properly and that inexperienced can do everything better. Alas! We have had practical demonstrations of the