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126 armies and navies for the protection of our wealth from envious neighbors, and for the exploitation of inferior races, which are ruthlessly wasted by the capitalist régime. Through the fear of losing money, forethought and anxiety eat away men's power of happiness, and the dread of misfortune becomes a greater misfortune than the one which is dreaded. The happiest men and women, as we can all testify from our own experience, are those who are indifferent to money because they have some positive purpose which shuts it out. And yet all our political thought, whether imperialist, radical, or socialist, continues to occupy itself almost exclusively with men's economic desires, as though they alone had real importance.

In judging of an industrial system, whether the one under which we live or one proposed by reformers, there are four main tests which may be applied. We may consider whether the system secures (1) the maximum of production, or (2) justice in distribution, or (3) a tolerable existence for producers, or (4) the greatest possible freedom and stimulus to vitality and progress. We may say, broadly, that the present system aims only at the first of these objects, while socialism aims at the second and third.