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extent in order to promote capital undertakings which may never mature in future increase of commodities, or which, if they do, may be rendered futile by a continued refusal to expand consumption fast enough to give full employment to the increase of productive power. Unfortunately there yet exists no organised intelligent will of the world to ensure the operation of this economic policy.

If, however, it be admitted that, while there is a limit to the reasonable rate of saving for investment on the part of the economic world as a whole, no such limit seems to be binding on any particular nation, or other group, there arises the practical consideration whether the provisions against unemployment, by better distribution of the income between capitalists, wage-earners and the State, can be made effective in a world so imperfectly developed for purposes of international control. Such political or economic measures as may be taken for regulating excessive profits, or for diverting them to purposes of public revenue, or for securing a better distribution of the product as between capital and labour, are almost entirely confined to particular national areas.

Now the extension of modern capitalist production to a larger and larger number of nations, all of whom by their improved mechanical resources contribute to the fluctuations and depressions, may appear to render any purely national action almost futile, or even injurious. Suppose, for example, that England alone pursued the policy of correcting her proportion of saving to spending, by diverting to increased wages and increased tax revenue the surplus incomes of