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agreements to promote common standards of work and life for the workers of different nations should help to raise the general standard of distribution within the several nations towards the level of the highest. The regulations laid down in the Covenant of the League of Nations for the economic dealings of its members with the peoples of mandated areas, though at present perhaps little more than the formal tribute which imperialism pays to liberty, attest at least some real advance among the more enlightened classes of the Western nations towards considered regard for the welfare of subject races, and may grow into a genuinely authoritative code of international conduct, if this moral and political enhghtenment prevails over the forces of national selfishness and short-sighted cupidity. I will not prejudge the victory in the struggle between the powers of light and darkness. But if the influences which are able to curb the excesses of capitalist domination within the civilised modern state can be brought into effective bearing on the wider area of internationalism, imposing partly by the moral power of public opinion, partly by intergovernmental action, economic rules for the protection of the interests of weaker peoples and in particular for securing for them an adequate share of the product of their labour, the world market and the world consumption should be able to escape the constriction of the past and to expand with sufficient facility and pace to furnish full and regular employment to the world's productive powers, however fast they may themselves advance with every fresh improvement in the arts of industry.