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this analysis or of the remedies which it discloses. The temporary breakdown of production over large areas of Europe and the low consumption in these areas, which are the most serious economic and human aspects of this emergency, have, of course, greatly enlarged, as they have also given special shape to, the general depression. These war wounds to our economic system call for emergency measures. But these measures are of the nature of first aid, and must not be regarded as substitutes for the remedial treatment which deeper diagnosis of the disease demands. If Reconstruction successfully achieved meant setting again on its old legs the economic system of the past, we should continue to stumble at brief intervals into the same ditch and, wading through much dirt, danger and discomfort, emerge again weakened in body and confused in mind to pursue once more the same perilous uncharted journey.

I have here approached the economic problem from the single path of trade depression, and have shown that a solution of the problem can only be found by such economic, social and political reforms as secure a drastic redistribution of the product of industry. If we are to get industrial security, peace and progress, that redistribution must be achieved. If State Socialism, or Guild Socialism, or Consumers' Co-operation, or any form of Communism, can achieve this better distribution, without unduly letting down production, we may look for salvation along any of these paths. But if, as I am disposed to believe, no people is prepared to launch in any wholesale way on any of these revolu-