The result of our brief review is, that in most countries of Europe the avowed and organised socialism has a formidable and rapidly increasing number of adherents. It is equally clear that socialistic theories have made a wide and deep impression on the opinion of most countries of the civilised world. Socialism has been a standing challenge to the economic theories so long prevalent: it is a protest against the existing social-economic order; and as such it has been discussed on every platform, in all journals, and we may venture to say in every private gathering, with some comprehension of its nature and aims. Whatever the issue may be, it is very improbable that reasonable men can ever again regard the competitive system of economics with the same satisfaction as formerly. The mere fact that we can survey and analyse great ideas and institutions with critical objectiveness is a proof that we are looking back upon them, and that we have already so far left them behind in the onward march of progress. In countries where the socialistic theory is accepted in its entirety only by a few, it has nevertheless effected a great change in opinion. It is hardly an exaggeration to say that the orthodox political economy, if it exist anywhere, survives only in old books and in the minds of a diminishing band of doctrinaires. Friends of the existing order would now almost have us believe that the old competitive political economy never existed at all, which at least may be taken as a sufficient proof that its days are numbered. Under these circumstances it is not surprising that we do not at present possess a settled political economy. We may best consider the growing influence of socialistic ideas on current opinion under the following heads:— 1. On the theory of the State’s relation to labour.—The attitude of most governments to the organised socialism is naturally unfriendly; but the accepted view of the relation of the State to the working and suffering classes has marvellously changed in recent years. Whereas not many years ago the policy and principles of government took little account of the masses of the people, it is now a recognised duty of the State to care for them. So complete has the transformation been, that it will soon require a considerable knowledge of history to realise it, for the times when the claims of the lower orders were ignored are already beginning to pass out of the memory of the younger and most active portion of the community.