to his business his acquisitive instinct tends to become diffused and to be absorbed in the job itself. 7. _Ideals_ It is my impression that when machine industry reaches a certain scale of complexity it exerts such pressure upon the men who run it that they cannot help socializing it. They are subject to a kind of economic selection under which only those men survive who are capable of taking a somewhat disinterested view of their work. A mature industry, because it is too subtly organized to be run by naively passionate men, puts a premium upon men whose characters are sufficiently matured to make them respect reality and to discount their own prejudices. When the machine technology is really advanced, that is to say when it has drawn great masses of men within the orbit of its influence, when a corporation has become really great, the old distinction between public and private interest becomes very dim. I think it is destined largely to disappear. It is difficult even to-day to say [p258] whether the great railways, the General Electric Company, the United States Steel Corporation, the bigger insurance companies and banks are public or private institutions. When institutions reach a point where the legal owners are virtually disfranchised, when the direction is in the hands of salaried executives, technicians, and experts who hold themselves more or less accountable in standards of conduct to their fellow professionals, when the ultimate control is looked upon by the directors not as “business” but as a trust, it is not fanciful to say, as Mr. Keynes has said, that “the battle of socialism against unlimited private profit is being won in detail hour by hour.” Insofar as industry itself evolves its own control, it will regain its liberty from external interference. To say that is to say simply that the “natural liberty” of the early business man was unworkable because the early business man was unregenerate: he was immature, and he was therefore acquisitive. The only kind of liberty which is workable in the real world is the liberty of the disinterested man, of the man who has transformed his passions by an understanding of necessity. He can, as Confucius said, follow what his heart desires without transgressing what is right. For he has learned to desire what is right.