Out of such raw materials there was fashioned a body of professional economic theory. In a sense it was an imported product; for its earlier statement was that of English “classical” economics. But in reality it was the return of an earlier export, for accepted theory had been made from crude individualistic notions which England had got from America. In addition, at the hands of American economists it received a far more elaborate and articulate statement than had been given it overseas. These theorists used subtle analysis, ponderous logic, and circumlocution; but their decorous processes brought them to much the same conclusions that practical men gained from their limited experiences. Its strength and its acceptability were wholly due to the precision and verbiage with which it reduced to formal terms the common-sense economics of the day. In its terms the economic order is made up of individuals. Each of these is actuated by the motive of self-interest. Each has for disposal personal services, goods, or property rights. Each must live upon goods and services purchased from others. Each must compete with his fellows in the sale of his wares and the purchase of his articles of livelihood. Because of the competition of sellers the wages of labour, the profits of capital, and the prices of goods cannot be forced to untoward heights. Because of the competition of buyers they cannot be driven too low. The equilibrium of this double competitive process assures to each a return which represents the just value of the service, the property right, or the good. Prices, by moving up and down in response to changing conditions, stimulate and retard consumption and production. Their very movement constantly reallocates resources to the production of a variety of goods and services in just the proportion which the consumers demand. In this theory the institutions which comprise the framework of the economic order are taken for granted. It has no place for an interference by the State with “private business.” It regards monopoly as a thing to be abjured, whether appearing as a capitalistic combine or as a union of workingmen. In the Eden of free enterprise the community’s resources yield all they have and competition rewards justly all the faithful who by serving themselves serve society. It is small wonder that sermons were preached upon “The Relation of Political Economy to Natural Theology.” II