If we may borrow a term from its advocates, this body of opinion must be pronounced “theoretical.” In their speech a “theory” is a generalization which goes much further than its particulars warrant. In that sense their conclusions are not “practical.” The essential question with which this body of opinion is concerned is whether the scheme of institutions which focus upon profit-making make the members of the community, severally and collectively, as well off as they ought to be. It seems offhand that a realistic defence of the prevailing order might be convincingly formulated. At any rate, “the case for capitalism” is good enough to get into the records. Instead, its advocates have confused their own pecuniary success with the well-being of the community and have argued that because profits have been made the system is good. Like the classical economists they vindicate the system by assumption. III In the wake of the new industrialism there has come an economic opinion of protest. It is being gradually formulated by professional men, by farmers, by trade unionists, and by the younger business men who have escaped being “self-made.” Its hesitating and confused statement is due to the disturbed conditions out of which it comes. The varied interests of its many authors prevents unity of words or of principles. Its origin in the contact of minds steeped in the older individualism with the arresting facts of the newer economic order explains its current inarticulate expression. It can be set forth briefly only by subordinating the reality of variety to the tendencies which are clearly inherent within it. The objective of this newer opinion is a modification of the prevailing order, rather than its overthrow. It is quite conscious of defects in its arrangements and knows that its fruits are not all good. It has never considered the question of the efficiency or inefficiency of the system as a whole. The older individualistic notions are strong enough to give an intuitive belief that the theory of the control of industry by business for profit is essentially sound. But it would eliminate the bad, patch up the indifferent, and retain the good. It would set up in the government an external authority which through regulation and repression would make business interests serve the community. Its faith is in private enterprise compelled by the State to promote “public welfare.” Its detail can best be suggested by typical illustrations.