wear and tear of industry, and established minimum standards of safety, health, and service. There is, finally, a growing opinion that in some industries the profit-making motive must be superseded by some other. In the railway industry it has been repeatedly shown that the pecuniary interest of the management fails to coincide with that of either the owners or of the shippers. Long ago the determination of charges for service was put beyond the discretion of the officials. Of late there has been an increasing tendency to make accounts, services, expenditures, valuations, and other matters meet standards of public service. When this has been effected, as it will be, the officials of the roads will become mere subordinates responsible to a public authority. Then profit-making as a guide to administration will have given way to an official judgment of results in terms of established standards. Then it will be discovered that public control formally rejected has been achieved by indirection. But many times ere this American opinion has come by devious paths to goals which its individualism has not allowed it to regard as quite desirable. For the moment the medley of opinion here roughly characterized as a demand for control is dominant. Its proponents are almost as naïve as the advocates of capitalism in a belief in the essential goodness of a mythical system of “free enterprise.” They differ from them in placing greater emphasis upon voluntary associations and in demanding that the State from without compel business to serve the common good. As yet they have formulated no consistent theory of economics and no articulate programme for achieving their ends. Without a clear understanding of the development of industry and of the structure of the economic order, they are content to face specific problems when they meet them. They are far from ready to surrender an inherited belief in an individualistic theory of the common good. IV