It is not in the decay of combination and monopoly or in the growth of competition that we must look for the distinctive characteristics of modern problems. A 17th-century monopoly was a very weak and ineffective instrument compared with a modern syndicate; the Statute of Apprenticeship was certainly not so widely enforced as the "common rules" of trade unions; and many of the regulations of past times, which look so complicated to modern eyes, were conditions of free enterprise rather than restraints upon it. It is due to the influence of the _laisser faire_ doctrine that we regard law and regulation as a restraint on liberty. As a maxim for guidance in public affairs, _laisser faire_ was genuinely relevant at the end of the 18th and the beginning of the 19th century, when the Statute Book was cumbered with vexatious and obsolete laws. As an explanation of what has taken place in later years, or of the actual economic life of the present day, it is ludicrously inadequate. Competition, in the sense in which the word is still used in many economic works, is merely a special case of the struggle for survival, and, from its limitation, does not go far towards explaining the actual working of modern institutions. To buy in the cheapest market and sell in the dearest; to secure cheapness by lowering the expenses of production; to adopt the less expensive rather than the more expensive method of obtaining a given result--these and other maxims are as old as human society. Competition, in the Darwinian sense, is characteristic not only of modern industrial states, but of all living organisms; and in the narrower sense of the "higgling of the market" is found on the Stock Exchange, in the markets of old towns, in medieval fairs and Oriental bazaars. In modern countries it takes myriads of forms, from the sweating of parasitic trades to the organization of scientific research. Economic motives, again, are as varied as the forms of competition, and their development is coeval with that of human society. They have to be interpreted in every age in relation to the state of society, the other motives or ideals with which they are associated, the kind of action they inspire, and the means through which they operate. Apparently the same economic motives have led in the same age and in the same nation to monopoly and individual enterprise, protection and free trade, law and anarchy. In our own time they have inspired both the formation of trade combinations and attempts to break them up, hostility to all forms of state interference and a belief in collectivism.