do so must inevitably fail. How can such a huge mass of general propositions as are necessarily included in a system of economics ever be thoroughly tested by an appeal to facts? If they are not so tested, the general theory will remain a general theory, of no practical use in itself, until the end of time. It they are to be tested, an indefinitely large number of special studies must be made, for which the original materials must be collected and examined. That is, original investigation of special problems has to be carried out on a more gigantic scale than any economist of the historical school ever dreamt of or the world requires, with the certain knowledge that at the end of it all the general theory will not correspond with the facts of life. For there is all the difference in the world between using a body of general theory as an indication of the factors to be considered in the study of a special problem, and undertaking special studies with a view to testing the general theory. If the necessary limitations of general economic theory are recognized, most of the difficulties we have noticed disappear. Now that the "industrial revolution" has extended practically all over the world, so that we have several countries carrying on production by modern methods, it is easily possible to sketch the main features of industrial and commercial organization at the present time, to describe the banking and currency systems of the principal nations, their means of transport and communication, their systems of commercial law and finance, and their commercial policy. It is true that at present very little work of this kind has been done in England, but innumerable books, many of them about England, have been written by thoroughly competent economists, in French, German and other languages. So that no great amount of original work is required for a reliable account of those general features of the modern system which should form the introduction to economics. The general theory which we require should be sketched in firm and clear outline, leaving the detailed qualifications of broad principles to special studies, where they can be dealt with if it is necessary or desirable, and examined by statistical and other tests. For such a general theory there is ample material in the economic literature of all civilized countries. It is of the utmost importance that the economic terms, which are also, though in many cases with an entirely different meaning, the terms of business and commerce, should as far as possible be used in their common and ordinary English sense: that they should correspond in meaning with the same words when used in description, in law, accountancy and ordinary business. This is no doubt a difficult matter. But some change in this direction is necessary both in the interests of the science itself and of its practical utility. All the materials for investigation, all the facts and figures from which