individual by social distribution, effecting it without the waste attendant on a number of little shops all competing against each other, the owners of none of which can make a decent living. Co-operation, therefore, well illustrates the economic evolution of the present age. I now come to treat of the latest forms of capitalism, the “ring” and the “trust,” whereby capitalism cancels its own principles, and, as a seller, replaces competition by combination. When capitalism buys labor as a commodity it effects the purchase on the competitive principle. Its indefinitely extended market enables it to do so; for it knows that the workman must sell his labor to secure the means to live. Other things being equal, therefore, it buys its labor in the cheapest market. But when it turns round to face the public as a seller, it casts the maxims of competition to the winds, and presents itself as a solid combination. Competition, necessary at the outset, is found ultimately, if unchecked, to be wasteful and ruinous. It entails great expense in advertising; it necessitates the employment of much unproductive labor; it tends to the indefinite lowering of prices; it produces gluts and crises, and renders business operations hazardous and precarious. To escape these consequences, the competing persons or firms agree to form a close combination to keep up prices, to augment profits, to eliminate useless labor, to diminish risk, and to control the output. This is a “ring,” which is thus a federation of companies. The best examples of “rings” and “pools” are to be found in America, where capitalism is more unrestrained and bolder in its operations than in Europe; and also where nearly all the active intellect is attracted to those commercial pursuits that dominate American life. The individualist devotees of _laisser faire_ used to teach us that when restrictions were removed, free competition would settle everything. Prices would go down, and fill the “consumer” with joy unspeakable; the fittest would survive; and as for the rest--it was not very clear what would become of them, and it really didn’t matter. No doubt the “consumer” has greatly benefited by the increase in production and the fall in prices; but where is “free competition” now? Almost the only persons still competing freely are the small shopkeepers, trembling on the verge of insolvency, and the workingmen, competing with one another for permission to live by work. Combination is absorbing commerce. Here are a few instances of the formation of rings.