To utilitarianism with all its defects belongs the distinction of enforcing in an unforgettable way the fact that moral good, like every good, consists in a satisfaction of the forces of human nature, in welfare, happiness. To Bentham remains, in spite of all crudities and eccentricities, the imperishable renown of forcing home to the popular consciousness that "conscience," intelligence applied to in moral matters, is too often not intelligence but is veiled caprice, dogmatic _ipse dixitism_, vested class interest. It is truly conscience only as it contributes to relief of misery and promotion of happiness. An examination of utilitarianism brings out however the catastrophe involved in thinking of the good to which intelligence is pertinent as consisting in future pleasures and pains, and moral reflection as their algebraic calculus. It emphasizes the contrast between such conceptions of good and of intelligence, and the facts of human nature according to which good, happiness, is found in the present meaning of activity, depending upon the proportion, order and freedom introduced into it by thought as it discovers objects which release and unify otherwise contending elements. An adequate discussion of why utilitarianism with its just insight into the central place of good, and its ardent devotion to rendering morals more intelligent and more equitably human took its onesided course (and thereby provoked an intensified reaction to transcendental and dogmatic morals) would take us far afield into social conditions and the antecedent history of thought. We can deal with only one factor, the domination of intellectual interest by economic considerations. The industrial revolution was bound in any case to give a new direction to thought. It enforced liberation from other-worldly concerns by fixing attention upon the possibility of the betterment of this world through control and utilization of natural forces; it opened up marvelous possibilities in industry and commerce, and new social conditions conducive to invention, ingenuity, enterprise, constructive energy and an impersonal habit of mind dealing with mechanisms rather than appearances. But new movements do not start in a new and clear field. The context of old institutions and corresponding habits of thought persisted. The new movement was perverted in theory because prior established conditions deflected it in practice. Thus the new industrialism was largely the old feudalism, living in a bank instead of a castle and brandishing the check of credit instead of the sword.