THE main objects which should be served by international relations may be taken to be two: First, the avoidance of wars, and, second, the prevention of the oppression of weak nations by strong ones. These two objects do not by any means necessarily lead in the same direction, since one of the easiest ways of securing the world's peace would be by a combination of the most powerful States for the exploitation and oppression of the remainder. This method, however, is not one which the lover of liberty can favor. We must keep account of both aims and not be content with either alone. One of the commonplaces of both Socialism and Anarchism is that all modern wars are due to capitalism, and would cease if capitalism were abolished. This view, to my mind, is only a half-truth; the half that is true is important, but the half that is untrue is perhaps equally important when a fundamental reconstruction of society is being considered. Socialist and Anarchist critics of existing society point, with perfect truth, to certain capitalistic factors which promote war. The first of these is the desire of finance to find new fields of investment in undeveloped countries. Mr. J. A. Hobson, an author who is by no means extreme in his views, has well stated this point in his book on ``The Evolution of Modern Capitalism.''[55] He says: [55] Walter Scott Publishing Company, 1906, p. 262. The economic tap-root, the chief directing motive of all the modern imperialistic expansion, is the pressure of capitalist industries for markets, primarily markets for investment, secondarily markets for surplus products of home industry. Where the concentration of capital has gone furthest, and where a rigorous protective system prevails, this pressure is necessarily strongest. Not merely do the trusts and other manufacturing trades that restrict their output for the home market more urgently require foreign markets, but they are also more anxious to secure protected markets, and this can only be achieved by extending the area of political rule. This is the essential significance of the recent change in American foreign policy as illustrated by the Spanish War, the Philippine annexation, the Panama policy, and the new application of the Monroe doctrine to the South American States. South America is needed as a preferential market for investment of trust ``profits'' and surplus trust products: if in time these states can be brought within a Zollverein under the suzerainty of the United States, the financial area of operations receives a notable accession. China as a field of railway enterprise and general industrial development already begins to loom large in the eyes of foresighted American business men; the growing trade in American cotton and other goods in that country will be a subordinate consideration to the expansion of the area for American investments. Diplomatic pressure, armed force, and, where desirable, seizure of territory for