from the "economic man," that product of the imagination of the defenders of privilege. It is evident that both competition and co-operation are necessary to every individual, and the health of the individual and of the race lies in the proper combination of the two. If a creature were wholly unselfish--if it made no effort to look after its own individual welfare--it would be exterminated before it had a chance to reproduce. If, on the other hand, it cannot learn to co-operate, its progeny stand less chance of survival against creatures which have learned this important lesson. We have a nation of a 110,000,000 people, who have learned to co-operate to a certain limited extent. Some of us realize how vastly the happiness of these millions might be increased by a further extension of co-operation; but we find ourselves opposed by the professors of privilege--and we wish that these gentlemen would go out and join the lizards of the desert sands or the sharks of the sea, creatures which really practice the system of "laissez faire" which the professors teach. The plain truth is that we cannot make a formula out of either competition or co-operation. We cannot settle any problem of economics, of business or legislation, by proclaiming, for example, that "Competition is the life of trade." Competition may just as well turn out to be the death of trade; it depends entirely upon the kind of competition, and the stage of trade development to which it is applied. In the early eighteenth century, when that formula of Adam Smith was written, competition was observed to keep down prices and provide stimulus to enterprise, and so to further abundant production. But the time came when the machinery for producing goods was in excess, not merely of the needs of the country, but of the available foreign markets, and then suddenly the large-scale manufacturers made the discovery that competition was the death of trade to them. They proceeded, as a matter of practical common sense, and without consulting their college professors, to abolish competition by forming trusts. We passed laws forbidding them to do this, but they simply refused to obey the laws. In the United States they have made good their refusal for thirty-five years, and in the end have secured the blessing of the Supreme Court upon their course.