"Secondly, the great Trades' Unions. They are the organisations of those trades in which the labour of _grown-up men_ predominates, or is alone applicable. Here the competition neither of women and children nor of machinery has so far weakened their organised strength. The engineers, the carpenters, and joiners, the bricklayers, are each of them a power, to that extent that, as in the case of the bricklayers and bricklayers' labourers, they can even successfully resist the introduction of machinery. That their condition has remarkably improved since 1848 there can be no doubt, and the best proof of this is in the fact, that for more than fifteen years not only have their employers been with them, but they with their employers, upon exceedingly good terms. They form an aristocracy among the working- class; they have succeeded in enforcing for themselves a relatively comfortable position, and they accept it as final. They are the model working-men of Messrs. Leone Levi & Giffen, and they are very nice people indeed nowadays to deal with, for any sensible capitalist in particular and for the whole capitalist class in general. "But as to the great mass of working-people, the state of misery and insecurity in which they live now is as low as ever, if not lower. The East End of London is an everspreading pool of stagnant misery and desolation, of starvation when out of work, and degradation, physical and moral, when in work. And so in all other large towns--abstraction made of the privileged minority of the workers; and so in the smaller towns and in the agricultural districts. The law which reduces the _value_ of labour-power to the value of the necessary means of subsistence, and the other law which reduces its _average price_, as a rule, to the minimum of those means of subsistence, these laws act upon them with the irresistible force of an automatic engine, which crushes them between its wheels. "This, then, was the position created by the Free Trade policy of 1847, and by twenty years of the rule of the manufacturing capitalists. But, then, a change came. The crash of 1866 was, indeed, followed by a slight and short revival about 1873; but that did not last. We did not, indeed, pass through the full crisis at the time it was due, in 1877 or 1878; but we have had, ever since 1876, a chronic state of stagnation in all dominant branches of industry. Neither will the full crash come; nor will the period of longed-for prosperity to which we used to be entitled before and after it. A dull depression, a chronic glut of all markets for all trades, that is what we have been living in for nearly ten years. How is this?