Now, without exaggerating the virtues of these gentlemen, it will be conceded by everybody except perhaps those veteran German Social-Democrats who have made a cult of obsolescence under the name of Marxism, that the modern entrepreneur is not to be displaced and dismissed so lightly as Alberic is dismissed in The Ring. They are really the masters of the whole situation. Wotan is hardly less dependent on them than Fafnir; the War-Lord visits their work, acclaims them in stirring speeches, and casts down their enemies; whilst Loki makes commercial treaties for them and subjects all his diplomacy to their approval. The end cannot come until Siegfried learns Alberic's trade and shoulders Alberic's burden. Not having as yet done so, he is still completely mastered by Alberic. He does not even rebel against him except when he is too stupid and ignorant, or too romantically impracticable, to see that Alberic's work, like Wotan's work and Loki's work, is necessary work, and that therefore Alberic can never be superseded by a warrior, but only by a capable man of business who is prepared to continue his work without a day's intermission. Even though the proletarians of all lands were to become "class conscious," and obey the call of Marx by uniting to carry the Class struggle to a proletarian victory in which all capital should become common property, and all Monarchs, Millionaires, Landlords and Capitalists become common citizens, the triumphant proletarians would have either to starve in Anarchy the next day or else do the political and industrial work which is now being done tant bien que mal by our Romanoffs, our Hohenzollerns, our Krupps, Carnegies, Levers, Pierpont Morgans, and their political retinues. And in the meantime these magnates must defend their power and property with all their might against the revolutionary forces until these forces become positive, executive, administrative forces, instead of the conspiracies of protesting, moralizing, virtuously indignant amateurs who mistook Marx for a man of affairs and Thiers for a stage villain. But all this represents a development of which one gathers no forecast from Wagner or Marx. Both of them prophesied the end of our epoch, and, so far as one can guess, prophesied it rightly. They also brought its industrial history up to the year 1848 far more penetratingly than the academic historians of their time. But they broke off there and left a void between 1848 and the end, in which we, who have to live in that period, get no guidance from them. The Marxists wandered for years in this void, striving, with fanatical superstition, to suppress the Revisionists who, facing the fact that the Social-Democratic party was lost, were trying to find the path by the light of contemporary history instead of vainly consulting the oracle in the pages of Das Kapital. Marx himself was too simpleminded a recluse and too full of the validity of his remoter generalizations, and the way in which the rapid