If full political freedom be allowed to any two such possessors of implements and stores, each will actively watch his market, attempt to undersell the other, tend to overproduce at the end of some season of extra demand for his article, thus glut the market only to suffer a period of depression afterwards--and so forth. Again, the Capitalist, free, individual director of production, will miscalculate; sometimes he will fail, and his works will be shut down. Again, a mass of isolated, imperfectly instructed competing units cannot but direct their clashing efforts at an enormous waste, and that waste will fluctuate. Most commissions, most advertisements, most parades, are examples of this waste. If this waste of effort could be made a constant, the parasitical employment it afforded would be a constant too. But of its nature it is a most inconstant thing, and the employment it affords is therefore necessarily precarious. The concrete translation of this is the insecurity of the commercial traveller, the advertising agent, the insurance agent, and every form of touting and cozening which competitive Capitalism carries with it. Now here again, as in the case of the insecurity produced by age and sickness, Capitalism cannot be pursued to its logical conclusion, and it is the element of freedom which suffers. Competition is, as a fact, restricted to an increasing extent by an understanding between the competitors, accompanied, especially in this country, by the ruin of the smaller competitor through secret conspiracies entered into by the larger men, and supported by the secret political forces of the State.[3] In a word, Capitalism, proving almost as unstable to the owners as to the non-owners, is tending towards stability by losing its essential character of political freedom. No better proof of the instability of Capitalism as a system could be desired. Take any one of the numerous Trusts which now control English industry, and have made of modern England the type, quoted throughout the Continent, of artificial monopolies. If the full formula of Capitalism were accepted by our Courts and our executive statesmen, anyone could start a rival business, undersell those Trusts and shatter the comparative security they afford to industry within their field. The reason that no one does this is that political freedom is not, as a fact, protected here by the Courts in commercial affairs. A man attempting to compete with one of our great English Trusts would find himself at once undersold. He might, by all the spirit of European law for centuries, indict those who would ruin him, citing them for a conspiracy in restraint of trade; of this conspiracy he would find the judge and the politicians most heartily in support. But it must always be remembered that these conspiracies in restraint of trade which are the mark of modern England are in themselves a mark of the transition from the true Capitalist phase to another.