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overshadowed Asiatic commerce； Lord Charles Beresford says： 〃But
competition is telling adversely； the energy of the British merchant is
being equalled by other nationals。 。 。 The competition of the Chinese and
the introduction of steam into the country are also combining to produce
changed conditions in China。〃 But far more ominous is the plaintive note
he sounds when he says： 〃New industries must be opened up； and I would
especially direct the attention of the Chambers of Commerce （British）
to 。 。 。 the fact that the more the native competes with the British
manufacturer in certain classes of trade； the more machinery he will need；
and the orders for such machinery will come to this country if our
machinery manufacturers are enterprising enough。〃
The Orient is beginning to show what an important factor it will
become； under Western supervision； in the creation of surplus value。 Even
before the barriers which restrain Western capital are removed； the East
will be in a fair way toward being exploited。 An analysis of Lord
Beresford's message to the Chambers of Commerce discloses； first； that
the East is beginning to manufacture for itself； and； second； that there is a
promise of keen competition in the West for the privilege of selling the
required machinery。 The inexorable query arises： WHAT IS THE WEST
TO DO WHEN IT HAS FURNISHED THIS MACHINERY？ And when
not only the East； but all the now undeveloped countries； confront； with
surplus products in their hands； the old industrial nations； capitalistic
production will have attained its maximum development。
But before that time must intervene a period which bids one pause for
breath。 A new romance； like unto none in all the past； the economic
romance； will be born。 For the dazzling prize of world… empire will the
nations of the earth go up in harness。 Powers will rise and fall； and mighty
coalitions shape and dissolve in the swift whirl of events。 Vassal nations
and subject territories will be bandied back and forth like so many articles
of trade。 And with the inevitable displacement of economic centres； it is
fair to presume that populations will shift to and fro； as they once did from
the South to the North of England on the rise of the factory towns； or from
the Old World to the New。 Colossal enterprises will be projected and
carried through； and combinations of capital and federations of labor be
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effected on a cyclopean scale。 Concentration and organization will be
perfected in ways hitherto undreamed。 The nation which would keep its
head above the tide must accurately adjust supply to demand； and
eliminate waste to the last least particle。 Standards of living will most
likely descend for millions of people。 With the increase of capital； the
competition for safe investments； and the consequent fall of the interest
rate； the principal which today earns a comfortable income would not then
support a bare existence。 Saving toward old age would cease among the
working classes。 And as the merchant cities of Italy crashed when trade
slipped from their hands on the discovery of the new route to the Indies by
way of the Cape of Good Hope； so will there come times of trembling for
such nations as have failed to grasp the prize of world…empire。 In that
given direction they will have attained their maximum development；
before the whole world； in the same direction； has attained its。 There will
no longer be room for them。 But if they can survive the shock of being
flung out of the world's industrial orbit； a change in direction may then be
easily effected。 That the decadent and barbarous peoples will be crushed is
a fair presumption； likewise that the stronger breeds will survive； entering
upon the transition stage to which all the world must ultimately come。
This change of direction must be either toward industrial oligarchies or
socialism。 Either the functions of private corporations will increase till
they absorb the central government； or the functions of government will
increase till it absorbs the corporations。 Much may be said on the chance
of the oligarchy。 Should an old manufacturing nation lose its foreign trade；
it is safe to predict that a strong effort would be made to build a socialistic
government； but it does not follow that this effort would be successful。
With the moneyed class controlling the State and its revenues and all the
means of subsistence； and guarding its own interests with jealous care； it is
not at all impossible that a strong curb could be put upon the masses till
the crisis were past。 It has been done before。 There is no reason why it
should not be done again。 At the close of the last century； such a
movement was crushed by its own folly and immaturity。 In 1871 the
soldiers of the economic rulers stamped out； root and branch； a whole
generation of militant socialists。
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War of the Classes
Once the crisis were past； the ruling class； still holding the curb in
order to make itself more secure； would proceed to readjust things and to
balance consumption with production。 Having a monopoly of the safe
investments； the great masses of unremunerative capital would be directed；
not to the production of more surplus value； but to the making of
permanent improvements； which would give employment to the people；
and make them content with the new order of things。 Highways； parks；
public buildings； monuments； could be builded； nor would it be out of
place to give better factories and homes to the workers。 Such in itself
would be socialistic； save that it would be done by the oligarchs； a class
apart。 With the interest rate down to zero； and no field for the investment
of sporadic capital； savings among the people would utterly cease； and
old…age pensions be granted as a matter of course。 It is also a logical
necessity of such a system that； when the population began to press
against the means of subsistence； （expansion being impossible）； the birth
rate of the lower classes would be lessened。 Whether by their own
initiative； or by the interference of the rulers； it would have to be done；
and it would be done。 In other words； the oligarchy would mean the
capitalization of labor and the enslavement of the whole population。 But it
would be a fairer； juster form of slavery than any the world has yet seen。
The per capita wage and consumption would be increased； and； with a
stringent control of the birth rate； there is no reason why such a country
should not be so ruled through many generations。
On the other hand； as the capitalistic exploitation of the planet
approaches its maximum； and countries are crowded out of the field of
foreign exchanges； there is a large likelihood that their change in direction
will be toward socialism。 Were the theory of collective ownership and
operation then to arise for the first time； such a movement would stand
small chance of success。 But such is not the case。 The doctrine of
socialism has flourished and grown throughout the nineteenth century； its
tenets have been preached wherever the interests of labor and capital have
clashed； and it has received exemplification time and again by the State's
assumption of functions which had always belonged solely to the
individual。
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When capitalistic production has attained its maximum development；
it must confront a