The English farmer has lost ambition, and has been sacrificed to the industrial growth of the nation, while the industrial growth itself no longer shows its former power of expansion.

The nation passed the responsibility for its economic welfare on to the individual; and the individual with all his energy and initiative seems unable to hold his own against better organized competition.

Its competitors have profited by the very qualities which Great Britain renounced when she accepted the anti-national liberalism of the Manchester school.

They have shown under widely different conditions the power of nationalizing their economic organization; and in spite of the commission of many errors, particularly in this country, a system of national economy appears to make for a higher level of economic vitality than a system of international economy.

"At the present time," says Mr.O.Elzbacher in his "Modern Germany," "when other nations are no longer divided against themselves, but have become homogeneous unified nations in fact and nations in organization, and when the most progressive nations have become gigantic institutions for self-improvement and gigantic business concerns on cooeperative principles, the spasmodic individual efforts of patriotic and energetic Englishmen and their unorganized individual action prove less efficient for the good of their country than they were formerly." The political leaders of England abandoned, that is, all leadership in economic affairs and allowed a merely individualistic liberalism complete control of the fiscal and economic policy of the country.