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almost, our contention proved, that the interests of the individual are in direct conflict with those of the State as long as the State is managed by men who think they must conquer more territory and thereby more markets to monopolise. During the last 200 years Russia's history is made up almost exclusively of imperialism. Enormous territories in Asia have been added to the Empire, and all these territories have been jealously guarded, particularly since the latter half of the I9th century, against foreign trade. The tariff-wall has been built up higher and higher from year to year.

The financial and economie position of Russia is so terribly complicated, that even those, who have made a special study of it, find it exceedingly difficult to arrivé at any definite conclusion as to the future. For our purpose, therefore, it cannot be useful to deal with it. But as to the present, there cannot be any doubt, that as far as the majority of the population is concerned, neither imperialism, nor protective tariffs have been conducive to its betterment, on the contrary, the majority is a good deal worse off than the majority in small States.

In Germany the situation is also very complicated. Here, also, however, the interests of the individual are in opposition to those of the State. We need but refer to the well-known conflict between the Agrarians, from whom the military caste which forms the ruling class in Germany, directly reponsible for the