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not avert war. Even if Geat Britain had promised perpetual Freetrade, the German war party would not have been silenced.

If, therefore, we have introduced the economie factor in our general argument, we have only done so, in order to show that it plays a certain role, although by no means a decisive one, when we have to deal with States which are ruled by autocratie dynasties. For as we have pointed out, and as we see before our eyes, such dynasties may.in their exaggerated and vain ambition, carry large States and nations with them. They welcome the economie argument as a valuable addition to their arguments in favour of imperialism and ultra- militarism.

But, even if in the future, all autocracies were democratised, the economie argument in favour of conquest and war, will become more powerful than it is now, and in the hands of financial cliques and powerful Kings of industry, as we have already stated, will lead to international armed conflicts, whose magnitude and devastating effect will increase with the progress of science.

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