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102 PROBLEMS CONFRONTING RUSSIA
ties with which single individuals are endowed by nature
the nationalisation, municipalisation, and collective
dealings in industry, commerce, and trade cannot serve economy
and benefit the production of wealth. As a matter of fact
they often breed waste, carelessness, and inefficiency.
Every one acquainted with practical business and the
routine of life knows how much economic and financial
success is dependent on the exertion of the individual
working for his own profit. Humanity at large does not
become richer, but poorer by discarding the element of
personal risk and responsibility, which ensure in their train
the utmost exertion in the application of all the capacities
of the individual. A man who does his work for a fixed
salary, not incurring financial risks, and without the
possibility of acquiring wealth, will not exert himself to the
same extent as others who actually realise that loss or
gain depend upon the manner they go about their business.
The greatness of England, politically and economically, has
been built up by a brilliant array of prominent personalities,
who had at their disposal every chance of reward and the
risk of complete failure.
The political economy of Bolshevism is, therefore, radically
unsound and does not tend to promote prosperity and
progress.
It must, however, be admitted that during the period of
fundamental, social, and political transition through which
the world is at present passing, the economic life of the
nations must necessarily undergo a complete revaluation.
There is no doubt that the war will be a potent factor in
bringing about a new structure of State and Society,
correcting existing ideas in economic values, changing moral
conceptions in the conduct of life, and improving the standard
of existence for the vast majority of people.
Let us try to forecast some instances of such revaluation
in the coming " new age " after the war.
It is a lamentable blot on our civilisation that a large
proportion of the population is living under squalid
conditions, suffering from hunger, privation, and the like, and, as
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