Excerpt from Economic Statesmanship: The Great Industrial and Financial Problems Arising From the War

The War has shown even to the blindest that military power and economic strength are exceedingly closely interwoven, that Wars may be lost or Won not only on the battlefield, but also in the school, the laboratory, the mine, the mill, and the factory. It follows that the policy of laissez faire, the policy of drift in economic matters, in Which the security of the State is subordinated to the liberty of action of individuals Who merely strive to benefit themselves, has become discredited. The policy of laissez faire, of individualism, is a policy Which may be summed up in the phrase, Everyone for him self. At last it has become clear even to the most narrow-minded individualists that nation-wide co-opera tion, the harmonised and ordered effort of all the citizens for the furtherance of the common good, is a more potent factor for ensuring the national Welfare than unfettered competition, an internecine War of all against all, the bellum omnium contra omnes of Thomas Hobbes.

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