CONTENTS ix

Canada—Bonus Shares on Flotation—An American Device
—Midwife or Doctor ?—The Good and Bad Points of both
Systems ......... 149

XII

STATE MONOPOLY IN BANKING

Hank Fusions and the State—Their Effects on the Bank of England
—Mr Sidney Webb's Forecast—-Ills Views of the Benefits of
a Bank Monopoly—The Contrast between German Experts
and British Amateurs—Bankers' Charges as affected by
Fusions—The Effects of Monopoly without the Fact—The
"Disinterested Management" Fallacy—The Proposal to
split Banking Functions—A Picture of the State in Control 163

XIII
FOREIGN CAPITAL

The Difference between Alm.s and Acts—Should Foreign Capital
he allowed in British Industry ?—The Supremacy of London
and National Trade—No need to fear German Capital—We
shall need all we can get —Foreign Shares in British Com-
panies—Can and should the Disclosure of Foreign Ownership
be forced?—The Difficulties of the Problem—Aliens and
British Shipping-—The Position of ** Key" Industries—Free-
dom to Import and Export Capital our ik-st Policy . .180

XIV

NATIONAL GUILDS

The Present Economic Structure-—Its Weaknesses and Injustices
--Were things ever better ?—-The Aim of State Socialism—
A Rival Theory—The New Movement of Guild Socialism--
Its Doctrines and Assumptions—Payment *' as Human
Beings "—The " Degradation " of earning Wages—Produc-
tion irrespective of Demand—Is that the Heal Meaning of
Freedom?—The Old Evils under a New Name—A Con-
ceivably Practical Scheme for some other World . ,198

XV
POST-WAR FINANCE

Taxation after the War—Mr. Iloare's Scheme described ami
analysed—The Position of the Rentier—Estimates of tlie
Post-War Debt—The Compulsory Loan Proposal—What
Advantages has it over a Levy on Capital ?-—The Argument
from Social Justice—Questions still to be answered—-The
Choice between a Levy and Stiff Taxation—Are we still a
Creditor Nation?—Our Debt not a Hopeless Problem—Sug-
gestions for solving it , . , . . . ' . 212