§6. _The Fundamental Character of many Economic Laws_. But again
perhaps a word of warning may be desirable. There is much controversy
in these days about something called "Capitalism" or "The capitalist
system." When these words are used with any precision, they usually
refer to the arrangement so prevalent at present, whereby the
ownership and sole ultimate control of a business rests with those who
hold its stocks and shares. There is much to be said upon the merits
and demerits of this system; something will perhaps be said upon the
matter in the fifth volume of this series; but I shall not discuss it
here. Nothing that I have said so far has any real bearing on it
whatsoever; to suppose that it has, is indeed to miss the whole point
of this chapter.

The order, which I have sought to reveal, pervading and moving the
most diverse phenomena of the economic world, would be a far less
noteworthy and impressive thing were it merely the peculiar product of
capitalism. Merchant adventurers, companies, and trusts; Guilds,
Governments and Soviets may come and go. But under them all, and, if
need be, in spite of them all, the profound adjustments of supply and
demand will work themselves out and work themselves out again for so
long as the lot of man is darkened by the curse of Adam.



CHAPTER II

THE GENERAL LAWS OF SUPPLY AND DEMAND


§1. _Preliminary Statement of Three Laws_. The recognition of order in