the flow is the least," all the rest being allowed to escape unused.
Van Hise, "Conservation of Natural Resources," p. 119.]

[Footnote 7: These and other figures in this section relate to the
year 1913.]

[Footnote 8: Coal has been mentioned above, sec. 9.]




CHAPTER 2

THE PRESENT ECONOMIC SYSTEM

§ 1. The place of private property. § 2. Nature of property. § 3.
Relation of wealth, property, and capital. § 4. Some theories of
private property. § 5. Origin vs. justification. § 6. Limitations of
private property. § 7. Limitations of bequest and inheritance. § 8.
Social expediency of private property. § 9. The monetary economy.
§ 10. The competitive system. § 11. Limitation of competition by
custom. § 12. Effect of modern forces upon custom. § 13. Adam
Smith's influence. § 14. The wage-system.


§ 1. #The place of private property#. Of fully equal importance with
material wealth in determining the economic power of a people is the
_social system_ under which the nation lives. This is the term applied
to the whole complex of institutions and arrangements in which and
by which people live together in society. It is the embodiment of the