course, it will be claimed that the traditional system is not breaking
down, and again no absolute proof of the breakdown has been or can be
alleged. Nevertheless, the serious nature of contemporary American
political and economic symptoms at least pointedly suggests the
existence of some radical disease, and when one assumes such to be the
case, one cannot be accused of borrowing trouble, I shall, consequently,
start from such an assumption, and make an attempt to explain
contemporary American problems as in part the result of the practice of
an erroneous democratic theory. The attempt will necessarily involve a
brief review of our political and economic history, undertaken for the
purpose of tracing the traditional ideas of their origin and testing
them by their performances. There will follow a detailed examination of
current political and economic problems and conditions--considered in
relation both to the American democratic tradition and to the proposed
revision thereof. In view of the increasing ferment of American
political and economic thought, no apology is necessary for submitting
our traditional ideas and practices to an examination from an
untraditional point of view. I need scarcely add that the untraditional
point of view will contain little or no original matter. The only
novelty such an inquiry can claim is the novelty of applying ideas, long
familiar to foreign political thinkers, to the subject-matter of
American life. When applied to American life, this group of ideas
assumes a somewhat new complexion and significance; and the promise of
such a small amount of novelty will, I trust, tempt even a disapproving
reader to follow somewhat farther the course of the argument.




CHAPTER II