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extreme laissez-faire policy once dominant in literature and thought, now finds few persons bold enough to advocate it or foolish enough to believe in it. In a very chastened form, however, the spirit that would put a reasonable limit on what the State shall be asked to do happily does survive and is powerful. It seeks a golden mean between letting the State do nothing and asking it to do everything. It is this plan of action that I shall try to outline, and it will appear that even this plan requires that the State should do very much. Under an inert government the industrial system would suffer irreparably.
The thing first to be rescued is competition—meaning that healthful ri-
