of this kind are impossible at a time when the existence of nations depend upon the uninterrupted course of commerce and industry, and the wheels must again as soon as possible be brought in motion. A strategy of attrition cannot be pursued when the maintenance of millions of troops requires the expenditure of milliards." Bebel held the same views. Speaking before his Hamburg electors in March, 1911, he said: "Imagine what a confusion would be brought about by a modern European war on the very first clay of mobilisation. The cessation of imports of food from abroad and the feeding of the armies called to the colours would so increase the prices of foodstuffs that a general famine would become unavoidable within a fortnight. The Empire would have to support the families of the reserve men sent to the front, and the cessation of shipping and all industry would lead to the ruin of countless business men and firms. This was the case even in 1870, and would be still more terrible in the future war." And Behel predicted that the effect of a war would be the collapse of Capitalism and the outbreak of a revolution.
We know now that things have turned out differently. The great "future" war, greater even than was expected, has now lasted for more than two years, and its end cannot be foretold. In spite of this Capitalism has not collapsed, no revolution has set in, and a strategy of attrition is being pursued with a never diminishing vigour, though the maintenance of millions of troops requires milliards upon milliards. The factor which all our previous military, political, and economic authorities failed to take account of was the very magnitude of the "future" war and the very milliards which it would require for its prosecution. This magnitude and these milliards have had for their result that in all belligerent countries practically the entire economic activity of the nation has been directed into war channels and has adapted itself to the one aim of satisfying the requirements of the military forces and the military administration of the State. Arms and war material are no longer produced by a few firms and State arsenals, but by thousands and thousands of firms which previously carried on totally different business and which but for the magnitude of the military needs of the State, backed by milliards of money raised by loans would have been ruined "within a fortnight." The same enormous extension benefiting thousands of old and new firms has taken place in the pro-
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