work done to the buyer, that is to the average consumer. It is thus much more truly democratic and in favour of freedom than either of the rival systems. Under it nobody can earn a penny unless somebody else wants his work. It may be thought that the capitalist, or the manager who organizes production on the capitalist's behalf, has the final say as to what goods shall be produced, and this delusion is at the bottom of much of the talk that is heard nowadays about the tyranny of capital and of its ruthless decisions about the objects to which the labour that it hires is to be devoted. But the capitalist and the manager, unless they are continually successful in meeting a public demand for the goods that they produce or distribute, will very soon be in Queer Street. If the capitalist puts his money and the manager his organizing power into turning out or turning over goods that nobody wants, there will be no interest or profit for the former and no salary for the latter. Value under the capitalist system thus depends directly on the popular voice, and will do so more and more as wealth is better distributed, as we hope and are determined to see it. At the same time, the tastes of the minority are not neglected, because under competition a minority that is large enough to
