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has turned into one of the most grotesque and mischievous falsehoods ever imagined.

In practise, therefore, democracy means that all those who are once admitted to political power are equal and that the power lies with the numerical majority of these equal units. If then the political divisions form themselves class-wise, then the most numerous class becomes the demos and is the depositary of political power. For this reason if we establish a democracy and then set the classes and the masses against each other, it is the utmost treason against democracy, because it ingrafts upon it from the start the worst vices of social discord and social greed which have disgraced the older political forms.

A plutocracy is a political form in which the real controlling force is wealth. This is the thing which seems to me to be really new and really threatening; there have been states in which there have been large plutocratic elements, but none in which wealth seemed to have such absorbing and controlling power as it threatens us. The most recent history of the civilized states of Western Europe has shown constant and rapid advance of plutocracy. The popular doctrines of the last hundred years have spread the notion that everybody ought to enjoy comfort and luxury—that luxury is a sort of right. Therefore if anybody has luxury while others have it not, this is held to prove that men have not equally shared in the fruits of civilization, and that the state in which such a condition of things exists has failed to perform its function; the next thing to do is to get hold of the state and make it perform its function of guaranteeing comfort and physical well-being to all. In the mean time, with the increasing thirst for luxury and the habit of thinking of it as within the scope of every man's rights, the temptations of dishonest gain increase, and