'Labour-Socialism in every form, on the other hand, is, as I have already shown, definitely English in origin. It arose, about 1840, simultaneously with the victory of the joint-stock company and the rootless "financial" form of capital. Both were the expression of Free Trade Manchesterism: this "white" Bolshevism is capitalism from below, wage-capitalism, just as speculative finance-capital in respect of its method is Socialism from above, from the stock exchange. Both grew out of the same intellectual root: thinking in money, trading in money on the pavements of the world's capitals, whether as wage-levels or profits on exchange rates makes no odds. There is no contradiction between economic Liberalism and Socialism. The Labour market is the stock exchange of the organized proletariat. The trade unions are trusts for forcing up wages on the lines followed by oil, steel, and bank trusts of the Anglo-American type, whose finance-Socialism penetrates, dominates, sucks, and controls them to the point of systematic expropriation. The devastating dispossessing effect of bundles of shares and bonds, the separation of mere "credit" from the responsible directive work of the entrepreneur, who no longer knows to whom his work actually belongs, has not received anything like adequate consideration. Productive economy is in the last resort nothing but the will-less object of stock-exchange manoeuvres. It was only the rise of the share system to domination that enabled the stock exchange (formerly a mere aid to economy) to assume the decisive control of economic life. Finance-Socialists and trust magnates like Morgan and Kreuger correspond absolutely to the mass-leaders of Labour parties and the Russian economic commissars: dealer-natures with the same parvenu tastes. From both sides, today as in the days of the Gracchi, the conservative forces of the State - army, property, peasant, and manager - are being attacked.'