First published in 1923 and delivered as the Watson Chair Lectures to various British universities in the previous year, this book examines democracy from an economic viewpoint in order to underline the similarities between the British and American systems of government through the industrial problems each face. Hadley explores how democracies in the past have addressed economic problems, the role of collective bargaining in politics and the effect of the free market on 'national character and national efficiency'. This book will be of value to anyone with an interest in the impact of economics on democratic governments.