What is Socialism? by Dean James E. Le Rossignol (New York, Thomas Y. Crowell Company, 1921; x, 267 pp.) is the latest refutation of "scientific " or Marxian socialism. Compared with earlier books of the same sort it has the merit of being written in a vigorous and popular style, and of illustrating its argument by reference to current happenings, in a way that adds much to its interest. Intended for the average citizen with slight training in economics, it contains little that will appear new to professional economists. As a trenchant demonstration of the fallacies underlying the Marxian dogmas it should, however, serve a useful purpose.

The need of a handbook on labor terminology and labor movements, which was partly met by the bulletin on Labor Terminology published last year by the Harvard Bureau of Business Research, is now more fully filled by What's What in the Labor Movement: A Dictionary of Labor Affairs and Labor Terminology, compiled by Waldo R. Browne (New York, B. W. Huebsch, Inc., 1921 ; x, 578 pp.). Here will be found answers to most of the questions that arise in labor discussions in regard to the meaning of terms, the dates of important events and the official names and aims of important labor organizations. Considering that his is a pioneer attempt to bring all of this information within the compass of a single volume, Mr. Browne is to be congratulated on the thoroughness of his work and the usefulness of the resulting book.

It is possible to put so many facts in one book that there seems to be no space left for interpretation. In such cases the author is likely to give the impression to his readers that the facts had no significance to him. The Economics of British India (Fourth Edition) by Jadunath Sarkar, M. A. (Longmans Green and Company, London, 1920; viii, 374 pp.), is so replete with facts relative to the economic life of India that it tends to degenerate into a mere handbook. When the author does interpret his data, he neglects to give adequate justification for his conclusions. He evidently does have some convictions because he occasionally disagrees with the generally accepted opinion of the intelligentsia of India. This requires courage in this day of fervid nationalism. However, as a handbook on Indian economics it is useful, and would be much more so had it been brought up to date.

Mr. George O'Brien, who published some years ago a favorably received economic history of Ireland in the eighteenth century, now follows it with An Economic History of Ireland from the Union to the Famine (New York, Longmans, Green and Company, 1921; xii, 608 pp.). Like its predecessor it is well documented and on the

whole moderate in tone and spirit. Mr. O'Brien finds that the central problem of Irish economic life in the last century was the apparent disproportion between the population and the resources, the former increasing rapidly, the latter remaining stationary. He points out that the problem was complicated by the consolidation of the large estates and the adoption by the government of the theory that the country was overpopulated. He describes in detail the legislative aids to depopulation such as the ejectment acts, the subletting act, the poor law, the repeal of the corn laws, and the encouragement of emigration. In industry also he finds evidence of similar decay. The real cause of the failure of Irish industry he thinks was the premature exposure to the full pressure of British competition. Finally, in public finance, the gradual assimilation of taxation between the two countries was illegitimate because of the different economic conditions. In short, Dr. O'Brien's conclusion is that the food of one country may be the poison of another and that the economic policy which brought undeniable benefits to England produced the reverse effects in Ireland. Now that Ireland has become a free commonwealth, we may expect a very decided revolution in its economic policy.

Under the title Free Trade, the Tariff and Reciprocity (New York, The Macmillan Company, 1920; ix, 219 pp.) Professor F. W. Taussig has gathered together eleven papers published at intervals between 1892 and 1919, all but three of them falling within the second decade of this century. For more than a generation Professor Taussig has been known as the foremost American investigator of the tariff question, and his common-sense views on that problem are well known to every student. The present volume contains nothing new, but it may none the less be read with profit at a time like the present, when nationalist feeling runs rampant in every department of public life. In a world desperately needing to work and to trade the products of one section for those of another, it would be well if our legislators would remember Professor Taussig's sentence: "The essence of the doctrine of free trade is that prima facie international trade brings a gain and that restrictions on it presumably bring a loss. Departures from this principle, though by no means impossible of justification, need to prove their case." At a period when we are beginning seriously to consider the problems of export trade and shipping, when we are threatened with subsidies and preferential arrangements of all kinds, there is profit in recalling the sound counsel of the Harvard economist: "The field is free. But let us enter it as a free and open field, and not endeavor to make it a closed field of our own. Let us rest our

forward endeavors not upon the misfortunes or weaknesses of others, but on our inherent strength. Let us ask no favors, let us use no unfair or deceptive devices." If we care for international good will, we shall follow this advice.

If evidence were needed that science is international, it may be found in the prompt resumption of the publication of translations of standard German treatises in the Bibliothèque Internationale d'Économie Politique, edited by Alfred Bonnet. The latest volume to be added is the second and concluding volume of Wilhelm Roscher's Économie industrielle, translated by M. P. Hallier, from the eighth German edition revised and enlarged by Wilhelm Stieda (Paris, Marcel Giard, 1921; 497 pp.). As usual in this admirable series, the translator has performed his task well.

The chief additions in the new edition of Professor J. F. Johnson's well-known Money and Currency (New York, Ginn and Company, 1921; xi, 425 pp.) are a new chapter describing the principal incidents in our currency and banking history since 1905 and new statistical tables giving up-to-date information touching our money supply, the course of prices, etc. These should enhance the value of the book as a text.

Some years ago Mr. Robert Jones won his spurs by a work on The Nature and First Principle of Taxation. He has now condensed many of the conclusions of the earlier book and has added some reflections due to the experiences of the war, in a little volume entitled Taxation . . . Yesterday and Tomorrow (London, P. S. King, 1921; 147 pp.), Mr. Jones takes a rather advanced position, although he disclaims being called revolutionary. The book will serve as a convenient summary of the newer and more liberal views on justice in taxation. When Professor John R. Turner of New York University was a graduate student at Princeton he wrote, some nine years ago, in the seminar of Professor Fetter, a study of the influence of Ricardo on the early economists of the United States. This has now been printed as The Ricardian Rent Theory in Early American Economics (New York, The New York University Press, 1921; xix, 221 pp.). The author tells us that he has omitted a long criticism on the Ricardian theory of rent. The dissertation inevitably has a somewhat lopsided appearance in so far as the emphasis on this particular doctrine does not by any means present a fair picture of the writers in question. The monograph will be found valuable chiefly for the biographical and bibliographical details of the early American authors. A suggestive preface is furnished by Professor Fetter.

Only a few years ago it was still a moot question whether control of public utilities by governmental commissions should in control of security issues as well as control of rates. Today this is settled. Regulation of rates, it is now generally agreed, can made effective without a strict supervision of stock and bond But the problems involved in the control of securities have as ceived far less attention from specialists than have the probl rate-fixing. Donald C. Baldwin's monograph on Capital Con New York, a Ph. D. thesis, University of Pennsylvania (The ate Press, Menasha, Wisconsin, 1920; xxiv, 255 pp.), is ther welcome addition to the scant literature on the subject. It is ally timely since the experience of New York State will do furnish precedents for the Interstate Commerce Commission in task of regulating railway issues. The book is not a critique New York policies, for the author is content to analyze and syst the principles developed in the decisions of the two public commissions of the state. But the material is so well organ carefully interpreted, and so well indexed, that the author's c tion is a very real one. The University of Pennsylvania is to gratulated for its share in the production of this thesis.

Merchandising Studies of the States by Archer Wall Dougla York, The Ronald Press Company, 1920; v, 178 pp.) is a sequel to the same author's earlier book on Merchandising, i he presented the principles involved in the study of the mar the business man's point of view. It purports to analyze the possibilities of such "typical" states as Arkansas, Kansas Carolina, Wisconsin, Ohio, Texas, Colorado and California, tal account such factors as resources, past progress and the qualit people. In the sense that the book might lead the reader t study of the problems it suggests, it may be said to have value; but a business man confronted with the actual problem keting his goods in any of these states would find no practical h he might better study a good physical geography and consult t reports, sources Mr. Douglas has too little depended upon his book.

The need for the type of study outlined in Professor C. S. Commercial Research (New York, The Macmillan Company 384 pp.) could have no better illustration than the lack of ness of industry for the current depression. And for the p analyzing the nature of the commercial problem and com understanding of its significance and orientation, no better g

troduction could be had than Professor Duncan's book. He considers the character of the facts to be dealt with, the method of their collection and the processes of subjecting them to analysis and interpretation after their collection. The book is well organized and happily presented; it well repays a careful reading.

The second edition of Professor Charles J. Bullock's Selected Readings in Public Finance (Boston, Ginn and Company, 1920; x, 920 pp.) follows the general plan of its 1906 model, reprinting three-fourths of its material and adding here and there discussions that have appeared in the interim. The differences between the two editions are much less extensive and less striking than the changes in taxation in fifteen years. The almost complete neglect of the influence of the war on public finance is alone proof that the editor would have served present needs better by leaving his first edition intact and adding a wholly new volume. The present work has the merits of its predecessor but as a new venture it is entitled to scant praise.

The latest addition to the University of Chicago series of business texts is L. C. Marshall's Business Administration, (Chicago, The University of Chicago Press, 1921, xxiv, 919 pp.). In this series the attempt is made to supply materials for the teaching of business subjects by the case method, which has commended itself so generally in the schools of law. The book is designed for use in connection with a general survey course which serves as an introduction to a business school curriculum. It is not intended as a sole text, however, the expectation being that it will be accompanied by a second book which gives a simple, closely-organized outline of the field. Here is brought together an amazingly rich collection of source materials which can be used either as "supplementary readings" for illustrative purposes or as a substantial portion of the ground-work for the course. The materials are classified into sections corresponding to the chief functions which the business man is called upon to perform and each section is accompanied by illuminating and suggestive interpretations by the author and lists of problems which serve to provoke thought and discussion. To those who have no faith in an encyclopedic course of this character, this volume holds no interest, but to all those teachers who are attempting to develop general courses in business organization this book will prove to be an ever-present help in their time of trouble. It takes its place as the most important single volume in this difficult field.

The recognized merits of the case method of teaching law have led to its adoption for the presentation of other subjects. Not until recently, however, have we had case books for teaching law to non