WHERE AND WHY

PUBLIC OWNERSHIP HAS FAILED

THE MACMILLAN COMPANY

NEW YORK • BOSTON CHICAGO
DALLAS ATLANTA • SAN FRANCISCO

MACMILLAN & CO., LIMITED
LONDON • BOMBAY CALCUTTA
MELBOURNE

THE MACMILLAN CO. OF CANADA, LTD.
TORONTO

EDITOR-IN-CHIEF OF THE JOURNAL DES ECONOMISTES, PRESIDENT OF THE SOCIÉTÉ
D'ECONOMIE POLITIQUE OF PARIS, MEMBER OF THE AMERICAN ACADEMY OF POLITICAL
AND SOCIAL SCIENCE, HON. MEMBER OF THE ROYAL STATISTICAL SOCIETY AND
THE COBDEN CLUB OF GREAT BRITAIN, FORMER VICE-PRESIDENT OF THE
MUNICIPAL COUNCIL OF PARIS, DEPUTY TO THE FRENCH PARLIA-

MENT AND MINISTER OF PUBLIC WORKS, ETC., ETC.

TRANSLATED FROM THE FRENCH BY

H. F. BAKER

CALIFORNIA

New York

THE MACMILLAN COMPANY

All rights reserved