eral level of production is raised, and if, besides, the distributive
outcome laid down as a goal for the policy of wage settlement is
attained, nevertheless, there would remain a considerable measure of
inequality of wealth. For, it is to be anticipated, that in the course
of the development of our industrial organization, the amount of
invested capital relative to the number of wage earners will grow. This
means that the absolute amount of the product of industry which takes
the form of profits will increase, even if the relative share does not.
As Professor Taussig has written, "In general, the very forces which
make the total income of society high and the general rate of wages high
cause the proportion of income which forms return on capital to be
large."[155] And any continued increase in the absolute amount of the
product of industry taking the form of profits will be likely to lead to
a considerable measure of inequality of wealth; unless the amount of
accumulation and investment on the part of the wage earners is largely
increased.

So much for the question of the distribution of wealth. Is it possible
to venture any definite conclusions, at all, regarding the distribution
of opportunity? The idea of equality of opportunity is not an easy one
to define in terms of facts. It can be said that it would be realized,
in the economic sphere, if such economic conditions prevail, as gave all
individuals an approximately equal chance to follow their inclinations,
and to make whatever use of their natural abilities they desire. If that
definition is near the heart of the matter, it is evident that in a
society in which there is considerable inequality of wealth it will not
be possible to secure equality of opportunity. As Mr. Tawney has
remarked, "Talent and energy can create opportunity. But property need
only wait for it." Under almost all circumstances there is a tendency
for the distribution of opportunity to conform to the distribution of
wealth. Still it is not to be concluded that this tendency is
unconditional. If it proves possible to secure to every industrial
family (except perhaps the most incapable) such a minimum standard of
economic life, and such a degree of economic security as will bring it
about that these families are not gravely handicapped in their efforts
to utilize the existing opportunities for education and for economic
advancement, an important step towards equality of opportunity will have
bee