terest (including investors); and (c) the industrial workmen.
Doubtless it would be easier to overstate than to indicate with any nice
precision what has been the nature, and especially the degree, of this
alienation of sentiment and divergence of conscious interest among these
several elements. It is not that there has at any point been a
perceptible faltering in respect of loyalty to the crown as such. But
since the crown belongs, by origin, tradition, interest and spiritual
identity, in the camp of the Agrarians, the situation has been such as
would inevitably take on a character of disaffection toward the dynastic
establishment, in the conceivable absence of that strong surviving
sentiment of dynastic loyalty that still animates all classes and
conditions of men in the Fatherland. It would accordingly, again, be an
overstatement to say that the crown has been standing precariously at
the apex of a political triangle, the other two corners of which are
occupied by these two divided and potentially recalcitrant elements of
the body politic, held apart by class antipathy and divergent pecuniary
interest, and held in check by divided counsels; but something after
that fashion is what would have resulted under similar conditions of
strain in any community where the modern spirit of insubordination has
taken effect in any large measure.

Both of these elements of incipient disturbance in the dynastic economy,
the modern commercial and working classes, are creatures of the new era;
and they are systematically out of line with the received dynastic
tradition of fealty, both in respect of their pecuniary interests and in
respect of that discipline of experience to which their workday
employment subjects them. They are substantially the same two classes or
groupings that came forward in the modernisation of the British
community, with a gradual segregation of interest and a consequent
induced solidarity of class sentiment and class animosities. But with
the difference that in the British case the movement of changing
circumstances was slow enough to allow a fair degree of habituation to
the altered economic conditions; whereas in the German case the move
into modern economic conditions has been made so precipitately as to
have carried the mediaeval frame of mind over virtually intact into this
era of large business and machine industry. In the Fatherland the
commercial and industrial classes have been called on to play their p