World Order -- An Address given at Chatham House in February 1939

"Marxism, with its byproducts Fascism and Nazism, is at last leading the world to realise that the democratic commonwealth is the Sermon on the Mount translated into political terms. . . . If the democracies collaborated they could, having regard to their economic facilities, create conditions whereby they could invite these other countries to come in and enjoy the full economic advantages, provided they were willing to observe recognised labour standards and to give up using the instrument of war. There was never more than 13 per cent. of any commodity entering the international pool which affected the price level, yet this 13 per cent. had been the vexed factor in disturbing world stability. If this comparatively small percentage of the total world production at present floating about the world could be stabilised, then the fear of intermittent depression would be conquered. It should be remembered that labour represented 75 per cent. of the total cost of any commodity, and if labour as an international force could be stabilised, a foundation could be formed upon which might be built a new political Order."