This is not, of course, the end of the story. Quite apart from an excess or a deficiency, or an inequitable distribution, of general purchasing power, there are unfortunately many reasons, which we must now examine, why in particular cases this happy coincidence of private and social advantage does not exist. There is nevertheless this underlying tendency at work; and where it can be made effective, the liberal solution of laissez-faire, of free
57 competition, is undoubtedly the one to adopt. For it combines complete personal freedom with maximum economic efficiency.