ABSTRACT
Since the World War three systems of political economy have come to the front, the Communism of Russia, the Fascism of Italy and Germany, the Banker Capitalism of the United States. They may be compared from three standpoints: economic theory, social philosophy, and world history. The economic theories are demand and supply, cost of production, marginal productivity, satisfaction of wants. The social philosophies are human nature and the ultimate goal towards which they aim. The world history is the actual changes from the world war of the French Revolution, which lasted twenty-five years, to the world war of forty revolutions in the midst of which we now are. These three points of view are inseparable, and it is the attempt to combine them that is coming to be known as Institutional Economics.
