The nineteenth century might be called the age of Liberalism, yet its close saw the fortunes of that great movement brought to their lowest ebb. Whether at home or abroad those who represented Liberal ideas had suffered crushing defeats. But this was the least considerable of the causes for anxiety. If Liberals had been defeated, something much worse seemed about to befall Liberalism. Its faith in itself was waxing cold. It seemed to have done its work. It had the air of a creed that is becoming fossilized as an extinct form, a fossil that occupied, moreover, an awkward position between two very active and energetically moving grindstones – the upper grindstone of plutocratic imperialism, and the nether grindstone of social democracy. ‘We know all about you’, these parties seemed to say to Liberalism; ‘we have been right through you and come out on the other side. Respectable platitudes, you go maundering on about Cobden and Gladstone, and the liberty of the individual, and the rights of nationality, and government by the people. What you say is not precisely untrue, but it is unreal and uninteresting’ So far in chorus. ‘It is not up to date’, finished the Imperialist, and the Socialist bureaucrat. ‘It is not bread and butter’, finished the Social democrat. Opposed in everything else, these two parties agreed in one thing. They were to divide the future between them. Unfortunately, however, for their agreement, the division was soon seen to be no equal one.