A serious state of economic disruption was being brought about by the slow elimination of the personal control of vested interests and the gradual transference of the whole economic structure into the hands of joint stock companies.

In this way labour became degraded into an object of speculation in the hands of unscrupulous exploiters.

The de-personalization of property ownership increased on a vast scale. Financial exchange circles began to triumph and made slow but sure progress in assuming control of the whole of national life.