The Economist, a journal that speaks for the British millionaires, is pursuing a very instructive line in relation to the war. Representatives of advanced capital in the oldest and richest capitalist country, are shedding tears over the war and incessantly voicing a wish for peace. Those Social-Democrats who, together with the opportunists and Kautsky, think that a socialist programme consists in the propaganda of peace, will find proof of their error if they read The Economist. Their programme is not socialist, but bourgeois-pacifist. Dreams of peace, without propaganda of revolutionary action, express only a horror of war, but have nothing in common with socialism.