In much the same measure and with much the same limitations as the modern democratic nations have departed from the feudal system of civil relations and from the peculiar range of conceptions which characterize that system, they have also come in for a new or revised conception of peace. Instead of its being valued chiefly as a space of time in which to prepare for war, offensive or defensive, among these democratic and provisionally pacific nations it has come to stand in the common estimation as the normal and stable manner of life, good and commendable in its own right. In this chapter, Veblen discusses the relationship between peace and the price system.
