Professional Documents
Culture Documents
CHAPTER 6
Billing and Payment Systems
LEARNING OBJECTIVES
1. Describe the characteristics of payment systems that have been used on the
internet.
2. Describe how billing and payment techniques relate to corporate strategy.
3. Identify and describe the emerging electronic bill presentment and payment
systems.
4. Describe the advantages and disadvantages of these systems.
5. Evaluate the suitability of billing and payment methods for various ebusiness
scenarios.
6. Discuss the trends most likely to prevail in the future.
KEY TERMS
near-field communication (NFC) (p. 129)
radio frequency identification (RFID) (p. 128)
Secure Electronic Transaction (SET) protocol (p. 121)
SSL/HTTPS protocols (p. 121)
value-added network (VAN) (p. 115)
TEACHING OVERVIEW
Billing and Payment Systems is an informative chapter that links the security concept
with issues around technological integration as well as business models and strategy. It is
important to stress that electronic payment systems really are the issue upon which
ebusiness succeeds or fails. Without business and consumer confidence in secured,
trustworthy, and private payments systems, there is no web-based commerce.
At present, no one form of payment system is optimal or universal, but credit cards
continue to be prominent because they meet many important criteria for electronic
payment. Card enhancements like build in security chips are great for in-person
purchases, but do little for on-line purchases. Encryption techniques continue to be
strengthened, and financial institutions offer Verified by Visa and its MasterCard and
American Express counterparts as ways to combat on-line fraud, and to help allay
consumer fears over on-line credit card purchases.
The theft of credit card numbers is often raised as an important issue in the development
of ecommerce payment systems, and students are aware of the concerns. However, credit
card companies have made many changes that improve the usefulness of credit cards for
online payments. For example, cardholders of many credit cards have little or no liability
for fraudulent charges on their cards, and many cards offer guarantees of receiving what
was paid for.
Still, other methods of on-line payments, including Ebay’s Paypal, FSTC’s eCheck,
reloadable debit cards like Apple’s iTunes card, and mobile payment systems are
discussed in detail in the text. These methods represent alternatives to credit cards, and
really are payment system created in response to an electronic market.
The class can discuss or explore other payment types that have been tried, such as
Mondex, and others that have failed. Thinking of why these payment forms are no longer
around can give insight into what requirements need to be met for success. Some of the
billing and payment systems offered by such organizations as Canada Post’s ePost can
also be considered from a strategic and operational perspective. We always emphasize
the importance of the bank payments systems, through the internet banking facilities,
which are growing in importance. Such systems can be used as an example, using the
demos on the sites, such as those on the Royal Bank and CIBC websites.
MEDIA GUIDE
Internet Exercises
The Internet exercises and answers are also available in the Companion Website at
www.pearsoncanada.ca/trites.
1. Credit Cards
Credit cards are one of the most popular methods of payment on the internet. Visa
has implemented a credit card service that is specifically designed for use on the
internet. Go to www.visa.ca and search for Verified by VISA. Review the
features of this option that is specifically designed for internet-based purchases.
Questions:
1. How does Verified by VISA differ from other payment processes?
Customers create a password to use with their credit card number when making
an online purchase.
The merchant’s online sales-system design integrates the Visa payment procedure
so that the customer is connected directly with their Visa provider, where
payment takes place. The merchant receives confirmation of payment processing
but does not collect or view the data (some simpler systems allow the vendor to
collect this data). From a fraud or charge-back perspective, the vendor has
greater assurance that the customer who is purchasing is the authorized user of
the credit card. Online transactions are referred to as card-not-present
transactions and these, historically, have had greater fraud risk.
As credit cards have incorporated smart card (chip) technologies, the payment
procedure for face-to-face sales is evolving to be similar to the online system.
Customers now enter a numeric code into a payment device rather than manually
signing a sales slip.
4. Mobile Payments
An interesting use of new technologies arises when a business wishes to have its
employees accept payments from customers when they are in the field. Mobile
credit card processing is undergoing an update and can involve the use of
smartphones. Read more about this at www.merchantseek.com under
“Informative Articles.” A good example is “Mobile credit card processing: The
Swipe of the Future.” Note the setup requirements identified in the article.
This short article is a good summary of the organizational structures that must be
in place to begin accepting credit card payments:
1. Registration of the business
2. A merchant account or outsourced equivalent
3. Payment gateway
After these steps, the decision becomes how to capture the point-of-sale data.
Businesses have moved from paper-based systems to card readers, and now, to
the use of smartphones.
Weblinks
Speedpass
Safaricom Kenya www.speedpass.com
www.safaricom.co.ke
PayPass
Mondex www.paypass.com
www.mondex.com
Canada Post’s epost
PayPal www.epost.ca
www.paypal.com
Acxsys Corporation
Fair Isaac www.acxsys.ca
www.fico.com
SUGGESTED SOLUTIONS
IN-CHAPTER BOXES
- There should be great potential. Africa is developing quickly and it seems clear
that the M-Pesa has so far only scratched the surface. As the system develops and
is able to reach into more areas, and as the international transfers become more
known, and perhaps linked with transfer mechanizms such as Interac used in the
Western world, M-Pesa should have a bright future.
- It could be used for a variety of transfers in business and in the not for profit
world. Banks are scarce in many areas of Africa, and land transportation difficult,
Yet cash needs to be stored and moved about. For example, churches receive cash
from their people and then need to transport it to banks. This is often done by
keeping the money in safes and transported when possible. M-Pesa could be used
to transfer these funds to a central safer location.
- Also many businesses need to pay their suppliers and M-Pesa would be a good
way to do that.
- Banks could use it to transfer funds to and from more remote areas where their
services are limited.
- The potential uses of M-Pesa are almost limitless.
1. Is this new service likely to be more successful than previous attempts to develop
online payment systems?
It has a lot of potential. Visa is already backed by a number of banks and is extremely
widely used.
It isn’t really a payment service though, Rather it is a money transfer service, and so it
wouldn’t substitute for an online payment service.
It could supplement any online payments though, since it enhances the purchasing power
of the Visa credit cards.
The mobility aspect is a great feature. Being on the move, and being able to accept
money into your credit card would be very helpful, convenient and practical.
Travellers would find this service of tremendous help when travelling away from home
and running short on cash. The service would enable them to refresh their credit cards
through the internet without exposing their bank accounts to hacking. Many travelers are
reluctant to use the internet for banking when travelling, and this service would reduce
the risk. ATMs are often used by travelers, but they don’t offer much flexibility in service
for travelers.
Shoppers, students away from home, and people away from home and depending on their
credit cards would find this service useful
1. How effective do you think Verified by Visa and CVV2 are in preventing fraud?
What more can be done?"
- Yes, it would seem to be a logical step. It makes the security more rigorous. Also, it
enables more customized security with the additional passwords.
- It will not eliminate fraud, but will make it a lot more difficult for the perpetrators.
- The issue with them is that it also adds steps for the legitimate user, which adds
inconvenience. It would be good to devise a method which is not more inconvenient.
- A method that does not use passwords at all, such as biometrics might meet this
approach.
- Also, unique password developers that set passwords every minute or so can be
effective.
2. How do you think TelPay has changed since its founding in 1985?
- It would have changed along with technology. And technology has changed
radically since then.
- The last 25 years have seen the introduction of the internet, So telpay would have
moved into internet usage.
- Tech has gone from large centralized systems to client server systems and
beyond. Telpay would have had to track all those changes.
REVIEW QUESTIONS
The Review questions and answers are also available in the Companion Website at
www.pearsoncanada.ca/trites.
1. What are the main characteristics of traditional cash? Why did the ecash online
payment systems fail?
Characteristics of cash:
portability
acceptability
anonymity
instant transfer of value
Ecash was an encrypted, anonymous electronic cash payment system that used blind
signatures so that, as with physical cash payments, no record of the purchaser could be
tracked. Ecash met the last two characteristics of cash—anonymity and instant transfer of
value—but failed in portability and acceptability.
RFID stands for Radio Frequency Identification. We’ve all seen it in retail—in clothing
stores where the buzzer goes off when we leave because the tag hasn’t been removed, or
hidden in books at bookstores, or glued to DVD covers. Walmart was one of the first
vendors to demand RFID compliance from its suppliers. Now RFID is branching its way
into several payment systems. The system works by holding an RFID payment card close
to a reader, which then “reads out” the information stored on the card. The distance
necessary between the card and the reader varies. Some systems (for example, highway
toll collection systems) are designed to read out payment cards in a moving vehicle.
Other systems, like Imperial Oil’s SpeedPass key tag, require a distance of no more than
a few inches. The future of RFID payment technologies lies in its link to mobile payment
systems. As businesses are working to develop combined, secure large and micropayment
systems, mobile devices (cellphones) are the platform with the greatest promise. They
offer the closest match yet to the above four characteristics of cash.
3. The dominant payment systems on the internet are still traditional systems such as
credit cards. Explain why so many of the new and often innovative internet-based
systems have failed.
New internet-based payment systems fail for many reasons. The main reason is that none
of them ever achieved a critical mass, either in the number of merchants accepting the
system or in the number of internet surfers using the system. Often this was due to the
added expense a merchant must incur to offer the alternative systems, but another reason
was a lack of trust by the consumer. When a consumer has been making purchases safely
by credit card for years, why should she change? What benefit does she receive,
especially when credit card companies offer redeemable point systems to their customers
for continued use?
Small start-up companies that could not offer a level of trust and a sense of security
comparable to banks started many of the early payment systems on the internet. Users
were simply too afraid to entrust the systems with their money. The lack of
interoperability between systems also hurt internet payment systems. Since most online
merchants are unwilling to support a large number of online payment systems, they often
accept the “common denominator”: traditional credit cards.
Advantages:
5. What role does the Financial Services Technology Consortium (FSTC) play in
payment systems?
6. How can 900 numbers be used to process online payments? What are the
disadvantages of using such a system?
900 numbers can be used to process online payments through the use of a 900 dialler or
by prompting the user to manually call a 900 telephone number to add a charge to the
telephone bill. 900 numbers have often been abused for fraud, especially through 900
diallers that are installed without the user’s consent. It should therefore be no surprise
that 900 numbers have a very poor reputation as a means of processing online payments,
and for this reason are rarely used today.
M-payment (or mobile payment) systems use mobile devices to process payments.
Personal Digital Assistants (PDA) and mobile telephones are very attractive as payment
alternatives since most people already have one or both of these devices and carry them
most of the time. M-payments can take various forms, with the most prevalent being
mobile phones that connect to a central payment clearing system to transfer funds. M-
payment systems are still in their infancy. Which technology will become the
predominant system remains to be seen. RFID (radio frequency identification)
technology can also be considered to be an m-payment technology. With RFID, the
payment information is “read out” of an RFID device through a wireless connection. Mall
based retailers are experimenting with “push” systems that can detect the GPS presence
of a mobile phone and push money saving coupons to near vicinity clients. Although not
a payment system, it is an enticement to pull users into stores to make immediate
purchases.
8. Explain the Verified by VISA system. What are its advantages and disadvantages?
The Verified by VISA system adds an additional layer of security to online payments by
adding financial institution verification to form a three-tiered client–financial institution–
merchant exchange. Users of the system register an online password with Visa. When
making an online purchase, the system prompts them for the password and sends the
password directly to Visa, not the merchant. This additional tier makes it harder for cyber
criminals to use stolen credit card numbers and their expiry date. The system also
prevents fraudulent merchants from abusing credit card information, as every transaction
must be directly confirmed with Visa.
Advantages:
Disadvantages:
Not all online merchants use the system; the information can still be used with
merchants that do not participate in the system.
The system can only be used for online payments.
The system still does not check if the physical card is present. Knowledge of the
card number, the expiry date, and the password is enough to make a fraudulent
purchase.
The main role of public/private key cryptography or encryption is the security of internet
connections, which carry payment and transaction information. Key cryptography also
can be used as non-repudiation in the event of disputed purchases. This is necessary to
ensure the validity and finality of a transaction.
Customers of financial institutions can use their debit card to log into the website of the
institution in their banking system and examine their bank accounts, transfer funds, and
pay bills. Generally, the system works by having the customer identify the bills to be paid
over the internet. If the billing organization is a participant, the payments can be made
online, and the financial institution will forward the payment to the payee to the credit of
the individual making the payment. This system of paying bills has become extremely
popular, both directly through the hosting bank or financial institution, and through third
party payment aggregators like Canada Post’s ePost.
PROBLEMS
Problem 1
A report by a research firm found that many financial institutions still provide inadequate
internet-based B2B payment-processing capabilities to their business customers and
suppliers. At present, some businesses still use EDI to process payments and other
transactions (purchase orders, customer orders, receivables, etc.), which is a costly and
inefficient method—but one which has been entrenched in certain industries for decades.
One of the purposes of technology is to reduce costs, and payment processing is a prime
area for such cost-cutting activity. However, shifting from EDI to web-based payments is
one of the most difficult elements of automation and many businesses have been putting
it off. Many organizations made large initial investments in EDI and have since
experienced little difficulty with EDI payments. The system paid for itself years ago, so
there must be a compelling reason (cost savings, market share, customer service, etc.) to
switch.
There is much to gain from moving EDI-based payments to the internet. For the
companies adopting it for the first time, there is the chance to process payments fast
without high IT infrastructure costs. For the financial institutions, an internet-based EDI
service should increase the financial institution’s involvement in the procurement process
and inspire higher transaction volumes along with an increase in fee-based revenues.
Moreover, B2B payments can help everyone get a clearer picture of the receivables,
thereby allowing better credit decisions.
Internet-based B2B payments would be a logical next step for financial institutions that
want to support ebusiness. They already have a payment-related relationship with many
clients, but if they don’t make the investment in web technologies soon, they could lose
those clients to an internet-literate competitor. Software vendors such as HighJump, Web
Edi, and Covalentworks all offer web-based EDI solutions for business.
Questions:
a. Discuss the infrastructure changes that would be required to move EDI payment
systems to the internet.
Several changes in infrastructure are required. First, companies have to change the
existing interfaces between their internal systems and EDI to web interfaces. There are
also additional requirements for security. Since most EDI transactions were handled
through value-added networks (VANs), security was less of a concern. But with the
public internet, security measures such as firewalls, encryption, and virtual private
networks (VPNs) must be taken to ensure the integrity and confidentiality of the data.
Major issues:
b. What are the major issues of such a move? What are the advantages and
disadvantages of moving EDI to the internet?
Advantages:
lower costs
wider reach in operations
no dependency on VAN providers
Disadvantages:
XML (eXtensible Markup Language) is a web-based scripting language and file format
that defines data elements with user defined tags. A customer could agree on tag names
with its suppliers, and use XML and the internet, transfer data between systems without
an EDI requirement. Where EDI uses predefined file formats such as X12 and
UN/EDIFACT, XML does not. For this reason an EDI transmission may be shorter in
length because it is less verbose and design to be machine readable, as opposed to an
XML format where data is more user defined. Many EDI vendors propose that EDI and
XML co-exist, but some believe XML represents a newer format for B2B exchanges,
whereas EDI is more of a system for B2B exchange.
Problem 2
Launched in 2004, Edy (Euro Dollar Yen) is a prepaid rechargeable contactless smart
card in Japan, based on Sony’s wireless smart card technology. Currently, Edy only
works with yen, but major Japanese cellphone carriers (DOCOMO, Softbank) provide
their customers phones that can be used like an Edy card for purchases and for recharging
Edy accounts.
As of 2010, Edy was accepted in more than 200 000 stores, including 7-Eleven,
McDonald’s Japan, and FamilyMart.
Edy is an ecash system which is used as an add-on to credit cards. Partnerships with
restaurants, convenience stores and other merchants have strengthened Edy’s position as
an ecash payment system in Japan.
A benefit to Edy is its ability to handle both online and offline payments. Digital cash can
be stored in the phone itself, so that if a customer cannot get a wireless carrier
connection, purchases can still be made with the stored cash. In this way, Edy’s ecash
payment systems are a part of DOCOMO’s wallet phone concept.
Questions:
a. Discuss the major advantages and disadvantages of the Edy ecash system.
Advantages:
Disadvantages:
The only supported currency is the yen.
Edy is not (yet) available for global transactions with different currencies.
b. Do you think the Edy system could become competition for credit card companies?
The system can also be used for offline transactions such as purchases in a store. A
customer would simply use the ecash wallet stored on his or her mobile telephone to pay
for the purchase. No credit card is necessary to complete the purchase since the user is
effectively paying with cash. In this sense, it could compete with credit card companies,
but Japanese shoppers tend to pay cash for everyday purchases anyway, unlike their
North American counterparts.
c. What are the advantages of the online payments option for customers as well as
merchants?
Problem 3
The Bank of Montreal offers a service for ebusinesses, called Procure2Pay, that is run by
the bank’s electronic banking services division. Procure2Pay is a web-based service that
allows orders and payments to be processed online, reconciled, and integrated into a
customer’s enterprise resource planning (ERP) system.
Procure2Pay gives BMO’s clients a way to connect a catalogue of items that they
purchase from a variety of vendors to a payment system. With the system, companies are
able to eliminate paper ordering, to electronically settle payments, and to assume greater
control over the list of approved vendors. In addition, BMO promotes it as being easier to
use because companies can get correct prices on specific items using a standard interface.
The common interface offers a significant advantage over each supplier operating their
own procurement and payment system.
Before Procure2Pay was available, each customer had to use a paper-based purchasing
manual for the ordering process. When the bank introduced Procure2Pay, customers no
longer needed to worry about such piles of paper. Companies gained better control over
their vendors and were able to link Procure2Pay data directly into their finance systems.
The Procure2Pay system integrates with ERP applications such as PeopleSoft, SAP, and
Commerce One. BMO has a special unit to help customers implement the linkage.
Companies typically customize their general ledger applications, and when a company
develops an EDI file, it isn’t standardized to anything else. The challenge for BMO’s
integration unit is to send files to different leasing, finance, and banking companies,
while linking with the bank’s own payment-clearing system. In addition, the bank says
that under the new system, suppliers that have traditionally waited 30 days for payment
can now be paid for orders as soon as they are shipped.
As of 2011, BMO has extended their B2B procurement offerings with the announcement
of BMO FlexPort. This new platform enables buyers and suppliers to electronically
process purchase orders and then settle payments in the formats of their choice, while
fitting seamlessly with enterprise resource planning (ERP) systems. BMO FlexPort
combines electronic purchase and payment instructions such as order delivery,
acknowledgement and shipping notification, multiple payment methods, and advanced
reporting.
Questions:
a. What are the advantages of having a bank payment system that integrates with an
ERP system?
There is no need for double data entry into the bank payment system and into the
ERP system.
There are many challenges associated with implementing such a system. ERP systems are
very complex and it is quite difficult to interface with them. Since there are many parties
involved in such a system (banks, customers, suppliers), everyone needs to be on the
same page and compatibility must be ensured. There are also non-technical challenges.
The new system allows companies to pay for purchases as soon as they are received. This
may not be such an attractive feature after all, since many companies consider the time
between the receipt of a good and the payment as an interest-free loan. Another issue is
whether companies are willing to join the Bank of Montreal system, which is not an open
system. A supplier that deals with a different bank might not be willing to join the Bank
of Montreal system.
The Walmart supply chain is famous for its success. But that success comes with
enforcing format standards on all its suppliers. The conversion to different formats for
different customers can be costly and time consuming for suppliers, but it limits their
ability to properly service their customers. FlexPort acts as a gateway that translates file
formats, allowing both buyers and sellers to use their preferred format. The suppliers
concentrate on filling the orders rather than on how they are going to customize their data
for the buyers.
Problem 4
In 2001, First Virginia Banks Inc. (now a part of BB&T) had to notify 500 of its
customers that files containing their card numbers and expiration dates, phone numbers,
and addresses had been compromised by a hacker attack. Several other banks in the area
had to do the same thing with their customers. Riggs Bank of Washington, D.C., had to
send letters to 3000 of their customers informing them that a local online merchant’s
customer database containing their Visa debit card numbers had been hacked and
compromised.
All of the customers had made purchases from an online merchant in the Washington
area. It was not clear whether the data was taken directly from the merchant’s system or
from one of the many companies that process electronic payments between online
retailers and Visa. Visa itself took the position that it was a potential compromise of
cardholder data stored on a third party’s computer.
First Virginia said they had no way of knowing which merchant had their database
hacked. A Riggs official said the incident could have been the result of security holes at
one of several third-party companies that process Visa transactions.
Visa payments work by going through a third-party payment vendor who then submits
the purchase from the merchant to the Visa system over the internet. Between 50 and 100
companies in the United States provide payment services. Because the information goes
over the internet, there is a higher than normal potential for that information to be
accessed by someone on the internet.
Questions:
Special attention must be paid to systems that contain sensitive information, such
as credit card numbers, and are connected to the internet. Firewalls are one
example of increasing security for these systems, as is storing the data on an
encrypted server.
Connections to companies that process credit card transactions over the internet
and connections between these companies and the credit card organizations
should be secured by using VPNs via digital certificates, or secure networks other
than the internet.
b. Which party to the transactions should bear responsibility for any losses arising from
the hacker attacks?
The company that operates the compromised system should hold the responsibility for
losses arising from a hacker attack. If, as it appears in this case, the online merchant is at
fault, then he should be held responsible. It is, however, difficult to determine guilt in
many of these cases. If the communications link between the merchant and the third-party
payment vendor is compromised, it is hard to assign guilt, since the breach was basically
in the middle.
c. Do you think the Verified by VISA system can make credit card data more secure?
Problem 5
The Dexit system did not try to compete with credit cards. Instead, it was meant to
replace cash and debit cards for small purchases. The card could be recharged over the
phone or online. The service also offered an automated top-up service that automatically
transferred a certain amount from the customer’s chequing account to the Dexit account
once the Dexit balance fell below a certain level.
Customers had the option of paying $25 a year for unlimited refills or $1.50 for each
refill. To prevent fraud, each Dexit tag was limited to $100 worth of transactions per day.
If the tag got lost or stolen, it could be deactivated.
Dexit, which had partnerships with chartered banks TD Canada Trust and National Bank
of Canada, promoted itself as a “debit express” service. To expand its service, the
company forged partnerships with a number of merchants. Customers could pay with
their Dexit tags at 245 merchants in the downtown Toronto area. This included most
major fast food chains like McDonald’s, Dairy Queen, Burger King, Pizza Hut, and Taco
Bell.
In addition to its partnerships with banks, Dexit also signed partnership agreements with
Telus Mobility and Bell.
Many companies, especially gas stations, already offered their own wireless tags for
payments. Dexit is different as it is the first company that has attempted to offer its
customers the ability to pay at a wide variety of merchants with one single tag. By 2004,
225 merchants and over 25 000 customers had signed on.
Given its partnerships with banks and the leading Canadian telecommunications
providers, Dexit appeared to be in a good position to establish itself as a new force in the
competitive payments market.
In 2006, Dexit announced a restructuring, and with it came the removal of its payment
terminals from most stores and a rebranding of the company into HDX, a point-of-sale
company. Users were offered refunds for any funds still stored on their Dexit tags.
Questions:
Dexit had the potential too succeed, since it was rolled quickly to a large number of
stores in an area. This makes the system more attractive to residents of the area, and they
are more likely to embrace the system. The key to success is to quickly reach a critical
mass of users and participating merchants. This is where Dexit failed.
b. Why were the partnerships with chartered banks and telecommunications companies
so important for Dexit?
The banks were important for Dexit because they gave the company credibility with
customers. Customers were less hesitant to sign up for the service and to load up their
tags when they knew that the venture was backed by banks such as TD Canada Trust and
the National Bank of Canada. Their branch networks also helped to promote the service
and to sign up new customers. The partnerships with telecommunications companies such
as Telus Mobility and Bell were also important as they give the company access to the
extensive marketing network of these two companies. In addition, Telus and Bell could
provide the (wireless) infrastructure to reload the Dexit tag through a mobile phone.
c. If it had been successful, do you think Dexit would have replaced today’s debit
cards? Why or why not?
Dexit would not have been able to replace debit card systems such as the Interac system,
because Dexit is modelled after cash. The tag needed to be reloaded with funds every
time it is empty. To compete with debit cards, Dexit would have needed to offer an online
option that would let users access funds in their bank accounts. But Dexit is specifically
designed as a cash replacement for small payments without the need for an online
authorization or a PIN number.
The lack of a PIN did not automatically make the system unsafe. Since it was designed
to be a replacement for cash, losing a tag meant that the money loaded onto the tag was
lost. And, unlike money, a user could cancel a tag once the loss was reported to Dexit.
Funds left on the tag after it is cancelled could be recovered. The lack of a PIN did not
make the system unsafe, since the Dexit system did not access the bank accounts of its
customers.
A TUDOMÁNY KÖRÉBEN.
határai.
4. Az anyag és az erő.
Bevezető 5
I. RÉSZ.
A történelem vezérlő erői.
II. RÉSZ.
Csaták közben.
IV. RÉSZ.
A nemzetek hatalmának anyagi tényezői.
1. A kőszén korszaka 69
2. A gazdasági harcok 71
3. Harc a délibábok és a gazdasági
szükségszerűségek között 74
4. A termékenység szerepe 76
V. RÉSZ.
A nemzetek hatalmának lelki tényezői.
VII. RÉSZ.
A jövő perspektivái.
VIII. RÉSZ.
A tudomány körében.