After 1930, political theorists had begun to realize that every democracy-being a government of public opinion-is largely in the hands of those who make public opinion-that is to say, the newspaper-owners. In every country the big business men, the great financiers, were being compelled to purchase the influential newspapers and had little by little succeeded in doing so. They had been very clever in respecting the the external forms of democracy. The people continued to elect their deputies, who continued to to go through the forms of choosing ministers and presidents; but the ministers, presidents, and deputies could hold on to their positions only so long as they did what the Masters of Public Opinion told them to do; and, being well aware of this fact, they were duly submissive.