This quote is a commentary on the nature of ambition and competition. "But see how oft ambition’s aims are cross’d, and chiefs contend ’til all the prize is lost!" essentially means that often, in the pursuit of personal goals or ambitions, individuals may face obstacles and challenges that can prevent them from achieving what they initially set out to. The second part of the quote, "and chiefs contend ’til all the prize is lost!" refers to the destructive nature of competition, particularly when leaders or those in power fight amongst themselves, and in the process, lose sight of the very thing they were fighting for.

This idea can be applied to today’s world in many ways. In politics, for example, leaders often engage in power struggles and conflicts, and in the process, they may lose sight of the needs and welfare of the people they are supposed to serve. This can result in a loss of public trust and confidence, which is arguably the ‘prize’ these leaders initially sought.

In terms of personal development, this quote serves as a reminder that ambition and competition, while they can drive us to strive for success, should not blind us to the things that truly matter. It suggests that we should always keep our goals and the reasons behind them in perspective, and not let our desire for success lead us to destructive behaviors or decisions. It also reminds us that the process of achieving our goals is just as important as the end result, and that we should not sacrifice our values, relationships, or well-being in the pursuit of ambition.