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aggregate basis business capital business community business enterprise business interests business men business traffic cerns character circumstances coalition collateral common stock commonly competitive corporation corporation finance cost course credit extension creditors cultural debentures degree depression differential advantage discipline discrepancy duction earning-capacity earnings economic efficiency endeavor exigencies fact factor gain given good-will ground habits of thought hand increase indus industrial business industrial equipment industrial process industrial system intangible assets investment involved lative less loans machine industry machine process machine technology material matter means mechanical mechanical efficiency ment methods modern business modern industrial money values monopoly natural liberty natural rights natural-rights ness nomic outcome output owners ownership pecuniary period preferred stock production profits prosperity question rate of profits regime relations securities situation socialistic speculative standardization theory tion trade trade-union transactions warlike wealth workmen
Page 39 - Serviceability, industrial advisability, is not the decisive point. The decisive point is business expediency and business pressure. In the normal course of business touching this matter of industrial consolidation, therefore, the captain of industry works against, as well as for, a new and more efficient organization. He inhibits as well as furthers the higher organization of industry.
Page 48 - hindrance that characterizes the competitive management of industry. To the community at large the work of pecuniary management, it appears, is less serviceable the more there is of it. The heroic role of the captain of industry is that of a deliverer from an excess of business
Page 65 - compensates for any wastes involved in its working. There seems, therefore, to be no tenable ground for thinking .that the working of the modern business system involves a curtailment of the community's livelihood. It makes up for its wastefulness by the added strain which it throws upon those
Page 27 - [The adjustments of industry take place through the mediation of pecuniary transactions, and these transactions take place at the hands of the business men and are carried on by them for business ends, not for industrial ends in the narrower meaning of the phrase.]] The economic welfare of the community at large is best served by a
Page 8 - an unremitting requirement of quantitative precision, accuracy in point of time and sequence, in the proper inclusion and exclusion of forces affecting the outcome, in the magnitude of the various physical characteristics (weight, size, density, hardness, tensile strength, elasticity, temperature, chemical reaction, actinic sensitiveness,
Page 67 - terms of quantitative precision, and inculcates a habit of apprehending and explaining facts in terms of material cause and effect. It involves a valuation of facts, things, relations, and even personal capacity, in terms of force. Its metaphysics is materialism and its
Page 8 - reduction to staple grades and staple character in the materials handled, and to a thorough standardizing of tools and units of measurement. Standard physical measurements are of the essence of the machine's regime. 2 The modern industrial communities show an unprecedented uniformity and precise equivalence in legally adopted weights and measures. Some1 Cf. Sombart,
Page 234 - readjustment, — and the discrepancy between capitalization and earning-capacity is therefore chronic so long as no extraneous circumstances come in temporarily to set aside the trend of business affairs in this respect. It may, therefore, be said, on the basis of this view, that chronic depression, more or less pronounced, is normal to business under the fully developed regime of the machine industry^
Page 84 - mainly to the extensive prevalence of credit relations; and the full development of credit relations in business is apparently a matter of the future rather than of the recent past, in spite of the great improvements that have been made in the use of credit. The
Page 271 - was gradually losing force. The movement of opinion on natural-rights ground converged to an insistence on the system of natural liberty, so called. But this insistence on natural liberty did not contemplate the abrogation of all conventional prescription. " The simple and obvious system of natural liberty