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accidents acre Adam Smith agricultural American amount anarchism banks bargaining capital capitalistic causes cent child labor co-operation co-operative coal combination commodities competition consumers consumption contract corporations crease crises demand distribution duction E. H. Harriman economic economic rent effect efficiency employed employers employment England enterprise establishments evils factory system farms federal hand HENRY PARKER WILLIS important improvements income increase individual indus industrial education interest Knights of Labor land legislation luxury machine machinery manorial manufacturing ment methods modern industry monopoly movement natural resources nomic organization ownership possible practical present private property problem production profit-sharing profits progress railroads rates regional reserve banks regulation rent Rochdale saving secure social society speculation standard supply tariff taxation taxes TEST QUESTIONS theory tion trade unions transportation trust United wage system wealth wheat women worker workmen
Page 232 - The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities ; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.
Page 248 - Socialism is that contemplated system of industrial society which proposes the abolition of private property in the great material instruments of production, and the substitution therefor of collective property; and advocates the collective management of production, together with the distribution of social income by society, and private property in the larger proportion of this social income.
Page 50 - It would be difficult to find another industry where division of labor has been so ingeniously and microscopically worked out. The animal has been surveyed and laid off like a map ; and the men have been classified in over thirty specialties and twenty rates of pay, from 16 eents to 50 cents an hour.
Page 185 - Federal Reserve Board composed of the secretary of the Treasury, the comptroller of the currency, and five other members appointed by the president of the United States.
Page 155 - The fact is, that civilization requires slaves. The Greeks were quite right there. Unless there are slaves to do the ugly, horrible, uninteresting work, culture and contemplation become almost impossible. Human slavery is wrong, insecure, and demoralizing. On mechanical slavery, on the slavery of the machine, the future of the world depends.
Page 228 - The general interest requires, therefore, acceptance of the maxim : the consumption of luxuries should be deferred until all are provided with necessaries. This is a moral principle that commends itself to all civilised communities and finds indirect expression in positive law. The obstacle to its practical application is the difficulty...
Page 247 - Letting alone, in short, should be the general practice: every departure from it, unless required by some great good, is a certain evil.
Page 84 - The history of what we are in the habit of calling the 'state of trade' is an instructive lesson. We find it subject to various conditions which are periodically returning; it revolves apparently in an established cycle. First we find it in a state of quiescence, — next improvement, — growing confidence, — prosperity, — excitement,- — overtrading, — convulsion, — pressure, — stagnation, — distress, — ending again in quiescence.3 So long as this cycle continued there would be fluctuations...
Page 49 - A factory is an establishment where several workmen are collected for the purpose of obtaining greater and cheaper conveniences for labor than they could procure individually at their homes; for producing results by their combined efforts which they could not accomplish separately: and for preventing the loss occasioned by carrying articles from place to place during the several processes necessary to complete their manufacture.