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and free bargaining as it works out in corporation finance； this
margin of net product has come to rest upon productive industry
as an overhead charge payable to anonymous outsiders who own the
corporation securities。
There need be no question of the equity of this arrangement；
as between the men at work in the industries and the
beneficiaries to whom the overhead charge is payable。 At least
there is no intention here to question the equity of it； or to
defend the arrangement against any question that may be brought。
It is also to be remarked that the whole arrangement has this
appearance of gratuitous handicap and hardship only when it is
looked at from the crude ground level of tangible performance。
When seen in the dry light of the old and honest principles of
self…help and equal opportunity； as understood by the substantial
and well…meaning citizens； it all casts no shadow of iniquity or
inexpediency。
So； without prejudice to any ulterior question which may be
harbored by one and another； the question which is here had in
mind is quite simply as to the production of this disposable
margin of net product over human cost。 And to pass muster today；
any attempted answer will be required to meet that exacting and
often inconvenient insistence on palpable fact which is of the
essence of the new order of knowledge and belief。 It is necessary
to reach an understanding of these things in terms of tangible
performance； in such terms as are germane to that new order of
knowledge and belief out of which the perplexity arises； rather
than in those terms of equitable imputation that lie at the root
of the certified economic doctrines and of corporation finance。
These relevant facts are neither particularly obscure nor
particularly elusive； only； they have had little attention in the
argument of economists and politicians。 Still less in the
speculations of the captains of finance。 The partition of incomes
has always been more easily understood by these
practically…minded persons； and it is also a more engrossing
subject of argumentation than the production of goods。 This would
be particularly true for these economists and politicians； who
are imbued with that legalistic spirit which pervades the modern
point of view and all its votaries。
But it is known to all； even to the most safely guarded
persons who do not come in contact with industry or production；
or even with the products of the staple industries； that industry
at large will always turn out something in the way of a net
margin of product over human cost； over human effort and
necessary consumption。 It holds true as far back as the records
have anything to say。 It is evidently a question of the
productivity of the industrial arts。 Men at work turn out a net
product because they know how and are interested in doing it； and
their output is limited by the industrial methods which they have
the use of。 But the output is limited in such a way that it
always exceeds the cost by more or less； barring accident。 By and
large； throughout past time the industrial arts have been gaining
in efficiency； and the ordinary margin of net product over cost
has consequently gone on widening。 This is much of the meaning of
〃an advance in the industrial arts。〃
In an earlier time； by law and custom； the net margin of
product habitually went to a master class； so…called； as the
〃earnings〃 or the due emoluments of their mastery over those
industrious classes who carried forward and gave effect to the
state of the industrial arts as known in their time。 By virtue of
their mastery and its incorporation in the institutions of the
time； they had an equitable； and effectual； vested interest in
the net product of the community's industry； and by virtue of the
same settled principles of law and custom it was for them to see
to the due consumption of any such net product above cost。 In
later times； and particularly in modern times and in the
civilised countries； those immemorial principles of privilege
equitably vested in the master class have fallen into discredit
as being not sufficiently grounded in fact； so that mastery and
servitude are disallowed and have disappeared from the range of
legitimate institutions。 The enlightened principles of self…help
and personal equality do not tolerate these things。 However； they
do tolerate free income from investments。 Indeed； the most
consistent and most reputable votaries of the modern point of
view commonly subsist on such income。
Ever since these enlightened principles of the modern point
of view were first installed in the eighteenth century as the
self…evident rule of reason in civilised life； the industrial
arts have also continued to gain in productive efficiency； at an
ever…accelerated rate of gain； so that today the industrial
methods of the machine era are highly productive； beyond any
earlier state of the industrial arts or anything that is known
outside the range of this new order of industry。 The output of
this industrial system yields a wider margin of net product over
cost than has ever been obtainable by any other or earlier known
method of work。 It consequently affords ground for an uncommonly
substantial vested interest in this disposable net margin。
But the industrial system of the new order will work at the
high rate of efficiency of which it is capable； only under
suitable conditions。 It is a comprehensive system of
interdependent working parts； organised on a large scale and with
an exacting articulation of parts； works； mills； railways；
shipping； groups and lines of industrial establishments； all
working together on a somewhat delicately balanced plan of mutual
give and take。 No one member or section of this system is a
self…sufficient industrial enterprise； even if it is true that no
one member is strictly dependent on any other one。 Indeed； no one
member or section； group or line of industrial establishments； in
this industrial universe of the new order； is a productive factor
at all； except as it fits into and duly gives and takes its share
in the work of the system as a whole。 Such exceptions to this
rule of interlocking processes as may appear on first
examination； are likely to prove exceptions in appearance only。
They are chiefly the backward trades and occupations which have
not had the benefit of the Industrial Revolution and do not
belong under the new； mechanistic order of industry； or they are
trades； occupations and works devoted to the consumption of goods
or to the maintenance of the rules governing the distribution and
consumption of wealth； as； for instance； banking； menial service；
police service and the apparatus of the law； the learned
professions and the fine arts。
It is also of the essence of this industrial system and its
technology that it necessarily involves the industrial community
as a whole； its working population and its material resources；
and the measure of its successful operation is determined by the
effectual team…work of its constituent parts。 And the industr