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the thousand； as nearly as the businesslike management of the
other magazines and newspapers can achieve the same result。 These
are familiar instances of business as usual under the new order
of industry。 They are neither extreme nor extraordinary。 Indeed
the whole business community is run through with enterprise of
this kind so thoroughly that this may fairly be said to be the
warp of the fabric。 In effect； of course； it is an enterprise in
subreption； but in point of moral sentiment and conscious motive
it is nothing of the kind。
All these intricate arrangements for doing those things that
we ought not to have done and leaving undone those things that we
ought to have done are by no means maliciously intended。 They are
only the ways and means of diverting a sufficient share of the
annual product to the benefit of the legitimate beneficiaries；
the kept classes。 But this apparatus and procedure for capturing
and dividing this share of the community's annual dividend is
costly one is tempted to say unduly costly。 It foots up to；
perhaps； something like one…half of the work done； and it is
occupied with taking over something like one…half of the output
produced by the remaining one…half of the year's work。 And yet；
as a business proposition it seems sound enough； inasmuch as the
income which it brings to the beneficiaries will presumably foot
up to something like one…half of the country's annual production。
There is nothing gained by finding fault with any of this
businesslike enterprise that is bent on getting something for
nothing； at any cost。 After all； it is safe and sane business；
sound and legitimate； and carried on blamelessly within the rules
of the game； One may also dutifully believe that there is really
no harm done； or at least that it might have been worse。 It is
reassuring to note that at least hitherto the burden of this
overhead charge of 50 percent plus has not broken the back of the
industrial community。 It also serves to bring under a strong
light the fact that the state of the industrial arts as it runs
under the new order is highly productive； inordinately
productive。 And； finally； there should be some gain of serenity
in realising how singularly consistent has been the run of
economic law through the ages； and recalling； once more the
reflection which John Stuart Mill arrived at some half…a…century
ago； that； 〃Hitherto it is questionable if all the mechanical
inventions yet made have lightened the day's toil of any human
being。〃
Chapter 5
The Vested Interests
There are certain saving clauses in common use among persons
who speak for that well…known order of pecuniary rights and
obligations which the modern point of view assumes as 〃the
natural state of man。〃 Among them are these： 〃Given the state of
the industrial arts〃； 〃Other things remaining the same〃； 〃In the
long run〃； 〃In the absence of disturbing causes；〃 It has been the
praiseworthy endeavor of the votaries of this established law and
custom to hold fast the good old plan on a strategic line of
interpretation resting on these provisos。 There have been
painstaking elucidations of what is fundamental and intrinsic in
the way of human institutions； of what essentially ought to be；
and of what must eventually come to pass in the natural course of
time and change as it is believed to run along under the guidance
of those indefeasible principles that make up the modern point of
view。 And the disquieting incursions of the New Order have been
disallowed as not being of the essence of Nature's contract with
mankind； within the constituent principles of the modern point of
view stabilised in the eighteenth century。
Now； as has already been remarked in an earlier passage； the
state of the industrial arts has at no time continued unchanged
during the modern era； consequently other things have never
remained the same； and in the long run the outcome has always
been shaped by the disturbing causes。 All this reflects no
discredit on the economists and publicists who so have sketched
out the natural run of the present and future in the dry light of
the eighteenth…century principles； since their reservations have
not been observed。 The arguments have been as good as the
premises on which they proceed； and the premises have once been
good enough to command unquestioning assent； although that is now
some time ago。 The fault appears to lie in the unexampled shifty
behavior of the latter…day facts。 Yet however shifty； these
facts； too； are as stubborn as others of their kind。
The system of free competition； self…help； equal opportunity
and free bargaining which is contemplated by the modern point of
view； assumes an industrial situation in which the work and
trading of any given individual or group can go on freely by
itself； without materially helping or hindering the equally
untrammeled working of the rest。 It has； of course； always been
recognised that the country's industry makes up something of a
connected system； so that there would necessarily be some degree
of mutual adjustment and accommodation among the many
self…sufficient working units which together make up the
industrial community； but these working units have been conceived
to be so nearly independent of one another that the slight
measure of running adjustment needed could be sufficiently taken
care of by free competition in the market。 This assumption has；
of course； never been altogether sound at any stage in the
industrial advance； but it has at least been within speaking
distance of facts so late as the eighteenth century。 It was a
possible method of keeping the balance in the industrial system
before the coming of the machine industry。 Quite evidently it
commended itself to the enlightened common sense of that time as
a sufficiently workable ideal。 So much so that it then appeared
to be the most practical solution of the industrial and social
difficulties which beset that generation。 It is fairly to be
presumed that the plan would still be workable in some fashion
today if the conditions which then prevailed had continued
unchanged through the intervening one hundred and fifty years； if
other things had remained the same。 All that was； in effect；
before the coming of the machine technology and the later growth
of population。
But as it runs today； according to the new industrial order
set afoot by the machine technology； the carrying…on of the
community's industry is not well taken care of by the loose
corrective control which is exercised by a competitive market。
That method is too slow； at the best； and too disjointed。 The
industrial system is now a wide…reaching organisation of
mechanical processes which work together on a comprehensive
interlocking plan of give and take； in which no one section；
group； or individual unit is free to work out its own industrial
salvation except in active copartnership with the rest； and the
whole of which runs on as a moving equilibrium of forces in
action。 This system of interlocking processes and mutual