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action。 This system of interlocking processes and mutually
dependent working units is a more or less delicately balanced
affair。 Evidently the system has to be taken as a whole； and
evidently it will work at its full productive capacity only on
condition that the coordination of its interlocking processes be
maintained at a faultless equilibrium； and only when its
constituent working units are allowed to run full and smooth。 But
a moderate derangement will not put it out of commission。 It will
work at a lower efficiency； and continue running； in spite of a
very considerable amount of dislocation； as is habitually the
case today。
At the same time any reasonably good working efficiency of
the industrial system is conditioned on a reasonably good
coordination of these working forces； such as will allow each and
several of the working units to carry on at the fullest working
capacity that will comport with the unhampered working of the
system as a balanced whole。 But evidently； too； any dislocation；
derangement or retardation of the work at any critical point
which comes near saying at any point in this balanced system
of work will cause a disproportionately large derangement of the
whole。 The working units of the industrial system are no longer
independent of one another under the new order。
It is； perhaps； necessary to add that the industrial system
has not yet reached anything like the last degree of development
along this line； it is at least not yet a perfected automatic
mechanism。 But it should also be added that with each successive
advance into the new order of industry created by the machine
technology； and at a continually accelerated rate of advance； the
processes of industry are being more thoroughly standardised； the
working units of the system as a whole demand a more undeviating
maintenance of its moving equilibrium； a more exacting mechanical
correlation of industrial operations and equipment。 And it seems
reasonable to expect that things are due to move forward along
this line still farther in the calculable future； rather than the
reverse。
This state of things would reasonably suggest that the
control of the industrial system had best be entrusted to men
skilled in these matters of technology。 The industrial system
does its work in terms of mechanical efficiency； not in terms of
price。 It should accordingly seem reasonable to expect that its
control would be entrusted to men experienced in the ways and
means of technology； men who are in the habit of thinking about
these matters in such terms as are intelligible to the engineers。
The material welfare of the community is bound up with the due
working of this industrial system； which depends on the expert
knowledge； insight； and disinterested judgment with which it is
administered。 It should accordingly have seemed expedient to
entrust its administration to the industrial engineers； rather
than to the captains of finance。 The former have to do with
productive efficiency； the latter with the higgling of the
market。
However； by historical necessity the discretionary control in
all that concerns this highly technological system of industry
has come to vest in those persons who are highly skilled in the
higgling of the market； the masters of financial intrigue。 And so
great is the stability of that system of law and custom by grace
of which these persons claim this power； that any disallowance of
their plenary control over the material fortunes of the community
is scarcely within reason。 All the while the progressive shifting
of ground in the direction of a more thoroughly mechanistic
organisation of industry goes on and works out into a more and
more searching standardisation of works and methods and a more
exacting correlation of industries； in an ever increasingly large
and increasingly sensitive industrial system。 All the while the
whole of it grows less and less manageable by business methods；
and with every successive move the control exercised by the
business men in charge grows wider； more arbitrary； and more
incompatible with the common good。
Business affairs； in the narrow sense of the expression； have
in time necessarily come in for an increasing share of the
attention of those who exercise the control。 The businesslike
manager's attention is continually more taken up with 〃the
financial end〃 of the concern's interests； so that by enforced
neglect he is necessarily leaving more of the details of shop
management and supervision of the works to subordinates； largely
to subordinates who are presumed to have some knowledge of
technological matters and no immediate interest in the run of the
market。 They are in fact persons who are presumed to have this
knowledge by the business men who have none of it。 But the larger
and final discretion； which affects the working of the industrial
system as a whole； or the orderly management of any considerable
group of industries within the general system；… all that is still
under the immediate control of the businesslike managers； each of
whom works for his own concern's gain without much afterthought。
The final discretion still rests with the businesslike
directorate of each concern the owner or the board even in
all questions of physical organisation and technical management；
although this businesslike control of the details of production
necessarily comes to little else than acceptance； rejection； or
revision of measures proposed by the men immediately in charge of
the works； together with a constant check on the rate and volume
of output； with a view to the market。
In very great part the directorate's control of the industry
has practically taken the shape of a veto on such measures of
production as are not approved by the directorate for
businesslike reasons； that is to say for purposes of private
gain。 Business is a pursuit of profits； and profits are to be had
from profitable sales； and profitable sales can be made only if
prices are maintained at a profitable level； and prices can be
maintained only if the volume of marketable output is kept within
reasonable limits； so that the paramount consideration in such
business as has to do with the staple industries is a reasonable
limitation of the output。 〃Reasonable〃 means 〃what the traffic
will bear〃； that is to say； 〃what will yield the largest net
return。〃
Hence in the larger mechanical industries； which set the pace
for the rest and which are organised on a standardised and more
or less automatic plan； the current oversight of production by
their businesslike directorate does not effectually extend much
beyond the regulation of the output with a view to what the
traffic will bear； and in this connection there is very little
that the business men in charge can do except to keep the output
short of productive capacity by so much as the state of the
market seems to require； it does not lie within their competence
to increase the output beyond that point； or to increase the
productive capacity of their works； except by