TABLE OF CONTENTS

Introduction

I The Study of Current Economic Problems .

2. Economic Problems as Aspects of Social Development

Introduction

I. The Antecedents of Modern Industrialism

A. IDEALS UNDERLYING INDUSTRIAL DEVELOPMENT

1. The Essential Characteristics of Modern Industrialism

2. Christian Teaching and Industrial Development. William

Cunningham

B. MANORIAL AND GILD ECONOMY

3. The Manor, a Self-Sufficient Economy. William J. Ashley

2

5

7

4. Wage-Work and the Handicraft System. Carl Bücher

5. Ordinances of the Gild Merchant of Southampton

6. Ordinances of the White-Tawyers

7. Preamble to the Ordinances of the Gild of the Tailors, Exeter

15

C. MEDIAEVAL COMMERCE

8. A Definition of Commerce. J. Dorsey Forrest .

16

9. The Attitude of the Mediaeval Church toward Commerce. William

J. Ashley

16

18

10. The Contribution of the Church to Commercial Development.

J. Dorsey Forrest

.

II. Italian Commerce and Industry in the Fourteenth Century.

Thomas B. Macaulay

D. MEDIAEVAL INDUSTRIAL POLICY

12. The Spirit of Solidarity in the Mediaeval Town

13. Articles of the Spurriers of London

14. Mediaeval Tricks of Trade. Berthold von Regensburg

15. The Control of Industry in the Gild Period. L. F. Salzmann

16. The Gospel of Stewardship. Thomas Aquinas

17. The Usurer's Fate. Caesarius of Heisterbach

18. Usury versus the Boycott. Innocent III .

19. The Characteristics of Mercantilist Doctrine. John Kells Ingram

20

21

24

25

27

31

32

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II. The Industrial Revolution

Introduction

A. THE ANTECEDENTS OF THE REVOLUTION

20. The Characteristics of the English People. Alfred Marshall .

21. English Industry on the Eve of the Revolution. Arnold Toynbee

22. Geographical Discovery and the Revolution. William Cunning-

ham

B. THE NATURE AND SCOPE OF THE REVOLUTION

23. Technology and the Revolution

24. The Comprehensiveness of the Revolution. J. H. Clapham

25. The Significance of the Revolution. Grant Robertson

C. LABOR AND THE REVOLUTION

26. Labor's Willing Slaves. Edwin Arnold

27. The Wage-Slaves. Allan L. Benson

D. THE NEW INDUSTRIALISM

28. The Function of Capital. J. Dorsey Forrest

29. The Factory System. Carl Bücher

30. The Machine Process. Thorstein B. Veblen

31. The New Domestic System. Herbert J. Davenport

E. THE EXTENSION OF INDUSTRIALISM

32. The Competitive Victory of Western Culture. James Bryce.

33. The Economic Conflict of Western and Primitive Culture.

Frieda S. Miller

66

34. The Export of Speculative Capital and War. Alvin S. Johnson

III. Social Control in Modern Industrialism

Introduction

74

A. THE NATURE OF PROGRESS

35. What Is Progress? James Bryce
36. Evolution or Progress? L. T. Hobhouse
37. The Criteria of Progress. James Bryce

B. THE CONTROL OF ECONOMIC ACTIVITY

38. The Agencies of Social Control. Elizabeth Hughes.

39. The Family as an Agency of Control

40. The State as an Institution of Social Control. Edwin Cannan

C. THE STATEMENT OF THE LAISSEZ-FAIRE THEORY

41. The Fundamental Law of Nature. William Blackstone .

42. A Diatribe against Human Institutions. J. J. Rousseau

43. A Plea against Governmental Restraint. Adam Smith

44. A General Condemnation of Government. William Godwin

45. The Identity of Individual and Social Good. Piercy Ravenstone

46. A Protest against Useless Restrictions. Jeremy Bentham

47. Opportunity. John J. Ingalls

D. THE INTERPRETATION OF LAISSEZ-FAIRE

48. The Philosophy of Individualism. Albert V. Dicey.

49. The Individualistic Theory of Government. John Stuart Mill

50. The Authoritative Basis of Laissez-Faire

51. The Unscientific Character of Laissez-Faire. J. E. Cairnes

E. THE PROTEST AGAINST INDIVIDUALISM

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90

91

91

93

94

95

95

96

98

103

105

52. The Tyranny of the Machine. Joseph Harding Underwood.
53. The Passing of the Frontier. Thomas B. Macaulay, James Bryce,
and Peter Finley Dunne.

54. The New Issues. William Garrott Brown .

F. THE THEORY AND PROGRAM OF SOCIAL CONTROL

107

108

109

55. The Individualistic Basis of Social Control. Thomas Hill Green.

56. Social Reform and Self-Reliance. W. Lyon Blease

57. Laissez-Faire in Practice. L. T. Hobhouse.

58. A Program of Social Reform. Woodrow Wilson

G. CONSERVATIVE FACTORS IN DEVELOPMENT OF SOCIAL CONTROL

59. Arrested Constitutional Development. Myron T. Watkins

60. The Anti-Paternalism of the Government. Missouri Supreme

Court.

H. THE BASIS OF NATIONAL EFFICIENCY

65. Individualism and American Efficiency. Arthur Shadwell
66. German Socialized Efficiency. Samuel P. Orth

68. Competition and Industrial Co-operation. Richard Whately

146

B. PECUNIARY COMPETITION

PAGE

69. Economic Activity as a Struggle for Existence. Arthur Fairbanks 148

70. Competition and Organization. Charles H. Cooley .

150

71. The Beneficence of Competition. Charles Kingsley

72. Competition and Selfishness. S. J. Chapman

73. The Ethics of Competition. J. A. Hobson

74. State Determination of the Plane of Competitive Action. Henry C.
Adams.

C. PRICE-FIXING BY AUTHORITY

152

152

152

154

75. The Statute of Laborers. Statutes of the Realm

76. Price-Fixing by Commission. Martin Luther

77. The Futility of Price-Fixing. John Witherspoon

156

158

159

D. THE FUNCTION OF MIDDLEMEN

78. A Condemnation of Forestallers. Statutes of the Realm

79. If Forestallers Had Their Deserts.

80. The Function of the Middleman.

81. Middlemen in the Produce Trade.

161

George Washington.

Hartley Withers

161

162

85. The Utility of Cotton Futures. Alfred B. Shepperson
86. Hedging on the Wheat Market.

Albert C. Stephens

87. The Ups and Downs of Securities. Francis W. Hirst

88. The Function of Exchanges. Charles A. Conant

89. The Experience of Germany with Stock Exchanges. The Hughes

Committee

F. THE CORPORATION

90. The Nature of the Business Corporation. Harrison S. Smalley

91. Corporate Distribution of Risk and Control. W. H. Lyon

92. The Management of the Corporation. Wesley C. Mitchell

93. The Ethics of Corporate Management. Henry Rogers Seager

94. The Corporation and Personal Efficiency. George W. Perkins

95. The Function of the Corporation. J. B. Canning

A. THE DELICATE MECHANISM OF INDUSTRY

96. The Spirit of Business Enterprise. Wesley C. Mitchell

97. The Interdependence of Prices. Wesley C. Mitchell

98. The Sensitive Mechanism of Credit. Harold C. Moulton

99. The "Planlessness" of Production. Wesley C. Mitchell .

195

196

199

202

206

B. THE ECONOMIC CYCLE

100. The Periodicity of Commercial Crises. J. S. Nicholson

101. The Rhythm of Business Activity. Wesley C. Mitchell

C. THE ANTECEDENTS OF CRISES

Moody's Magazine

102. The Causes of the Panic of 1893. W. Jett Lauck

103. The Irrepressible Crisis. W. H. Lough, Jr.

104. Industrial Conditions Preceding the Panic.

105. The Arrested Crisis of 1907. Edwin R. A. Seligman

D. THE COURSE OF A CRISIS

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208

210

216

218

221

223

106. The Course of the Panic of 1893.

107. The Course of the Panic of 1907.

108. The Order of Events in a Crisis.

Alexander D. Noyes

Ralph Scott Harris

Arthur T. Hadley

225

228

230

E. FINANCIAL AND INDUSTRIAL CONDITIONS DURING A CRISIS

109. A Week of Financial History. Commercial and Financial

112. The Hoarding of Currency in 1893. J. DeWitt Warner

235

113. Estimate of Money Hoarded in 1907. Moody's Magazine

114. Economies in Credit. Atlanta Clearing House.

236

236

237

115. Shipment of Currency to the Interior. Commercial and Financial

Chronicle

F. INDUSTRIAL CONDITIONS DURING A DEPRESSION

116. Panics versus Depressions. George H. Hull

117. The Extent of the Depression of 1907-8. Moody's Magazine

G. TYPICAL THEORIES OF CRISES

118. The Fruits of the Exploitation of Labor. Frank K. Foster

119. The Impossibility of Over-Production. John Stuart Mill

120. Sun-Spots and Crises. W. Stanley Jevons

121. The Neo-Jevonian Theory. Alvin S. Johnson

124. Inelasticity of Credit under the National Banking System.

Harold G. Moulton .

249

125. How a Panic Was Averted in 1914. Journal of Political Economy.

126. Provisions for Elasticity in the

251

New Currency Act. L. M.

Jacobs, Jr..

253

127. Emergency Elasticity of Credit.

128. Emergency Elasticity of Note Issue. Fred M. Taylor