ABSTRACT
The essence of the new economic situation lay in the separation of the distributive from the productive function. The business faculty which was needed to keep the larger industries in touch with a distant market had been increasingly specialized by a distinct class of traders, whilst the master craftsman had been left to confine his attention to the management of production. Each of these functions required capital for its performance,but the larger capital and the fuller opportunities of utilizing it were generally to be found on the side of those who exercised the distributive function.
