ABSTRACT

The historical sketch from the time of the Norman Conquest to the Twentieth Century, indicates the three historical stages in the evolution of Anglo-American systems of Value and Valuation, the agricultural, commercial, and industrial stages. The agricultural stage proceeds out of the relation of landlord and tenant, and the transactions are those which determine the rent-bargain of the feudal system. The commercial stage proceeds out of the relations of creditor and debtor, and the transactions are those which determine the price-bargain. The industrial stage is the relation of employer and employee, and the transactions are those which determine the wage-bargain and the wage system. Out of the wage-bargain has been developing, on the authoritative side, a system of industrial government, and on the authorized side the institution of jobs or positions in industry with their liberty but non-enforcement of contracts.