ABSTRACT
The problem of world economics has changed greatly in the last hundred years. Modern man is constantly striving to discover something new and is becoming more and more an imaginative being in his economic activity. The economic factor tends to predominate everywhere in modern developments and the future lies with the pioneer. In spite of the disadvantages and difficulties which accompany modern inventions and modern enterprise, yet the latter would seem to constitute the only means by which the civilized races can possibly escape from the present economic confusion. "The individualistic, capitalistic, economic order is the only saviour visible," writes Dr. Hjalmar Schacht, "and capitalism is the only form of human enterprise which presupposes a strong sense of moral responsibility." Instead of tilling the soil individually as in former times, or carrying on a sound trade as a craftsman, man has developed large-scale enterprises with combined activity in immense factories, and he bases his manufacture on mechanical inventions.
