ABSTRACT
There are certain saving clauses in common use among persons who speak for that well-known order of pecuniary rights and obligations which the modern point of view assumes as "the natural state of man". The system of free competition, self-help, equal opportunity and free bargaining which is contemplated by the modern point of view, assumes an industrial situation in which the work and trading of any given individual or group can go on freely by itself, without materially helping or hindering the equally un-trammeled working of the rest. 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.
