The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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ANALOGY WITH THE ELIZABETHAN AGE 875 which had been traditionally maintained outside municipal boundaries, asserted itself in the seventeenth century. In recent years there have been similar changes; the com- petition of comparatively small capitalists with one another can no longer bérassumed ; immense strides have been made in the way of organising business management, so as to control the whole process of production in some great depart- ment of industry. The growth of trusts in America, which are profoundly affecting English industry, both by their example and by the competition they carry on, is in many ways alien to English commercial tradition. The sentiment in favour of publicity in transactions, and the competition of buyers and sellers in a market, has never obtained such a hold in America as it had in English life. The mediaeval dislike of forestalling and regrating—of private bargaining outside the market—never seems to have crossed the Atlantic; and there has in consequence been greater oppor- tunity for organising systems of control, which embrace the production of the material for some manufacture and the distribution of the product by retailing agents. It is not possible for all the buyers and sellers, who are practically interested in transactions in some class of goods, to meet on the same spot; the old methods of securing publicity are in- applicable ; “common estimation” can no longer be discerned from the higgling of the market. The facilities for transport which have are so great, that buyers of the produce of Virginia or ow California are to be found all over the globe. The postal ae oh service and the electric telegraph bring buyers and sellers system. from distant regions into communication; while they help to diffuse information publicly through the newspapers, they have a still greater effect in giving extraordinary facilities for private communication. Since the seventeenth century, when business became a matter of private enterprise, it has tended more and more to take a speculative character. Reliable private information and judicious forecasts of probable changes are the chief elements in planning and carrying through a successful deal. The methods, which are appropriate for transactions involving considerations of world-wide supply and demand, are completely different from those which were

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