The new industrial revolution and wages

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Monograph

Identifikator:: 1804651486

URN:: urn:nbn:de:zbw-retromon-193069

Document type:: Monograph

Author:: Lauck, William Jett http://d-nb.info/gnd/173237126

Title:: The new industrial revolution and wages

Place of publication:: New York

Publisher:: Funk & Wagnalls

Year of publication:: 1929

Scope:: ix, 308 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I. Introduction

Collection:: Economics Books

2 INDUSTRIAL REVOLUTION AND WAGES in the cost of living. In general terms, therefore, it may be said that the war period practically constituted an inter- regnum in the development of principles and standards of wage determination. The only exception to this situation was the special emphasis placed on the so-called “living- wage” principle by the National War Labor Board. It was required to do this by the Presidential Proclamation cre- ating the Board, in which the recognition of the living-wage standard was made mandatory upon its deliberations. After the Armistice the pre-war wage agitation was renewed with unprecedented vigor. The ardor for the recognition of advanced wage principles and theories was also further intensified by certain programs for industrial democracy which were an outgrowth of the wartime move- ment for a wider expansion of democracy. Altho ad- vanced conceptions were advocated, and in many cases sanctioned, there were no radical changes in theory or practise actually developed until after the industrial and financial breakdown of 1920-1921, and the resultant period of depression. It was the effort to revive the prostrated industry and trade of the country that finally led to the new economic régime through which the country has been passing since the year 1923. Up to the beginning of that year, a policy of wage deflation and general reduction in costs had been adopted in the attempt to revivify trade and industry and place the country again on a prosperous basis. This pro- cedure was unsuccessful. It was then supplanted by a radical change in constructive attitude. A new industrial revolution was inaugurated in the United States which finally became the marvel of the civilized world. In its significance it has outrivalled the eighteenth century indus- trial revolution in Great Britain, when steam power was first applied to new mechanical inventions, the factory

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