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 IX. Increased consumption and prospertity accepted as an outgrowth of lower costs and higher wages

Collection:: Economics Books

208 INDUSTRIAL REVOLUTION AND WAGES their incomes so employed. The extent of investments of late years in Government, State and municipal bonds, and the bil- lions of dollars poured into foreign industries and securities, give emphasis to this fact. These people have no occasion for risking their money in industrial enterprises. The growth of partnership and cooperative arrangements between capital and labor that would result in dividing the gains from the wealth created by them between capital and labor seems to me the only just or plausible solution; if there be, in truth, any solution whatever beyond a mere compromise resulting in the improvement of present conditions but not entirely removing the evil. I have always felt, and it cannot, in my judgment, be gain- said, that labor is reaping a mere fraction of the rewards of the wealth it produces. To the extent to which those rewards are more equitably distributed will the purchasing power of the masses be increased, and with that increase will come added demands for labor brought about by increased con- sumption to meet those demands. It is the workman with a family, on a small income, through whom money circulates and consumption grows. One of the most interesting analyses and appraisals of the new order in business and industry was written by Mr. G. C. Selden in the early part of 1928, for The Magazine of Wall Street. Several interesting quotations from it may be submitted as exemplifying the attitude of the most con- servative financial groups of the country toward the theory of high wages as the foundation of permanent prosperity :* It has always, until very recently, been considered a sort of axiom of industry that the employer would—philanthropy apart—endeavor to hire at the lowest wages which would command and retain the services of the kind of men he re- quired. Low wages, it has been assumed, would, other things 1 Magazine of Wall Street, February 11, 1928.

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