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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter X. The real significance of the new industrial revolution, and the conditions of future progress

Collection:: Economics Books

226 INDUSTRIAL REVOLUTION AND WAGES may be said, however, with some force, that altho these ele- ments may account for the long-time growth of industry, they do not entirely explain the recent rapid increase in out- put per worker. It is, nevertheless, true that these natural features are basic elements in this increase; they have pro- vided a convenient source not only of raw materials to which machinery has been applied with fruitful results, but as well of the raw materials out of which the machines themselves have been made and the fuel with which to run them. In other words, our vast natural resources have been the basis of our abundant supply of capital in the form of productive equipment, which in turn has aided in bringing about the rapid mechanization of industry. At the same time other physical and political features—large population, the diver- sity of regional demands, and the absence of inter-regional trade restrictions, such as tariffs—have furnished a domestic market exceeding in magnitude and diversification that of any other industrial nation. The magnitude of the market, the abundance of capital, and the education of American con- sumers by persistent advertising to accept standardized articles have encouraged the development of mass produc- tion, which in turn has permitted a reduction in unit costs. The growth of large corporations, the resort to mass pro- duction, and the movement toward integration of industrial operations in process in this country during recent years are too familiar to require evidence. . . . Large-scale production is especially economical where large quantities of the same products can be produced. The mag- nitude of our domestic market and the willing acceptance of standardized articles make feasible such repetitive processes. Large-scale production is dependent upon the machine process, and the increasing use of machinery and power and labor-saving devices has accompanied the growth in size of productive units. . . . Power has been substituted for labor not only through ma- chines of production but also in the form of automatic con- veying and loading devices. In this connection contributions

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