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

Collection:: Economics Books

228 INDUSTRIAL REVOLUTION AND WAGES much could be gained by joint effort toward an end. In a number of cases old theories regarding the beneficent influ- ence of free competition were found wanting. . . . During the war, furthermore, plant capacities were increased consid- erably, in most cases with modern equipment. As a result, complaints are still heard of the excess capacity of industry— overcapitalization in a physical sense, altho perhaps not in a financial sense, because much of the cost of installation was charged off during and immediately after the war. The cumulative effect of these factors—and of others such as the increased literacy of the population, expansion in available information, prohibition, and curtailed immigration during the war—was further delayed by the industrial depression of 1921. During this depression, however, plants were reor- ganized, excess capitalization reduced, inventories diminished, inefficient workmen discharged, and costs of operation low- ered. Thus was inaugurated the recent pronounced movement toward increasing productivity, and the cumulative force of all of the factors working toward that end became at once effective. Immigration restrictions and prohibition, which became operative about that time, may also have been factors. Abundance of investment funds at reasonable rates was also an important contributing element. This made it easy to purchase machinery, to expand plants, where necessary to substitute new and more economical equipment for obsolete or obsolescent equipment, and to experiment with new proc- esses and products. I venture the assertion that one of the most important factors in the growth of American industry, particularly in the past five years, but also in earlier periods, has been the boldness exhibited by the American business man in scrapping old equipment and methods and trying new ones, and the ease with which he has been able to obtain funds to finance these operations. . . . One of the striking features of the economic situation in this country during recent years has been the high level at

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