INTRODUCTION 
Under ideal conditions, civilization would move gradually 
but steadily forward. Scientists would extend their realm 
each day by some new addition to a vast store of knowledge, 
artists would add to the technique and skill of their pred- 
ecessors, and business would progress by extended and 
comfortable changes. 
A study of economic history over a long period will show 
that no such regularity has actually existed in commerce 
and industry. On the contrary, progress has been made in 
intermittent bursts of speed, interspersed with periods of 
stagnation and sometimes of retrogression. Occasionally, a 
combination of fortunate circumstances has brought about 
profound and beneficial changes in the world’s business 
structure. Thus the invention of new machines and a 
realization of the economies to be effected by mass production 
were followed by an industrial revolution that has changed, 
and is still changing, the entire structure of society. 
So many benefits to humanity have grown out of the 
increased use of machinery and the concentration of industry 
in profitable locations that we may place both in the front 
rank of human achievements. The standard of living has 
been raised beyond the wildest dreams of fifty years ago and 
there has been an increasing participation of all classes of 
people in the material comforts of life. Nevertheless, the 
mechanization of industry has had bitter opponents. Per- 
sons whose trades were affected adversely and persons who 
feared the results of so far-reaching a change fought together 
against the use of machinery. In the early period of the 
industrial revolution, many were unable or unwilling to 
adapt themselves to the new conditions and in consequence 
suffered severe economic losses and in some cases were 
reduced to the extremities. 
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