288 INDUSTRIAL REVOLUTION AND WAGES 
reason that it is necessary to the permanent welfare of 
labor; it is vital to the best interests of the workers that 
they should squarely and practically accept the principle of 
cooperation on the basis of economic accomplishment, and 
thus permanently identify their interests with those of 
industrial progress and efficiency. Ultimately this pro- 
cedure will result in labor becoming capital and in the com- 
plete democratization of industry. 
To management and capital such a method of procedure 
is also of equal importance, because they cannot hope to 
realize the maximum of industrial efficiency without the 
wage-earners’ cooperation. It is also essential in order to 
prevent serious retardation of and losses in industry. 
Otherwise, discontent will develop together with recurrent 
losses from strikes and lockouts. Labor’s cooperation, in 
other words, is now generally recognized as essential to in- 
dustrial peace, stability and maximum efficiency. 
AN INDUSTRIAL CODE AND COOPERATION 
It would be wise industrial leadership, indeed, to extend 
also an agreed-upon arrangement for cooperation between 
management and labor, beyond the principles of wage de- 
termination, to the other guaranties and safeguards of in- 
dustrial democracy. The most important of these is the 
right of labor to organize and bargain collectively through 
representatives of its own choosing. The denial of this 
right is, in reality, the greatest cause of industrial unrest 
and dissatisfaction, and of actual industrial conflict and 
loss in the country at the present time. There can be no 
real peace and cooperation in industry until this right is 
generally guaranteed. The organized labor movement is 
fundamentally dedicated to its attainment. Agitation, 
strikes, and huge attendant losses, will continue until it 
generally prevails. Its recognition is ultimately inevitable.