$1V 
CONTENTS 
would increase, and that special encouragements were needless and costly. 
By his analysis of the process of Exchange and of the benefit of Trade, he 
revolutionised current maxims of trade in a way that commended itself 
both to Whigs and Tories. . ” ” . 3 . . . 593 
241, Tory Sentiments. Tory politicians treated Land as the main 
factor in economic prosperity, and desired to relieve its burdens; they were 
not jealous of the Crown, or of the economic prosperity of the colonies, 
30 long as political control was maintained. The Tories desired to dis- 
tribute the burden of taxation, and were not concerned to promote 
manufactures. The results of applying Whig principles had been immense, 
but the country had outgrown them, and Pitt was well advised in discarding 
them and reverting to Tory traditions, as to the benefit of trade, in his 
commercial policy, and as to the desirability of distributing the burden 
of taxation 80 as to reach the owners of personal property; though during 
the Wars he was also forced to borrow largely, and in a costly fashion. 
The Tory jealousy of the moneyed interest became associated with humani. 
tarian agitation in regard to the slave trade and to the conditions of 
iabour. . 697 
VII. LAISSEZ FAIRE. 
I. Tur WORKSHOP OF THE WORLD, 
2492. The Industrial Bevolution in England. The Industrial Revo- 
lution, which began in England, entails a complete alteration of sccial 
conditions, wherever it spreads. Mechanical inventions were not a practical 
success, till the eighteenth century afforded the requisite opportunities for 
enterprise. The well-ordered trade of the seventeenth century had been 
incompatible with the pushing of business, and the old regulations were 
proving mischievous; in the nineteenth century, though the working classes 
agitated for the enforcement of existing legislation, Parliament was ready to 
abandon it. The seventy years of Industrial Revolution changed the whole 
face of the country. . . . “ # 5 ‘ . # 609 
243. Machinery in the Textile Trades. Neither the introduction of 
new processes, nor of new implements, had such marked results as the 
substitution of machinery for hand labour. . . . . . 613 
244, Increasing Influence of Capital. The introduction of machines 
was a phase in the progress of Capitalism, and led to increased division of 
processes, and to the shifting of labour, as well as to the migration of industry 
to localities where power was available. ~ . . . . 614 
245. Factories and Cottage Industries. The concentration of labour 
involved the decay of cottage employment, and increased the differentiation 
of town and country, so that the weaver ceased to have subsidiary sources of 
income, while his earnings were more liable to fluctuate. There was rapid 
material progress, and this involved a loss of stability. . 2 2 616 
246. The Rise of an Employing Class. Machinery gave opportunity 
for the rise of capitalist employers, some of whom were drawn from 
mercantile business, while others had come from the ranks of the yeoman