CHAPTER X 
THE REAL SIGNIFICANCE OF THE NEW INDUS- 
TRIAL REVOLUTION, AND THE CON- 
DITIONS OF FUTURE PROGRESS 
It is not possible to weigh soundly the new theories and 
principles of wage determination, the evolution of which 
since the war has now been outlined, without understand- 
ing the deeper industrial movements which have been at 
work during this period. When these have been brought 
to the surface and examined, some definite appraisement 
may be made of the present situation and of the underly- 
ing tendencies for the future. 
The changes which have occurred have been so sudden, 
in point of time, and are so radically different from past 
industrial methods and policies of procedure, that we seem 
to be in the beginnings of a revolution of epoch-marking 
significance, the ultimate aspects of which it seems exceed- 
ingly difficult at first blush to estimate at this early stage of 
its development. When we have divested ourselves, how- 
ever, of old standards of measurements, and have discarded 
pre-war assumptions and conceptions, our present indus- 
trial situation and the points to which we are advancing 
become more clearly apparent. 
CAUSES OF INCREASED INDUSTRIAL EFFICIENCY 
The astounding gains in the productive efficiency of 
American industry since the war have already been set 
forth. The radical change in the constructive thought of 
business and industry, after the crisis oft 1920-1921, has 
1 See Chapter VIII, pp. 191-197.