304 INDUSTRIAL REVOLUTION AND WAGES

tion. Within the limitations of productivity as prescribed
by the new industrial revolution, the new wage principles,
in contrast, became actual animating forces to industrial
leadership. Definite methods for their practical application,
 however, were not worked out or applied. Neither
has there been any aggressive movement in this direction
until recently. The Mitten-Mahon Agreement, especially,
and to a large degree also the “B. & O. Plan” and similar
experiments in other branches of industry, have now
afforded concrete object lessons for a general constructive
program.
Capital and management have already acepted the new
wage theories in principle. They must now join with
labor in working them out practically on the basis of the
Mitten-Mahon Agreement and other sound results of experience.
 Industry must proceed in the future upon the
concrete application of these new theories and principles;
otherwise, it cannot expect to have the cooperation of
labor, which is vitally necessary to industrial peace and
stability, or to secure the expansion in purchasing power
and consumer-demand which is essential to industrial
progress.

INDUSTRIAL COORDINATION INEVITABLE

In its more general aspects, the new industrial revolution
has been primarily a matter of technique. There has been
no general uniform industrial policy or unified action
which has been observable either in cause or in effect.
This also remains to be developed in a practical way and is
an essential condition to future success.
Already the more far-sighted leaders of industry, as has
been shown, have realized the importance of immediate
action in this respect. They know and have declared that
the extraordinary changes in industry in recent years were