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 predecessors,
 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. Persons
 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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