I. THE MODERN INDUSTRIAL SYSTEM-- 1
The English Manor--Institution of Private Property--
Competition Defined--Development of Industrial
Liberty--Domestic System of Industry--Factory System
of Industry--The State as a Regulator of Industrial
Undertakings.
II. THE AGRICULTURAL RESOURCES OF THE UNITED STATES-- 9
The Land Policy of the United States--Irrigation--
Dry-Farming--Farm Ownership--Decline of the
Agricultural Population--Character of Agriculture in
the United States--Forest Resources--Fisheries.
III. THE MINERAL RESOURCES OF THE UNITED STATES-- 19
The Problem Connected with our Mineral Resources--Steps
Taken to Remedy the Evil--Coal--Petroleum--Iron--Precious
Metals--Copper--Water Power and Its Use.
IV. CAPITALISTIC PRODUCTION-- 29
The Rapid Industrial Development and Its Causes--Factory
Defined--Division of Labor--Use of Labor-Saving
Machinery--Specialization and Localization of
Industry--Large-Scale Production--System of
Standardization.
V. TRUSTS AND MONOPOLIES-- 39
Phases of Combination for Fixing Prices--Classes of
Industrial Establishments--The Trust
Movement--Causes and Effects of Industrial
Combinations--Evils of Combination--Legislative
Regulation.
VI. SPECULATION AND CRISES-- 51
Risks of Modern Business--Function of the Speculator--
Legitimate and Illegitimate Speculation--The
Occasion of a Crisis--“Hard Times”--Theories as to
the Causes of Crises.
VII. THE MODERN WAGE SYSTEM-- 60
Beneficial Results of the Factory System--Abuses of
the Factory System--The Existence of a Wage-Earning
Class--The Wage System--Historical Systems of
Labor--Modifications of Individualism--The Bargain
Between the Employer and the Laborer--Necessity of
Protective Legislation.
VIII. LABOR ORGANIZATIONS AND COLLECTIVE BARGAINING-- 68
Growth of Labor Organizations in the United
States--Knights of Labor--American Federation of
Labor--Objects and Methods of Labor Organizations--
Restrictions Limiting the Output of Labor--Collective
Bargaining--Boards of Conciliation and Arbitration.
IX. WOMEN AND CHILDREN AT WORK-- 80
Evils of Early Factory System--Expansion of Woman
Labor--Why Women are Paid Lower Wages than Men--
Desirability of Employment of Women--Child Labor--
Labor Legislation.
X. UNEMPLOYMENT AND INSURANCE-- 90
Number of Unemployed in Modern Industry--Classification
of the Unemployed--Causes of Unemployment--Insurance
against Accident, Sickness and Old Age in the United
States; in Germany.
XI. MACHINERY AND INDUSTRIAL EFFICIENCY-- 101
Evils of Machinery--Labor’s Complaint against
Machinery--Industrial Education in Germany; in
England; in the United States--Aids to Industrial
Development in the United States.
XII. PROFIT-SHARING AND CO-OPERATION-- 110
Methods of Profit-Sharing--Economic Theory of
Profit-Sharing--Objections against Profit-Sharing
--Experiments in Profit-Sharing--Co-Operation--The
Rochdale Society--Producers’ Co-Operation--Advantages
and Defects of Co-Operation.
XIII. PROBLEMS OF DISTRIBUTION-- 119
Functional Distribution--Personal Distribution--Forms
of Distribution Proposed--Questions Connected with
Functional Distribution; with Personal Distribution.
XIV. SAVING AND SPENDING-- 127
Expenditures for Different Purposes--Relation Between
Saving and Spending--Desirability of Work for its Own
Sake--Problem of Luxury--Economy in Consumption--
Economic Evils of Intemperance.
XV. MONEY AND BANKING-- 137
What Determines the Value of Money--Bimetallism--
Monometallism--Government Paper Money--Kinds of Money
in the United States--Problems of the Banking System
of the United States.
XVI. TRANSPORTATION AND COMMUNICATION-- 145
Consolidation in the Railroad World--Question of
Railroad Rates--The Public Nature of Railroads--
Ownership of Railroads--Electric Interurban
Railways--Express Companies--The Telephone--The
Telegraph--Inland and Ocean Water Transportation--Our
Canal System--Our Merchant Marine.
XVII. TAXATION AND TARIFF-- 154
Consequences of Taxation--Adam Smith’s Rules of
Taxation--Problems of Taxation--Sources of Revenue in
the United States--The General Property
Tax--Inheritance Taxes--The Question of the Tariff.
XVIII. THE FUNCTIONS OF GOVERNMENT-- 163
Functions of a Modern State--Anarchism--Individualism--
Modified Individualism--Culture State Theory--State
Socialism--Socialism--Municipalization of Local
Public Utilities.
XIX. ECONOMIC PROGRESS-- 172
Improvement in Rate of Wages and Hours or Labor--
Advances in the Field of Production--Reasons Why
Labor has not Profited More by the Great Increase in
Wealth--Reduction in the Cost of Semi-Luxuries--Lines
Along Which Reform is Needed.
Manufacturing.
By O. P. AUSTIN 179
INTRODUCTION-- 179
The Hand Method of Manufacturing--The Factory Method--
Chief Producers by each Method--Exchanges of the
World--Relation of Development of Manufactures to
Commerce.
I. MODERN MANUFACTURING SYSTEMS OF THE WORLD-- 185
Their Development During the Last Two Centuries--The
Waterfall as a Source of Power--Development of Steam
Power--Enlargement of the Use of Machinery Following
the Application of Power--The Factory Town--Results
of the Application of Steam Power to
Transportation--Electricity as an Aid in
Manufacturing.
II. THE USE OF MACHINERY IN MANUFACTURING-- 193
The Spinning Wheel--The Loom--Kay’s Flying Shuttle--
Hargreave’s Spinning Jenny--Arkwright’s Water
Frame--Crompton’s Spinning Mule--Machinery in the
Iron and Steel Industry--Growth in Manufacturing
Following the Application of Machinery to the Leading
Industries--Effect of Machinery upon the Employment
of Men--Effect upon Employment of Capital--Effect
upon Prices of Labor, of Raw Materials, of Finished
Products--Effect upon Commerce--Effect upon the
Quality of Manufactures Produced.
III. DEVELOPMENT OF THE FACTORY SYSTEM-- 203
Growth of the Factory System in England--Causes of the
Recent Growth of the Manufacturing Industries in the
United States--Estimates of the Value of Manufactures
in the Principal Countries of the World--Net and
Gross Valuations of Manufactures in the United States.
IV. CAPITAL IN MANUFACTURING-- 214
Capital a Growing Factor in Manufacturing Industries--
Manufacturing in Great Establishments and under
Expert Management a Favorite Investment for
Capital--Effect of Increase in Gold Production--
Investments of Capital and Use of Machinery Increase
more Rapidly than Employment of Labor--United States
Statistics of Investment and Production Superior to
those of Other Countries.
V. TRUSTS AND COMBINATIONS-- 222
Reasons for Co-Operation--The Pooling System--The
Company--The Corporation--Trusts and Other
Combinations--Causes of the Transformation from the
Company and the Corporation to the Trust--Effect of
Trusts upon Production, Prices, Wages and Employment.
VI. THE IRON AND STEEL INDUSTRY-- 230
Pig Iron the Basis of all Iron and Steel Manufacturing--
Pig Iron Production of the World in 1800 Compared
with 1907--Fall in Prices of Iron and Steel a Result
of the Application of Modern Methods of Manufacture--
History of Iron Manufacture; Development in England
and Germany--History of Iron-Making in the United
States--Transformation from the Charcoal Method to
that of Coal and Coke--The Earlier Methods of
Manufacturing Steel Contrasted with those of Today--
Rival Claims of the English and the American
Inventors, Bessemer and Kelly, to the Modern System
of Steel Manufacturing--Description of the Process of
Manufacturing Steel under American Methods--The Use
of Powerful Machinery and Lessening Proportion of
Work Performed by Man Power--The Railway and
Steamship in Relation to the Steel Industry--Great
Combinations of Iron and Steel Manufacturers--Description
of the Process of Transforming Iron into Steel by the
Bessemer Process.
VII. THE TEXTILE INDUSTRY-- 247
Growth of the Textile Industry from the Hand Industries
to Use of Machinery and the Factory System--Great
Britain, the Greatest Cotton Manufacturing Country of
the World in Proportion to Population--The United
States the World’s Greatest Producer of Raw
Cotton--Contrast of Manufacturing Methods in the
United States and Europe--Great Britain the World’s
Principal Cotton Manufacturer for Exportation--The
United States a Large Manufacturer but Chiefly for
her Own People--Light Grades of Cotton Manufactured
in Europe--History of the Textile Industry--Description
of the Manufacture of Textiles--Cotton Manufacturing
has Outgrown that of Other Textiles--History of its
Manufacture in India, in Asia Minor, in America, and,
in Recent Years, in Japan--Other Oriental Countries
Manufacture by the Hand Processes--Growth of the Use
of Machinery in Cotton Manufacturing, from the
Spinning Wheel and Spinning Jenny to Modern Machine
Methods--The Textile Industry of the United States.
VIII. THE MANUFACTURING INDUSTRIES OF THE UNITED STATES-- 263
The United States the World’s Greatest Manufacturer--
Its System Developed More Recently than that of
Europe--Has Utilized Modern Methods in Combination
with Large Sums of Capital--The United States the
Only Nation Taking a Census of Manufactures--The
Gross and Net Value of Manufactures as Reported by
the Census--Relation of the Gross and Net Figures to
Those of Other Countries--Acceptance of the Lowest
Estimate of Manufactures in the United States Places
her Products Far in Excess of Those of any Other
Nation--Growth of Manufacturing has Outgrown
Consuming Power of the People and Resulted in Rapid
Growth in Exportation--Manufactures Form a Growing
Share of Exports--Principal Manufactured Articles
Exported and Principal Countries to which Sent.
IX. STATISTICS OF MANUFACTURING-- 289
Production of Manufacturers’ Materials--Development
of Transportation Facilities--Distribution of
Manufactures--World’s Production of Gold, 1492 to
1908--Enlargement of Capital Invested in
Manufacturing--The Various Classes of Manufactures
Produced in the United States--The Value of Each
Group at Recurring Censuses from 1880 to
1905--Distribution of the Manufacturing Industries in
the Various Sections of the United States--Share
which Manufactures Form in the Imports and Exports of
the United States--Share which Manufactures Form in
the Imports and Exports of the Principal Countries of
Europe--Estimated Value of Manufactures Produced in
the Principal Countries of the World, 1780 to
1905--Commerce of the World, 1780 to 1905--Number of
Persons Engaged in the Principal Manufacturing
Industries of the United States--Cotton Spindles of
the World--Cotton Production of the World--Growth of
Population, Commerce, Transportation Facilities, and
in Production of Certain Articles Required in
Manufacturing, 1800 to 1908.
Concrete and Steel.
By J. F. SPRINGER 322
Chemistry and the Industries.
By BENJAMIN BALL FREUD 341
The Close Relation of the Producer-Gas Power Plant to the
Conservation of our Fuel Resources.
By ROBERT HEYWOOD FERNALD 352
Efficiency in Shop Operations.
By H. F. STIMPSON 370
The Bridge Between Labor and Capital.
By JOHN MITCHELL 380
The Unemployed.
By JOHN BASCOM 384