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Excerpt from Incentives in the New Industrial Order
A new Industrial Order is struggling into life, dis placing piece by piece the old system of private capitalism over large areas of industry. That order was based upon unrestricted profit as the motive, competition as the method, the autocracy of the employer as the government. This motive, method, and government were qualified by con siderations of usage, humanity and public Opinion, the bargaining power of labour, and state regulations in the interest of workers, consumers, or the general public, but remained the dominant features of our economic system.
The recent rapid growth of combinations on the part of Capital and Labour, the strength of the Cooperative Movement, the financial needs and demands of the State, the frequency and severity of industrial con¿icts, have led increasing numbers of people to realise the necessity for a radical reconstruction of industry. War experience has quickened this thought, as it has quickened the actual processes of change.
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