hese trades, of the businesses or units which comprise a trade or a
market, and of the units of capital and labour comprising a business.
It will then remain to undertake closer studies of certain important
special outcomes of machinery and factory production. These studies
will fall into three classes. (1) The influences of machine-production
upon the size of the units of capital, the intensification and
limitation of competition; the natural formation of Trusts and other
forms of economic monopoly of capital; trade depressions and grave
industrial disorders due to discrepancies between individual and
social interests in the working of modern methods of production. (2)
Effects of machinery upon labour, the quantity and regularity of
employment, the character and remuneration of work, the place of women
in industry (3) Effects upon the industrial classes in the capacity of
consumers, the growth of the large industrial town and its influences
upon the physical, intellectual, moral life of the community. Lastly,
an attempt will be made to summarise the net influences of modern
capitalist production in their relation to other social progressive
forces, and to indicate the relations between these which seem most
conducive to the welfare of a community measured by generally accepted
standards of character or happiness.

Sec. 4. Since every industrial act in a modern community has its monetary
counterpart, and its importance is commonly estimated in terms of
money, it will be evident that the growth of capitalism might be
studied with great advantage in its monetary aspect. Corresponding to
the changes in productive methods under mechanical machinery we should
find the rapid growth of a complex monetary system reflecting in its
international and national character, in its elaborate structure of
credit, the leading characteristics which we find in modern productive
and distributive industry. The whole industrial movement might be
regarded from the financial or monetary point of view. But though such
a study would be capable of throwing a flood of light upon the
movements of concrete industrial factors at many points, the
intellectual difficulties involved in simultaneously following the
double study, in constantly passing from the more concrete to the more
abstract contemplation of industrial phenomena, would tax the mental
agility of students too severely, and would greatly diminish the
chance of a substantially accurate unde