ne was then engaged in
finding a basis of wage settlement for the industry that would be of
more than passing value--and as his assistant, I first became convinced
that there could be no permanent peace under the wages system, once
different interests became organized, unless a clear body of
fundamentals principles applicable to all industries are supported and
enforced.

In the course of the work I have incurred many obligations both in the
United States and Great Britain. I can only acknowledge a very few here.
To my teachers, Prof. F. W. Taussig and W. Z. Ripley, I owe much, both
for their instruction, direct help and example. In Great Britain, Mr.
John A. Hobson, Mr. Henry Clay and Mr. and Mrs. Sidney Webb aided me
greatly to understand British experience. My debt to the work of Judge
Jethro W. Brown of the South Australia Industrial Court is heavy as the
book shows. Above all I have to thank my friend Dr. Walter B. Kahn for
his share in the work.

H. F.

_University of Kansas._

CONTENTS

PAGE

Chapter I--Introductory 1

Sec. 1. In any attempt to formulate principles for use in the
settlement of wage disputes, past experience furnishes much
guidance. What this experience consists of.

Sec. 2. Such principles as have been used in the settlement of
wage disputes have usually resulted from compromise; reason
and economic analysis have usually been secondary factors.
However, industrial peace cannot be secured by a recurrent
use of expedients.

Sec. 3. The attitude most favorable to industrial peace.

Chapter II--Some Pertinent Aspects of the Present
Industrial Situation 8

Sec. 1. The chief aims of any policy of wage settlement for
industrial peace defined--the chief tests to be passed. A
knowledge of present industrial facts essential to the
formulation of sound policy.

Sec. 2. The present economic position of the wage earners.

Sec. 3. Their relations to the other groups in industry. The
acceptance of the practice of collective bargaining
essential to any policy of wage settlement in the United
States to-day. Trade unionism must prove itself fit for this
responsibility, however.

Sec. 4. The economic position of capital in the present
industrial order. Its service to production. The problems to
which the accumulation of capital has g