Part 3

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.