a sporadic trait, of doubtful legitimacy, in the old days of the "natural" and "money" economy, the rate of profits or earnings on investment has in the nineteenth century come to take the central and dominant place in the economic system. Capitalization, credit extensions, and even the productiveness and legitimacy of any given employment of labor, are referred to the rate of earnings as their final test and substantial ground. At the same time the "ordinary rate of profits" has become a more elusive idea. The phenomenon of a uniform rate of profits determined by competition has fallen into the background and lost something of its matter-of-fact character since competition in the large industry has begun to shift from the position of a stable and continuous equilibration to that of an intermittent, convulsive strain in the service of the larger business men's strategy. The interest of the business community centres upon profits and upon the shifting fortunes of the profit-maker, rather than upon accumulated and capitalized goods. Therefore the ultimate conditioning force in the conduct and aims of business is coming to be the prospective profit-yielding capacity of any given business move, rather than the aggregate holdings or the recorded output of product.
But this latest development in the field of industrial business has not yet come to control the field. It is rather an inchoate growth of the immediate present than an accomplished fact even of the recent past, and it can be understood only by reference to those conditions of the recent past out of which it comes. Therefore it is necessary to turn back to a further consideration of the old-fashioned business traffic as it used to go on by the competitive method before the competitive order began seriously to be dislocated and take on an intermittent character, as well as to a consideration of that resort to credit which has, in large part, changed the competitive system of business from what it was at the beginning of the nineteenth century to what it has become at its close.
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