WEBVTT NOTE The Industrial Revolution - Part Four 1 00:00:00.000 --> 00:00:05.000 THE INDUSTRIAL REVOLUTION, PART 4 2 00:00:30.000 --> 00:00:31.000 of Benefit 3 00:00:31.000 --> 00:00:37.080 There are a couple of items, however, that I think I must bring forward. One of them 4 00:00:37.080 --> 00:00:44.300 deals with the question of wages as it relates to men who went to work in the early factories 5 00:00:44.300 --> 00:00:50.520 and mills in England, and of course it has been claimed that they were paid such a very, 6 00:00:50.520 --> 00:00:57.900 very small wage indeed. This is one of the prime areas of contention, I think, and in 7 00:00:57.900 --> 00:01:03.920 In order to understand what the wages actually were, we can't merely state them. We have 8 00:01:03.920 --> 00:01:10.040 to go back and find out what the purchasing power of money was at the time the Industrial 9 00:01:10.040 --> 00:01:19.740 Revolution began. You see, the important thing is to realize that money has no fixed value. 10 00:01:19.740 --> 00:01:26.720 And therefore, it isn't the number of dollars or pounds that you are paid that matters so 11 00:01:26.720 --> 00:01:31.440 so much as what you can buy with it after you get it. 12 00:01:31.440 --> 00:01:37.520 And in order to understand the actual amount of earnings that men working in the Industrial 13 00:01:37.520 --> 00:01:44.340 Revolution period got, we must not just talk in terms of the coins or the money that they 14 00:01:44.340 --> 00:01:50.500 received, we have to talk in terms of what they were able to purchase with whatever it 15 00:01:50.500 --> 00:01:52.620 was that they were paid. 16 00:01:52.620 --> 00:01:57.760 Now to set that matter straight, let me point out that at this time, and we're going back 17 00:01:57.760 --> 00:02:07.940 now to the period of 1760 to 1830, at this time Great Britain was using a coinage system 18 00:02:07.940 --> 00:02:17.160 that was based on pounds, shilling and pence. Most of the money in circulation was metallic. 19 00:02:17.160 --> 00:02:24.200 There were a few paper five-pound notes or notes of larger denomination. Actually they 20 00:02:24.200 --> 00:02:30.720 were very large. The British made five- and ten-pound notes that often had to be folded 21 00:02:30.720 --> 00:02:36.160 over many times before you could put them into your pocket or into a purse. Most of 22 00:02:36.160 --> 00:02:42.840 the money was simply coins. There were some gold coins in circulation. The gold florin 23 00:02:42.840 --> 00:02:50.840 and gold eagles were in use. Much of the coinage was silver, the shilling is a silver piece, 24 00:02:50.840 --> 00:02:57.160 and of course there were not only shillings but there were six penny pieces, some of those were 25 00:02:57.160 --> 00:03:04.760 silver and some copper, and then there are three penny pieces, usually copper, penny and half penny 26 00:03:04.760 --> 00:03:12.360 and even farthing pieces which are also usually copper. So you have a great amount of coinage that 27 00:03:12.360 --> 00:03:34.760 Much of Great Britain did not enjoy anything in the way of a coin wage. Servants, for example, 28 00:03:34.760 --> 00:03:40.800 usually worked for room and board. Apprentices might work for many years without ever being 29 00:05:10.800 --> 00:05:19.120 This will come as a surprise to you, but I can assure you that according to the evidence 30 00:05:19.120 --> 00:05:26.160 we have, if that man were to present his penny at a wayside inn, where he could be admitted 31 00:05:26.160 --> 00:05:30.040 There were some inns that wouldn't even tolerate him coming through the front door. 32 00:05:30.040 --> 00:05:35.200 But if there was an inn that more or less catered to lower class people, and he could 33 00:05:35.200 --> 00:05:42.600 get in there with his one penny, that beggar could buy room and board for a week. 34 00:05:42.600 --> 00:05:47.740 Now, of course you understand he didn't get a private room and maid service and fresh 35 00:05:47.740 --> 00:05:51.300 linens and three meals a day. 36 00:05:51.300 --> 00:05:56.420 On the contrary, he had an opportunity of sleeping on the floor in the common room with 37 00:05:56.420 --> 00:06:02.120 others who could afford such luxury. Also, he would have one meal a day, probably at 38 00:06:02.120 --> 00:06:08.980 noon and undoubtedly consisting of black bread, gruel, and possibly a bit of meat or fish 39 00:06:08.980 --> 00:06:14.680 as the inn could afford. And that would be it. For six or seven days, he could sleep 40 00:06:14.680 --> 00:06:21.120 Keep on the floor, inside, and he would have one meal a day, for one penny. Now, that's 41 00:06:21.120 --> 00:06:28.600 not sumptuous fare. But think of the difference between having that and having nothing. And 42 00:06:28.600 --> 00:06:35.400 that is the condition that preceded the Industrial Revolution. The British people en masse had 43 00:06:35.400 --> 00:06:42.920 nothing. And then suddenly, as industry began to develop, more and more men and women, and 44 00:06:42.920 --> 00:06:49.040 and even children found themselves going to factories and mills and putting in their labor, 45 00:06:49.040 --> 00:06:54.640 and being paid a regular wage. Now that you understand the purchasing power of money, I'm 46 00:06:54.640 --> 00:07:00.720 ready to tell you what the wage rate was. The average wage rate at the time the Industrial 47 00:07:00.720 --> 00:07:10.760 Revolution began, notably 1760, came to about 6 pence a week. Now, in fact, we have a song 48 00:07:40.760 --> 00:07:49.560 to Orbit over the terrible low wage. But actually, when you consider the purchasing power, it 49 00:07:49.560 --> 00:07:58.560 really wasn't that low a wage. Remember that here, at that time, one penny would buy room 50 00:07:58.560 --> 00:08:05.320 and board for a week. What would six pennies buy? Obviously, six pennies would get you 51 00:08:05.320 --> 00:08:12.280 to a better room and probably two or three meals a day and you'd have money left over. 52 00:08:12.280 --> 00:08:18.040 Now that is the kind of purchasing power that was released. I have found a couple of instances 53 00:08:18.040 --> 00:08:24.120 where workers got a little less than that. I found one case where a child was paid three 54 00:08:24.120 --> 00:08:29.840 pence a week. And that's the lowest I've found. Now the average wage, as I've indicated, 55 00:08:29.840 --> 00:08:34.600 was around six pence. But there were many people who got more than that. For skilled 56 00:08:34.600 --> 00:08:40.560 Labor, the industrialists would pay more. And there are stories of workers who got possibly 57 00:08:40.560 --> 00:08:47.200 ten, twelve pence or a shilling or even two shillings even at the beginning of the Industrial 58 00:08:47.200 --> 00:08:52.800 Revolution. A shilling is twelve pence. By the time the Industrial Revolution has gone 59 00:08:52.800 --> 00:08:59.400 up to 1830 and we are beginning to find government intervening, you will find that the wages 60 00:08:59.400 --> 00:09:05.760 have risen to the point where the average worker, instead of getting six pence, is now 61 00:09:05.760 --> 00:09:11.400 getting two shillings, which is the same as twenty-four pence, and many workers are getting 62 00:09:11.400 --> 00:09:16.400 much more than that. In fact, there are some workers getting as high as twenty shillings 63 00:09:16.400 --> 00:09:22.960 a week as opposed to two, depending on their skills. So this whole development in increased 64 00:09:22.960 --> 00:09:28.740 wages occurred before the government got in to regulate wages, and this was done as a 65 00:09:28.740 --> 00:09:33.860 as a result of the natural workings of the laws of supply and demand operating in an 66 00:09:33.860 --> 00:09:35.680 unimpeded marketplace. 67 00:09:35.680 --> 00:09:37.700 So that is actually what happened. 68 00:09:37.700 --> 00:09:42.860 So once more when you take a look at it, you see that the businessmen who have been accused 69 00:09:42.860 --> 00:09:49.500 of every kind of cruelty and every kind of inhuman practice were actually engaged in 70 00:09:49.500 --> 00:09:52.340 doing the best they could. 71 00:09:52.340 --> 00:10:00.760 Now, where do these reports come from that make us feel that the businessman is such 72 00:10:00.760 --> 00:10:09.180 a sub-human, indifferent to human misery type of person? Where does it come from? Well actually 73 00:10:09.180 --> 00:10:17.460 we know. You see, right around 1830, the opposition to the factories and mills, largely engendered 74 00:10:17.460 --> 00:10:25.220 in the pulpit and by writers of the time who were excoriating the entire process, built up to such 75 00:10:25.220 --> 00:10:32.180 a crescendo that a man appeared on the British scene whose name is Michael Sadler who has gone 76 00:10:32.180 --> 00:10:38.580 down in history as a major factor in bringing a number of the conditions supposed to exist in 77 00:10:38.580 --> 00:10:44.740 factories to light. Michael Sadler listened to the reports in his community and talked with his 78 00:10:44.740 --> 00:11:14.740 Mr. Sadler was a respectable citizen. He had had a good education. He was a man of some means, and after listening to all of the reports that he'd heard and hearing his own minister attack the factories and the factory system, so-called, Mr. Sadler and some of his friends went into parliament in London and laid a complaint against the businessmen 79 00:11:14.740 --> 00:11:21.780 and the factory owners, charging them with every kind of malpractice and cruel and inhuman treatment 80 00:11:21.780 --> 00:11:27.140 that you've heard me mention and that you've heard mentioned in books and periodicals. 81 00:11:28.100 --> 00:11:33.220 Parliament, of course, listened to this accusation in amazement, stunned to believe that such 82 00:11:33.220 --> 00:11:39.780 conditions could exist in England. They had no idea that things were as bad as Sadler alleged. 83 00:11:39.780 --> 00:11:45.060 So, they appropriated a sum of money for an investigation, and curiously, they turned 84 00:11:45.060 --> 00:11:50.360 it over to Mr. Sadler to conduct the investigation. Now, there's no doubt that Mr. Sadler meant 85 00:11:50.360 --> 00:11:55.620 well. He set up offices in London, and he sent out into the various districts where 86 00:11:55.620 --> 00:12:00.540 there were factories and mills operating, and he asked people in those districts to 87 00:12:00.540 --> 00:12:06.500 come into his office in London and to give testimony as to the conditions that existed 88 00:12:06.500 --> 00:12:12.660 in the factories in their neighborhoods. And during the entire summer of 1830, I believe 89 00:12:12.660 --> 00:12:22.340 it was, 1830 to 31, people trooped into London and virtually confirmed his worst suspicions. 90 00:12:22.340 --> 00:12:27.660 As a matter of fact, they said many things that were even more colorful than he had supposed. 91 00:12:27.660 --> 00:12:31.920 And he tabulated all of these things, he asked a great many questions, and the people gave 92 00:12:31.920 --> 00:12:33.920 The Theory of Money and Credit 93 00:13:01.920 --> 00:13:08.480 that Mr. Sadler tabulated all through the summer. By the autumn he ran out of money, 94 00:13:08.480 --> 00:13:13.840 and so he caused his report to be published, he gave it to the press, and he gave it to 95 00:13:13.840 --> 00:13:19.920 Parliament, and this is the famous Sadler Report that almost everybody has heard about. 96 00:13:19.920 --> 00:13:24.960 It wasn't until it had been published that the businessmen, the industrialists, the mill 97 00:13:24.960 --> 00:13:30.040 owners and so on, even knew that their factories had been investigated. No one had gone into 98 00:13:30.040 --> 00:13:36.920 to the factories, no one had talked to them. And so, in great alarm, they organized a committee, 99 00:13:36.920 --> 00:13:42.080 and they went in to see Parliament, and they said, how does it happen that we British subjects 100 00:13:42.080 --> 00:13:48.080 have virtually been accused and tried and condemned in the public press, and we haven't 101 00:13:48.080 --> 00:13:54.160 even had a hearing? Nobody's heard our side of the story. What you say about the factories 102 00:13:54.160 --> 00:13:59.120 doesn't apply to our factories. Ours aren't like that. We think that we have a right to 103 00:13:59.120 --> 00:14:06.280 Well, the fact that the businessmen did this created virtually a major scandal, because 104 00:14:06.280 --> 00:14:13.120 Parliament had assumed that Mr. Sadler would check both sides, and this he hadn't done. 105 00:14:13.120 --> 00:14:18.680 This in fact created enough of a scandal so that it reached the ears of King William IV, 106 00:14:18.680 --> 00:14:24.260 the reigning monarch of the time, and William appropriated another sum of money and ordered 107 00:14:24.260 --> 00:14:26.360 a second investigation. 108 00:14:26.360 --> 00:14:34.200 Now this supplemental investigation was placed in the hands of a series of men who were appointed 109 00:14:34.200 --> 00:14:40.260 by the parliament to conduct the investigation. A list of questions was drafted and these 110 00:14:40.260 --> 00:14:44.960 men were sent out into the districts where there were factories. They were called upon 111 00:14:44.960 --> 00:14:50.640 to enter the factories and find out what the conditions were and to interview the employees 112 00:14:50.640 --> 00:14:55.240 who were there. You see it had been discovered that many of the people testifying for Mr. 113 00:15:25.240 --> 00:15:31.960 are computed. By no means is it a whitewash. There are conditions in the factories that, 114 00:15:31.960 --> 00:15:38.360 by our standards, are intolerable. But when you view the conditions that existed prior 115 00:15:38.360 --> 00:15:43.720 to the Industrial Revolutionary period, and then you get the material out of the supplemental 116 00:15:43.720 --> 00:15:51.520 reports, instead of getting a general picture of businessmen engaged in a veritable conspiracy 117 00:15:51.520 --> 00:15:56.280 To exploit their workers and to extract the last ounce of strength out of them that they 118 00:15:56.280 --> 00:16:02.040 could for money, you have quite a different picture. Instead, what you find is the businessmen, 119 00:16:02.040 --> 00:16:07.600 if anything, are being very soft-hearted. Some of them are even building schools so 120 00:16:07.600 --> 00:16:12.960 that the children in their factories can get an education at the expense of the mill owner. 121 00:16:12.960 --> 00:16:18.380 You find recreational facilities being provided in many cases. You find the factories constantly 122 00:16:18.380 --> 00:16:24.340 being re-designed so that conditions will improve, and the businessmen are in the forefront 123 00:16:24.340 --> 00:16:30.300 of trying to bring about these reforms long before Parliament ever got into the act. And 124 00:16:30.300 --> 00:16:37.300 yet today, very few people have ever heard of this supplemental investigation. I hadn't 125 00:16:37.300 --> 00:16:44.760 heard of it myself until a relative few years ago. I had heard about the Sadler Report as 126 00:16:44.760 --> 00:16:52.420 And who hasn't? It is a report that is readily available. Anyone who studies economics, certainly 127 00:16:52.420 --> 00:16:57.740 advanced economics, in our leading universities, is going to be told of and possibly asked 128 00:16:57.740 --> 00:17:04.080 to read the Sadler Report. But the Sadler Report is not true. There is a supplemental 129 00:17:04.080 --> 00:17:10.380 report that refutes it, at least in its major points, and nobody ever heard of this supplemental 130 00:17:10.380 --> 00:17:11.380 Report. 131 00:17:11.380 --> 00:17:13.140 Well, nobody is too strong. 132 00:17:13.140 --> 00:17:19.380 I ran across it one day when I was reading a book entitled The Treatment of Capitalism 133 00:17:19.380 --> 00:17:21.080 by the Historians. 134 00:17:21.080 --> 00:17:28.220 This was a series of essays that was collected by a great economist named Friedrich Hayek. 135 00:17:28.220 --> 00:17:34.740 And in this collection of essays, there is an essay by a Professor William Hutt, who 136 00:17:34.740 --> 00:17:40.360 who at that time was Professor of Economics at the University of South Africa in Cape 137 00:17:40.360 --> 00:17:47.540 Town. And he mentioned the supplemental reports and marveled in his essay that nobody seemed 138 00:17:47.540 --> 00:17:52.300 to pay any attention to them and that they, in essence, refuted the worst charges of the 139 00:17:52.300 --> 00:17:56.920 salary report. Well, I had never heard of these supplemental reports, so I wrote to 140 00:17:56.920 --> 00:18:01.660 Professor Hutt and I asked him if I could get a copy. He informed me that the only copy 141 00:18:01.660 --> 00:18:31.660 The Theory of Money and Credit 142 00:19:01.660 --> 00:19:07.220 go into the British Museum and get a copy made of the supplemental reports. And this 143 00:19:07.220 --> 00:19:13.740 was approved, and we did so, so that we became probably one of the few people, one of the 144 00:19:13.740 --> 00:19:20.320 few institutions in this country to have access to the entire supplemental report, as well 145 00:19:20.320 --> 00:19:26.060 as the satellite report, on microfilm. And when you read these two reports, you can detect 146 00:19:26.060 --> 00:19:27.540 the difference at once. 147 00:19:27.540 --> 00:19:35.140 As a matter of fact, one of the men who claimed, who hailed the Sadler Report as a great breakthrough, 148 00:19:35.140 --> 00:19:41.260 at last the truth was being revealed about the unscrupulousness of the businessmen, one 149 00:19:41.260 --> 00:19:46.820 such man is a man named Friedrich Engels that many people remember because he co-authored 150 00:19:46.820 --> 00:19:53.660 the Communist Manifesto with Karl Marx. I have a book in which Friedrich Engels mentions 151 00:19:53.660 --> 00:19:59.620 the Sattler Report and admits that the Sattler Report is not accurate and apologizes for 152 00:19:59.620 --> 00:20:03.820 Mr. Sattler, saying that, well, after all, Mr. Sattler was a very devoted man and a very 153 00:20:03.820 --> 00:20:10.200 fine gentleman, but you can't really rely on the Sattler Report. And yet even today, 154 00:20:10.200 --> 00:20:15.220 the wage and hour laws in Great Britain and this country, and also the child labor laws 155 00:20:15.220 --> 00:20:21.860 in both places, are based on the Sattler Report, and the Sattler Report has been refuted. It 156 00:20:21.860 --> 00:20:24.580 is not a reliable instrument. 157 00:20:24.580 --> 00:20:29.640 By no means does this mean that working in the factories and mills of England in the 158 00:20:29.640 --> 00:20:35.280 latter half of the 18th century was a bed of roses. It wasn't. Conditions were hard. 159 00:20:35.280 --> 00:20:42.540 The wages were small. And this is always true. Every employee that I have ever met will tell 160 00:20:42.540 --> 00:20:48.020 me that he is deserving of more money than he is getting. I have yet to meet an employee 161 00:20:48.020 --> 00:20:54.300 who doesn't feel that he ought to be making more. I have rarely to meet an employer who 162 00:20:54.300 --> 00:21:01.620 tells me that he is overpaying his people. Or actually, I have run into that. I misstated 163 00:21:01.620 --> 00:21:08.500 it. What I mean is I have rarely found an employer who says that his people are overproducing. 164 00:21:08.500 --> 00:21:14.660 Instead, he will tend to feel that he is overpaying them. And they don't feel that way, but he 165 00:21:14.660 --> 00:21:20.660 and so you have arguments perpetually over the question of the amount of wages that are to be paid. 166 00:21:20.660 --> 00:21:26.660 And of course the proper way to resolve the wage is to put it in the free market on a competitive basis 167 00:21:26.660 --> 00:21:29.660 and let the most skillful earn the greatest wage. 168 00:21:29.660 --> 00:21:36.660 Incidentally, it's sound economics to pay high wages in return for top production. 169 00:21:36.660 --> 00:21:39.660 That's the best kind of a wage you can pay. 170 00:21:39.660 --> 00:21:45.980 The idea that you should be parsimonious in a wage is false. Sometimes the most extravagant 171 00:21:45.980 --> 00:21:51.980 wage you can pay is a low wage that will discourage a worker so that you have a constant turnover 172 00:21:51.980 --> 00:21:57.820 and the constant cost of replacing them. It's much better to pay a good wage to a good worker 173 00:21:57.820 --> 00:22:03.620 and encourage the worker to become a better worker. High wages that are justified is the 174 00:22:03.620 --> 00:22:05.620 and the Sound Economic Practice. 175 00:22:05.620 --> 00:22:11.060 But of course, great many people don't understand that yet, but that is the case. 176 00:22:11.060 --> 00:22:17.060 In any case, getting back to the Industrial Revolution period, what we found was that 177 00:22:17.060 --> 00:22:23.920 the supplemental reports, which give, I think, about as accurate a picture of the conditions 178 00:22:23.920 --> 00:22:32.020 in the factories of England around 1831, 1932 and 1933 as could be obtained, that report 179 00:22:32.020 --> 00:22:39.180 is largely lacking. You can't get a copy unless you're extraordinarily fortunate, and people 180 00:22:39.180 --> 00:22:44.820 don't know about it, and the consequence is they tend to believe the Saddle Report, which 181 00:22:44.820 --> 00:22:52.160 is prevalent and anybody can get a copy of it. Now why is it that when the Supplemental 182 00:22:52.160 --> 00:23:00.540 Report was released, the Saddle Report wasn't immediately dropped? Well, many people have 183 00:23:00.540 --> 00:23:07.340 Supposed that there's some kind of conspiracy here to prevent the publishing of the supplemental 184 00:23:07.340 --> 00:23:08.340 reports. 185 00:23:08.340 --> 00:23:09.580 I don't think so. 186 00:23:09.580 --> 00:23:15.580 Actually, it's the kind of thing that you run into with mass media all the time. 187 00:23:15.580 --> 00:23:22.060 If you've got a story that indicates that a certain class of people are subhuman fiends, 188 00:23:22.060 --> 00:23:23.880 that's going to make headlines. 189 00:23:23.880 --> 00:23:27.500 But if you've got a story that says that these particular people are normal people, that 190 00:23:27.500 --> 00:23:29.760 isn't going to make any headlines. 191 00:23:29.760 --> 00:23:34.180 Of course there was a story relating to the supplemental reports, but it was undoubtedly 192 00:23:34.180 --> 00:23:40.720 buried on page 17 next to an ad. Very few people ever saw it. Meantime, the Sadler Report 193 00:23:40.720 --> 00:23:47.340 got and continues to receive a lot of acclaim, virtually mandatory reading in our colleges 194 00:23:47.340 --> 00:23:52.380 and universities, and very few people indeed have heard of the other report. So it would 195 00:23:52.380 --> 00:23:58.180 be important for you in understanding the Industrial Revolution to get your hands on 196 00:23:58.180 --> 00:24:05.140 On both of these reports, read them both, compare them, and then make your own independent judgment. 197 00:24:05.140 --> 00:24:11.500 What we should have detected, and which of course scholarship really confirms, is that 198 00:24:11.500 --> 00:24:19.620 whenever you begin taking a particular group of people, by race, occupation, religion, 199 00:24:19.620 --> 00:24:27.180 or some other type of grouping, and you attribute to everyone in that group certain characteristics, 200 00:24:27.180 --> 00:24:39.100 Businessmen are not subhuman fiends. Also, they are not geniuses. They are just people. 201 00:24:39.100 --> 00:24:45.940 They are neither better nor worse than you and I. They are just people trying to make 202 00:24:45.940 --> 00:24:52.380 some money and trying to make money by providing goods and services that people will voluntarily 203 00:24:52.380 --> 00:24:59.180 by. They don't mean to be, but it turns out that the businessmen and industrialists are 204 00:24:59.180 --> 00:25:05.300 actually the great benefactors of mankind, not through any altruism on their part, not 205 00:25:05.300 --> 00:25:11.100 through any design to be helpful to people. They're acting quite selfishly. And the curious 206 00:25:11.100 --> 00:25:16.740 thing is, and Adam Smith saw it when he wrote his work, The Wealth of Nations, that the 207 00:25:16.740 --> 00:25:23.780 The better the businessman tends to business and concentrates on producing goods and services 208 00:25:23.780 --> 00:25:29.540 that people will want to buy, in essence, the more selfish he is in trying to amass 209 00:25:29.540 --> 00:25:36.100 his profits, providing that he is working in a free market. Why, the better things are 210 00:25:36.100 --> 00:25:42.020 for everyone. He has to treat his employees well, because otherwise he can't have a 211 00:25:42.020 --> 00:25:49.180 a Profitable Business. He has to therefore supply the right kind of working conditions, 212 00:25:49.180 --> 00:25:54.800 or they can't work productively. He has to see to it that accidents are minimized, 213 00:25:54.800 --> 00:26:00.300 because accidents are a tremendous cost, and drive up the cost factors and reduce the profit 214 00:26:00.300 --> 00:26:07.400 margin substantially. Businessmen have been in the forefront of trying to reduce costs 215 00:26:07.400 --> 00:26:13.080 such as this, in order to hold prices down, in order to supply more goods and services 216 00:26:13.080 --> 00:26:20.080 for more people at lower prices. And this, of course, we should learn if we take and 217 00:26:20.080 --> 00:26:26.260 examine this condition. So the industrial revolution that has been held up to us as 218 00:26:26.260 --> 00:26:33.260 a period of time in which terrible conditions occurred and the human situation worsened 219 00:26:33.260 --> 00:26:40.580 etc., really isn't quite the way it's been painted. It actually took us forward to the 220 00:26:40.580 --> 00:26:47.460 present time. Right now, of course, we are probably on the threshold of a new economic 221 00:26:47.460 --> 00:26:54.060 revolution that may take us into something else, possibly even more exciting than what 222 00:26:54.060 --> 00:27:01.060 we've had before. Because, while you cannot blame the industrialist of being cruel to his 223 00:27:01.060 --> 00:27:07.220 Employees—excepting, of course, on occasion, men are cruel to one another and this would happen. 224 00:27:08.100 --> 00:27:14.820 What you can lay at the feet of the industrialists is altogether too much willingness to cooperate 225 00:27:14.820 --> 00:27:21.540 with the state and to get the power of the state behind them. Now we are moving toward a time when 226 00:27:21.540 --> 00:27:28.740 perhaps we will have an economy that will be in fact a free market economy where the link or the 227 00:27:28.740 --> 00:27:36.740 The marriage between business and industry and the state may be dissolved. It's something to think about.