cuentas y similares, es inseparable de la gestión de la industria moderna en todo lo que con-
THE THEORY OF MODERN WELFARE 189
cems the working relations between businesses that are not under one ownership, or between which the relations resting on separate ownership have not been placed in abeyance by some such expedient as lease, pool, syndicate, trust agreement, and the like.
Credit relations of one kind and another are also found expedient and profitable at many points where their employment is not precisely unavoidable. These extended credit relations are requisite to the most expeditious and profitable conduct of business, and so to the highest degree of success of the business.
Under the regime of the machine industry and modern business methods it is probably fair to say that the use of credit, apart from loan capital and leases, unavoidably goes to the extent required to cover all goods in process of elaboration, from the raw material to the finished goods, in so far as the goods change hands (in point of ownership) during the process.
(4) La dirección de la industria por parte de empresas mercantiles en competencia implica un uso extensivo del crédito comercial, tal como se mencionó en el capítulo V anterior.
Las cuatro condiciones enumeradas son rasgos característicos de ese pasado reciente durante el cual los tiempos de bonanza, las crisis y las depresiones se sucedieron con cierta regularidad como incidentes del curso normal de los negocios». Ciertas matizaciones de esta
1 The "cycle" of eialtation, crisis, and depreaafon ha» frequently been deacribed. Perbapa as effective a deacripioa aod ftakiyau m aaj la tliat ot Tugau-Baranuniiky, HandeUlcriien, cbap. VIII.