PRINCIPIOS EMPRESARIALES

1 The physical basis of modem business trafBc is itbe machine proceaa, as described in Chapter II. It is essentially a modern fact, — late and yet in its early stages of growth, especially as regards its wider sweep in the organization of the industrial system. The spiritual ground of business enterprise, on the other hand, is given by the institution

1 of ownership.

"Business principles" are corollaries under the main proposition of ownership ; they ' are principles of property, — pecuniary principles. These principles are of older date than the machine industry, although their full development belongs within the machine era.

As the machine proceaa conditions the growth and scope of industry, and as its discipline inculcates habits of thought suitable to the industrial technology, so the exigencies of ownership condition the growth and aims of business, and the discipline of ownership and its management inculcates views and principles (habits of thouglit) suitable to the work of business traffic.

The discipline of the machine process enforces a standardization ^f. conduct and of knowledge in