Chapter VI

theoretical formulations regarding business capital and its relations to industry proceed on the circumstances that prevailed in the days of the " money economy," before credit and the modem corporation methods became of firstnilass consequence in economic affairs. They canvass these matters from the point of view of the material welfare of the community at large, as seen from the standpoint of the utilitarian philosophy. In this system of social philosophy the welfare of the community at large is accepted aa the central and tone-giving interest, about which a comprehensive, harmonious order of nature circles and gravitates. These early speculations on business traffic turn about the bearing of this traffic upon the wealth of nations, particularly as the wealth of nations would stand in a " natural " scheme of things, in which all things should work together for the welfare of mankind.