140 THE THEORY OF BDSINESa ENTERPRISE
are of DO aggregate advantage to the community.' They are wealth to the individuals concerned —
1 differential wealth ; but they make no part of the
I wealth of nations.'
It is in the industrial corporations that this capitalization of good-will is seen to the best advantage — including, under the term " industrial corporations," railway companies, iron and steel concerns, mines, etc., as well as what are known in the stock market specifically as " industrials." The corporation is, of course, not the only form of business concern in the industrial field, but it is the typical, characteristic form of business organization for the management of industry in modem times, and the peculiarities of modem capital are therefore best seen in these modern corporations. Many of these corporations have grown out of partnerships and firms previously existing, and such is still the genesis of many of the corporations that come forward from time to time. In such a case of conversion from partnership or firm to corporation the rule is that the new cor-
• The advantages afforded their owners by these intangible assets have latterly been dinciieeed by economists under such headings as "Reut" or "Quasi-Rent." These diBcussiona, H is believed, are of great theoretical weight. In business practice, however, the items in question are treated as capital, which must avail an an excuse for Including them here in buainess capital.
' Compare BOhm-Bawerk's and Clark's diBtinctlons between " private" and "social" capital, and belwaea >'eapit4l" and "ckpittl