ket. About the goods market business and industrial interests turn in early modern times ; and to this early-modern system of industrial life the current doctrines of political economy are adapted, as iudicated above.
The credit economy — the scheme of economic life of the immediate past and the present — has made an advance over the money economy in the respect which chiefly distinguishes the latter. The goods market, of course, in absolute terms is still as powerful an economic factor as ever, but it is no longer the dominant factor in business and industrial traffic, as it once was. The capital market has taken the first place in this respect. The capital market is the modem economic feature which makes and identifies the higher "credit economy" as such. In this credit economy resort is habitually bad to the market as a vent for accumulated money values and a source of supply of capital.'
Trading under the old r%ime was a traffic in goods ; under the new regime there is added, as the dominant and characteristic trait, trading in capital. Both in the capital and in the goods market there are professional traders, as well as
■ The commodities bought aod sold in tbe goods market are the OQtcome of a process of production and are useful for a material purpose ; those bought and sold in the capital market are the outcome ol a process of valuation aud aie useful for purposes of pecuuiaiy
buyers and sellers who resort to the market to dispose of their holdings and to supply their needs of what the raarket affords. In either class of trading the ends sought by those engaged in the business are generically