gross defection of one of the contracting parties, in those cases where the pressure is severe enough to result in insolvency, sickness, or death. The material necessities of a group of workmen or consumers, enforced by the specialization and concatenation of industrial processes, is, therefore, not competent to set aside, or indeed to qualify, the natural freedom of the owners of these processes to let work go on or not, as the outlook for profits may decide. Profits is a business proposition, livelihood is not.'
Undnr the system of bandlcratt and petty tnde the conTerw k iruB. Jdlrellhood wu the tundamcnuil norm of buainefla regnlatlon proflU bwl but ■ HOoniUry »landing, IE itny.
BUSINESS IN LAW AND POLITICS 277
Under the current de facto standardization of economic life enforced by the machine indiiatry, it may frequently happen that an individual or a group, e.ij., of workmen, has not a de facto power of free contract. A given workman's livelihood can perhaps, practically, be found only on acceptance of one specific contract offered, perhaps not at all. But the coercion which