(ma Wge, a matter of indifference to him whether his trathc affects the system advantageously or disastrously. His gains (or losses) are related to the magnitude of the disturbances that take place, rather than to their bearing upon the welfare of the community.
The outcome of this management of industrial | affairs through pecuniary transactions, therefore, has been to dissociate the interests of those men I who exercise the discretion from the interests of I Uie community. Tliis is true in a peculiar degree I and increasingly since the fuller development of the machine industry has brought about a closeknit and wide-reaching articulation of industrial processes, and has at the same time given rise to a class of pecuniary experts whose business is the strategic management of the interstitial relations of the system. Broadly, this class of business men,! in so far as they have no ulterior strategic ends to serve, have an interest in making the disturbances! of the system large and frequent, since it is in the conjunctures of change that then- gain emerges. ' Qualifications of this proposition may be needed, and it will be necessary to return to this poiut presently.
It is, as a business proposition, a matter of indifference to the man of large affairs whether the disturbances which his transactions set up in the indostrial system help or hinder the system at
large, except in ao far as he has ulterior strategic ends to serve. But most of the modem captains of industry have such ulterior ends, and of the greater ones among them this is peculiarly true. Indeed, it is this work of far-reaching business strategy that gives them full title to the designation, ''Captains of Industry." This large business strategy is the most admirable