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use of something in the way of technological knowledge； that is
to say some state of the industrial arts。 The working community
is a productive factor only by virtue of； and only up to the
limit set by； the state of the industrial arts which it has the
use of。 The contrast of industrial Japan or of industrial Germany
before the middle of the nineteenth century and after the close
of the century will serve for illustration； that is to say before
and after those peoples had come in for the use of the technology
of the machine era。 The disposable excess of the yearly product
over cost is a matter of the efficiency of the available state of
technological knowledge； and of the measure in which the working
population is put in a position to make use of it。 These； of
course； are obvious facts； which it should scarcely be necessary
to recite； except that they are habitually overlooked； perhaps
because they are obvious。
The Industrial Revolution of the eighteenth century was a
revolution in the state of the industrial arts； of course； it was
a mutation of character in the common stock of technological
knowledge held and used by the industrial population of the
civilised countries from that time forward。 The shift from the
older to the new order of industry was of such a nature as to
call for the use of an extensive equipment of mechanical
apparatus； progressively more and more extensive as the change to
the machine technology went on； and at the same time the
disposable margin of product above cost also progressively went
on increasing with each further increase of the community's joint
stock of technological knowledge。
This body of technological knowledge； the state of the
industrial arts； of course has always continued to be held as a
joint stock。 Indeed this joint stock of technology is the
substance of the community's civilisation on the industrial side；
and therefore it constitutes the substantial core of that
civilisation。 Like any other phase or element of the cultural
heritage； it is a joint possession of the community； so far as
concerns its custody； exercise； increase and transmission； but it
has turned out； under the peculiar circumstances that condition
the use of this technology among these civilised peoples； that
its ownership or usufruct has come to be effectually vested in a
relatively small number of persons。 Unforeseen and undesigned；
the mechanical circumstances of the new order in industry have
reversed the practical effects of the common law in respect of
self…help； equal opportunity and free bargaining。 The mechanics
of the case has worked out this result by cutting away the ground
on which those principles were based at the time of their
acceptance and installation。
The machine technology requires for its working a large and
specialised mechanical apparatus； an ever increasingly large and
increasingly elaborate material equipment。 So also it requires a
large and diversified supply of material resources； both in raw
materials and in the way of motive power。 It is only on condition
that these requirements are met in some passable fashion that
this industrial system will work at all； and it is only as these
requirements are freely met that the machine industry will work
at a high efficiency。 At the same time the settled principles of
law and usage and public policy handed down from the eighteenth
century have in effect decided； and continue to decide； that all
material wealth is； rightly； to be held in private ownership； and
is to be made use of only subject to the unhampered discretion of
the legally rightful owner。 Meantime the highly productive state
of the industrial arts embodied in the technological knowledge of
the new order can be turned to account only by use of this
material equipment and these natural resources which continue to
be held in private ownership。 From which it follows that these
material means of industry； and the state of the industrial arts
which these material means are to serve； can be turned to
productive use only so far and on such conditions as the rightful
owners of the material equipment and resources may choose to
impose； which enables the owners of this indispensable material
wealth； in effect； to take over the use of these industrial arts
for their own sole profit。 So that the usufruct of the
community's technological knowledge has come to vest in the
owners of such material wealth as is held in sufficiently large
blocks for the purpose。
Therefore； by award of the settled principles of equity and
self…help embodied in the modern point of view； as stabilised in
the eighteenth century； the owners of the community's material
resources that is to say the investors in industrial business
have in effect become 〃seized and possessed of〃 the
community's joint stock of technological knowledge and
efficiency。 Not that this accumulated knowledge of industrial
forces and processes has passed into the intellectual keeping of
the investors and been assimilated into their mentality； even to
the extent of a reasonably scanty modicum。 It remains true； of
course； that the investors； owners； kept classes； or whatever
designation is preferred； are quite exceptionally ignorant of all
that mechanics of industry whose usufruct is vested in them； they
are； in effect； fully occupied with other things； and their
knowledge of industry ordinarily does not； and need not； extend
to any rudiments of technology or industrial process。 It is not
as intelligent persons； but only as owners of material ways and
means； as vested interests； that they come into the case。 The
exceptions to this rule are only sufficiently numerous to call
attention to themselves as exceptions。
As an intellectual achievement and as a working force the
state of the industrial arts continues； of course； to be held
jointly in and by the community at large； but equitable title to
its usufruct has； in effect； passed to the owners of the
indispensable material means of industry。 Though not hitherto by
formal specification and legal provision； their assets include；
in effect； the state of the industrial arts as well as the
mechanical appliances and the materials without which these
industrial arts are of no effect。 It is true； a little something；
and indeed more than a little； has been done toward the due legal
recognition of the investor's usufruct of the community's
technological efficiency； in the recognition of vested interests
and intangible assets as articles of private property defensible
at law。 But on the whole； and until a relatively recent date； the
investors' tenure of this usufruct has been allowed to rest
informally on their control of the community's material assets。
Still； the outlook now appears to be that something further may
presently be done toward a more secure and unambiguous tenure of
this usufruct； by suitable legal decisions bearing on the
inviolability of vested interests and intangible assets。 The
outcome is； in effect； that these owners have equitably become
the sole legitimate beneficiaries of the possible margin of
product above cost。
These are also simple facts and patent； and should seem
sufficiently obvious without argument。 They have also been
explained at some length elsewhere。 But this recital of what
should already be commonplace information seems necessary here
for the sake of a more perspicuous continuity in the present
argument。 To many persons； perhaps to the greater proportion of
those unpropertied persons that are often spoken of collectively
as 〃the common man；〃 the state of things which has just been
outlined may seem untoward。 And further reflection on the
character and prospective consequences of this arrangement is
likely to add something more to the common man's apprehension of
hardship and insecurity to come。 Therefore it may be well to
recall that this state of things has been brought to pass not by
the failure of those principles of equity and self…help that lie
at the root of it all； but rather by the eminently unyielding
stability and sufficiency of these principles under new
conditions。 It is not due to any inherent weakness or shiftiness
in these principles of law and custom； which have faithfully
remained the same as ever； and which all men admit were good and
sound at the period of their installation。 But it is beginning to
appear now； after the event； that the inclusion of unrestricted
ownership among those rights and perquisites which were allowed
to stand over when the transition was made to the modern point of
view is likely to prove inexpedient in the further course of
growth and change。
Unrestricted ownership of property； with inheritance； free
contract； and self…help； is believed to have been highly
expedient as well as eminently equitable under the circumstances
which conditioned civilised life at the period when the civilised
world made up its mind to that effect。 And the discrepancy which
has come in evidence in this later time is traceable to the fact
that other things hav