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view to profitable traffic for themselves； and to creating an
advantage for themselves in the market。 It is a poor…spirited
concern that does not constantly aim to create for itself such a
position of advantage as will give it something of a vested
interest in the traffic。 Such a concern is scarcely fit to
survive； nor is it likely to。
It is not that business enterprise is wholly taken up with
such like manoeuvres of restraint； obstruction and competitive
selling。 This is only part of the business men's everyday work；
although it is not a minor part。 In any competitive business
community this line of duties will take up a large share of the
business men's attention and will engage their best and most
businesslike abilities。 More particularly in the management of
the greater industrial enterprises of the present day； the larger
as well as the more lucrative part of the duties of those who
direct affairs appears commonly to be of this nature。 That such
should be the case lies in the nature of things under the
circumstances which now prevail。 It would not be far out of the
way to say that any occupations in which this rule does not apply
are occupations which have not； or have not yet； come into line
as members in good standing in that new order of business
enterprise which is based on the machine industry governed by the
liberal principles of the eighteenth century。
〃Our people； moreover； do not wait to be coached and led。
They know their own business； are quick and resourceful at every
readjustment； definite in purpose； and self…reliant in action。。。
The American business man is of quick initiative。 The ordinary
and normal processes of private initiative will not； however；
provide immediate employment for all of the men of our returning
armies；〃 Such is the esteem in which American business men are
held by American popular opinion and such is also the view which
American business men are inclined to take of their own place and
value in the community。 There need be no quarrel with it。 But it
will be in place to call attention to the statement that 〃The
ordinary and normal processes of private initiative will not；
however； provide immediate employment for all the men。〃 It should
be added； as is plain to all men； that these ordinary and normal
processes of private initiative never do provide employment for
all the men available。 In fact； unemployment is an ordinary and
normal phenomenon。 So that even in the present emergency； when
the peoples of Christendom are suffering privation together for
want of goods needed for immediate use； the ordinary and normal
processes of private initiative are not to be depended on to
employ all the available man power for productive industry。 The
reason is well known to all men； so well known as to be uniformly
taken for granted as a circumstance which is beyond human remedy。
It is the simple and obvious fact that the ordinary and normal
processes of private initiative are the same thing as 〃business
as usual；〃 which controls industry with a view to private gain in
terms of price； and the largest private； gain in terms of price
can not be had by employing all the available man power and
speeding up the industries to their highest productivity； even
when all the peoples of Christendom are suffering privation
together for want of the ordinary necessaries of life。 Private
initiative means business enterprise； not industry。
But all the same； the profits of business come out of the
product of industry； and industry is controlled； accelerated and
slowed down with a view to business profits； and one outcome of
this arrangement so far； in America； has been the complacent
estimate of this business enterprise formulated in the passage
quoted above。 The result of a businesslike management of industry
for private gain in America has on the whole been a fairly high
level of prosperity。 For this there are two main reasons： （a） the
exceptionally great natural resources of the country； and （b） the
continued growth and spread of population； （a） Business
enterprise； that is to say private ownership； has taken over
these resources； by a process of legalised seizure； and has used
them up as rapidly as may be； with a view to private gain； all of
which has gone to make private business profitable to that
extent； although it has impoverished the underlying community by
using up its natural resources； （b） The continued growth and
spread of population； by natural increase and by immigration； has
furnished the business men of this country a continually
expanding market for goods； both for goods to be used in
production and transportation and for finished articles of
consumption。 Hence the American business men have been in the
fortunate position of not having to curtail the output of
industry harshly and persistently at all points。 It is； in
effect； for this continued growth of their market； caused by the
growth of population； that the business men claim credit when
they 〃point with pride〃 to the resourcefulness and quick
initiative with which they have 〃developed the country；〃 To their
credit be it said； they have on the whole not hindered the
country's prosperity beyond what the traffic would bear； and the
peculiar situation of this country hitherto has been such that
the traffic of business would bear a nearly uninterrupted
expansion of industry at perhaps something like one…half of its
possible rate of expansion。 To their own gain； and to the relief
of the underlying community； they have been enabled profitably to
let the country's industry run on a moderately high level of
efficiency；with more or less； but always a very appreciable
amount； of unemployment； idle plant； and waste of resources。
All that industry which comes in under the dominant machine
technology that is to say all that fairly belongs in the new
order of industry is now governed by business men for business
ends； in what is to be done and what is to be left undone。 And
wherever business enterprise has taken over the direction of
things the management is directed in part to the production of a
marketable supply； and in part to arranging for a profitable sale
of the supply； and the strategy available for this latter； and
indispensable； work lies almost wholly within the lines of
competitive management already spoken of。 In case these
manoeuvres of businesslike deviation and defeat are successful
and fall into an orderly system whose operation may be continued
at will； or in so far as this management creates an assured
strategic advantage for any given business concern； the result is
a vested interest。 This may then eventually be capitalised in due
form； as a body of intangible assets。 As such it goes to augment
the business community's accumulated wealth。 And the country is
statistically richer per capita。
A vested interest is a marketable right to get something for
nothing。 This does not mean that the vested interests cost
nothing。 They may even come high。 Particularly may their cost
seem high if the cost to the community is taken into account； as
well as the expenditure incurred by their owners for their
production and up…keep。 Vested interests are immaterial wealth；
intangible assets。 As regards their nature and origin； they are
the outgrowth of three main lines of businesslike management： （a）
Limitation of supply； with a view to profitable sales； （b）
Obstruction of traffic； with a view to profitable sales； and （c）
Meretricious publicity； with a view to profitable sales。 It will
be remarked that these are matters of business； in the strict
sense。 They are devices of salesmanship； not of workmanship； they
are ways and means of driving a bargain； not ways and means of
producing goods or services。 The residue which stands over as a
product of these endeavors is in the nature of an intangible
asset； an article of immaterial wealth； not an increase of the
tangible equipment or the material resources in hand。 The
enterprising owners of the concern may be richer by that much；
and so perhaps may the business community as a whole though
that is a precariously dubious point but the community at
large is no better off in any material respect。
This account； of course； assumes that all this business is
conducted strictly within the lines of commercial honesty。 It
would only be tedious and misleading to follow up and take
account of that scattering recourse to force or fraud that will
never wholly be got rid of in the pursuit of gain； whether by way
of business traffic or by more direct methods。 Still； it may well
be in place to recall that the code of commercial honesty applies
only between the parties to a bargain； and takes no account of
the interests of any third party； except by express injunction of
the； law； still less does it imply any degree of regard for the
common good。 Commercial honesty； of course； is the honesty of
self…help； or caveat emptor； which is Latin for the same thing。
In the ordinary course of management some considerable amount
of means an