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of ownership are paramount； largely because the other personal
rights in the case have come to be a matter of course and so have
ceased to hold men's attention。
So； in the matter of the franchise； e。g。； the legal
provisions more nearly meet the popular ideals of the modern
point of view today than ever before。 An the other hand the
guiding principles in the case at certain other points have
undergone a certain refinement of interpretation with a view to
greater ease and security for trade and investment； and there
has； in effect； been some slight abridgement of the freedom of
combination and concerted action at any point where an unguarded
exercise of such freedom would hamper trade or curtail the
profits of business； for the modern era has turned out to be
an era of business enterprise； dominated by the paramount claims
of trade and investment。 In point of formal requirements； these
restrictions imposed on concerted action 〃in restraint of trade〃
fall in equal measure on the vested interests engaged in business
and on the working population engaged in industry。 So that the
measures taken to safeguard the natural rights of ownership apply
with equal force to those who own and those who do not。 〃The
majestic equality of the law forbids the rich as well as the poor
to sleep under bridges or to beg on the street corners。〃 But it
has turned out on trial that the vested interests of business are
not seriously hampered by these restrictions； inasmuch as any
formal restriction on any concerted action between the owners of
such vested interests can always be got around by a formal
coalition of ownership in the shape of a corporation。 The
extensive resort to corporate combination of ownership； which is
so marked a feature of the nineteenth century； was not foreseen
and was not taken into account in the eighteenth century； when
the constituent principles of the modern point of view found
their way into the common law。 The system of Natural Rights is a
system of personal rights； among which the rights of ownership
are paramount； and among the rights of ownership is the right of
free disposal and security of ownership and of credit
obligations。
The same line of evasion is not available in the same degree
for concerted action between persons who own nothing。 Still； in
neither case； neither as regards the owners of the country's
wealth nor as regards the common man； can these restrictions on
personal freedom of action be said to be a serious burden。 And
any slight mutilation or abridgement of the rule of self…help in
their economic relations has been offset by an increasingly broad
and liberal construction of the principles of self…direction and
equality among men in their civil capacity and their personal
relations。 Indeed； the increasingly exacting temper of the common
man in these countries during this period has made such an
outcome unavoidable。 By and large； in its formal vindication of
personal liberty and equality before the law； the modern point of
view has with singular consistency remained intact in the shape
in which its principles were stabilised in the eighteenth
century； in spite of changing circumstances。 In point of formal
compliance with their demands； the enlightened ideals of the
eighteenth century are； no doubt； more commonly realised in
practice today than at any earlier period。 So that the modern
civilised countries are now； in point of legal form and perhaps
also in practical effect； more nearly a body of ungraded and
masterless men than any earlier generation has known how to be。
In this modern era； as well as elsewhere and in other times；
the circumstances that make for change and reconstruction have
been chiefly the material circumstances of everyday life；
circumstances affecting the ordinary state of industry and
ordinary intercourse。 These material circumstances have changed
notably during the modern era。 There has been a progressive
change in the state of the industrial arts； which has materially
altered the scope and method of industry and the conditions under
which men live in all the civilised countries。 Accordingly； as a
point of comparison； it will be to the purpose to call to mind
what were the material circumstances； and more particularly the
state of the industrial arts； which underlay and gave character
to the modern point of view at the period when its constituent
principles were found good and worked out as a stable and
articulate system； in the shape in which they have continued to
be held since then。
The material conditions of industry； trade and daily life
during the period of transition and approach to this modern
ground created that frame of mind which we call the modern point
of view and dictated that reconstruction of institutional
arrangements which has been worked out under its guidance。
Therefore the economic situation which so underlay and
conditioned this modern point of view at the period when it was
given its stable form becomes the necessary point of departure
for any argument bearing on the changes that have been going
forward since then； or on any prospective reconstruction that may
be due to follow from these changed conditions in the calculable
future。 An this head； the students of history are in a singularly
fortunate position。 The whole case is set forth in the works of
Adam Smith； with a comprehension and lucidity which no longer
calls for praise。 Beyond all other men Adam Smith is the approved
and faithful spokesman of this modern point of view in all that
concerns the economic situation which it assumes as its material
ground； and his description of the state of civilised society；
trade and industry； as he saw it in his time and as he wished it
to stand over into the future； is to be taken without abatement
as a competent exposition of those material conditions which were
then conceived to underlie civilised society and to dictate the
only sound reconstruction of civil and economic institutions
according to the modern plan。
But like other men。 Adam Smith was a creature of his own
time； and what he has to say applies to the state of things as he
saw them。 What he describes and inquires into is that state of
things which was to him the 〃historical present〃； which always
signifies the recent past； that is to say； the past as it had
come under his observation and as it had shaped his outlook。
As it is conventionally dated； the Industrial Revolution took
effect within Adam Smith's active lifetime； and some of its more
significant beginnings passed immediately under his eyes； indeed；
it is related that he took an active personal interest in at
least one of the epoch…making mechanical inventions from which
the era of the machine industry takes its date。 Yet the
Industrial Revolution does not lie within Adam Smith's
〃historical present；〃 nor does his system of economic doctrines
make provision for any of its peculiar issues。 What he has to say
on the mechanics of industry is conceived in terms derived from
an older order of things than that machine industry which was
beginning to get under way in his own life…time； and all his
illustrative instances and arguments on trade and industry are
also such as would apply to the state of things that was passing；
but they are not drawn with any view to that new order which was
then coming on in the world of business enterprise。
The economic situation contemplated by Adam Smith as the
natural （and ultimate） state of industry and trade in any
enlightened society； conducted on sane and sound lines according
to the natural order of human relations； was of a simple
structure and may be drawn in few lines； neglecting such minor
extensions and exceptions as would properly be taken account of
in any exhaustive description。 Industry is conceived to be of the
nature of handicraft； not of the nature of mechanical
engineering； such as it has in effect and progressively come to
be since his time。 It is described as a matter of workmanlike
labor； 〃and of the skill； dexterity and judgment with which it is
commonly applied。〃 It is a question of the skilled workman and
his use of tools。 Mechanical inventions are 〃labor…saving
devices；〃 which 〃facilitate and abridge labor。〃 The material
equipment is the ways and means by manipulation of which the
workman gets his work done。 〃Capital stock〃 is spoken of as
savings parsimoniously accumulated out of the past industry of
its owner； or out of the industry of those persons from whom he
has legally acquired it by inheritance or in exchange for the
products of his own labor。 Business is of the nature of 〃petty
trade〃 and the business man is a 〃middle man〃 who is employed for
a livelihood in the distribution of goods to the consumers。 Trade
is subsidiary to industry； and money is a vehicle designed to be
used for the distribution of goods。 Credit is an expedient of the
needy； a dubious expedient。 Profits （including interest） are
justified as a reasonable remuneration for productive work done；
and for the labor…sa