individuals to engage in helpful businesses; by enforcing contracts
entered into legally; and by punishing many kinds of monopolistic
abuses. [Footnote: We shall take up the problem of monopoly in
Chapters XXVII and XXVIII.] The whole fabric of American prosperity is
built upon the foundation of law and order.

73. SUMMARY AND FORECAST.--Production in the economic sense consists
in doing that which will satisfy human wants. Modern production is a
vast and complicated process, involving the coöperation of five
factors: land, labor, capital, coördination, and government. In a
later chapter we shall find that there are wide differences of opinion
as to the relative importance of some of these factors. We shall find,
indeed, that the most vital economic problems which confront American
democracy depend for their solution upon a clear understanding of the
facts stated or implied in this chapter. The student ought not,
therefore, to accept hastily the statement that land, labor, capital,
coördination, and government are necessary in production, but ought
rather to reason out just how and why each is actually helpful in
American industry.


QUESTIONS ON THE TEXT

1. What are the chief reasons why men work?

2. Describe the "old way of getting a living."

3. Just what is meant by the "new way of getting a living"?

4. What were the chief effects of the Industrial Revolution?