FOR four chapters the reader has pursued the fortunes of three great commercial nations in their struggles to rise in the scale of wealth production. Each of them has attained the dignity of a world State, and now competes in the cosmopolitan markets to place the products whose existence in such great quantities is due to its completed national organization. All of these nations possess a factory system, well equipped transportation facilities, high specialization of labor and a thorough knowledge of resources. A phrase has been coined and accepted as embodying their material progress. That phrase already familiar may again be mentioned in the opening of this second part as it was in the first. It is "modern industrialism." When stripped of its political and ethical significance it may be reduced to the still more comprehensive word "industry."
Men have come to include under this term all labors which contribute directly or indirectly to satisfy wants. Industry is human labor which in the thoroughly civilized state becomes an essentially progressive phenomenon. Beginning in a crude society it rises gradually to the greatness of organization; never advancing equally in different places it shows great contrasts of development. The first industry to which man devotes himself after the chase is agriculture. When there is a surplus