The Forgotten Man, and Other EssaysSumner, William Graham
Science
The Forgotten Man, and Other Essays
Sumner, William Graham
Economics; Social sciences
We must notice, however, that these innovations have fallen with great
rapidity upon a vast range of industries, that they have accumulated
their effects, that they have suddenly altered the currents of trade
and the methods of industry, and that we have hardly learned to
accommodate ourselves to one new set of circumstances before a newer
change or modification has been imposed. Some inventions, of which the
Bessemer steel is the most remarkable example, have revolutionized
industries. Some new channels of commerce have been opened which have
changed the character and methods of very important branches of
commerce. We have also seen a movement of several nations to secure a
gold currency, which movement fell in with a large if not extraordinary
production of silver and altered the comparative demand and supply of
the two metals at the same time. This movement had nothing arbitrary
about it, but proceeded from sound motives and reasons in the interest
of the nations which took this step. There is here no ground for
condemnation or approval. Such action by sovereign nations is taken
under liberty and responsibility to themselves alone, and if it is
taken on a sufficiently large scale to form an event of importance to
the civilized world, it must be regarded as a step in civilization.
It can only be criticized by history. For the present, it is to be
accepted and interpreted only as an indication that there are reasons
and motives of self-interest which can lead a large part of the
civilized world to this step at this time.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account