The business community is hard at work, and there is no place in it for anyone who is unable or unwilling to work at the high tension of the average; and since this close application to pecuniary work is of a competitive nature it leaves no chance for any of the competitors to apply himself at all effectually to other than pecuniary work. This high tension of work is felt to be very meritorious in all modern communities, somewhat in proportion as they are modern; as is necessarily the case in any work that is substantially of an emulative character. It spends itself on salesmanship, not on workmanship in the naïve sense; although the all-pervading preoccupation with pecuniary matters in modern times has led to its being accounted the type of workmanlike endeavour. It concerns itself ultimately with the pecuniary manipulation of the material equipment of industry, though there is much of it that does not bear immediately on that point. The exceptions under this broad proposition are more apparent than real, although there doubtless are exceptions actual as well as apparent. In such a case the business transactions in question are likely to bear on the ownership of certain specific elements of the immaterial technological equipment, as e. g., habits of thought covered by parent-right or mechanical expedients covered by franchise. Beyond these there are elements of “good-will” that are subject of traffic and that consist in preferential advantages in respect of purely pecuniary transactions having to do not with the material equipment but with the right to deal with it and its management, as e. g., in banking, underwriting, insurance, and the phenomena of the money market at large. * * * * * But the mature business situation as it runs today is a complex affair, large and intricate, wherein the effective relations in which business traffic stands to workmanship and to the community’s immaterial equipment of technological knowledge at large are greatly obscured by their own convolutions and by the institutional arrangements and convictions to which this traffic has given rise. So that the matter is best approached by way of a genetic exposition that shall take as its point of departure that simpler business enterprise of early modern times out of which the larger development of the present has grown by insensible accretions and displacements.