But under the conditions engendered by the machine technology the scope of this pecuniary standard of workmanship has been greatly enlarged. On the whole the machine industry calls for a large-scale organisation, increasingly so as time has passed and the machine process has come more fully to dominate the industrial situation. By the same move initiative and discretion have come to vest in those who can claim ownership of the large material equipment so required, and the exercise of such initiative and discretion by these owners is loosely proportioned to the magnitude of their holdings. Smaller owners have the same freedom of initiative and discretion, in point of legal and conventional competency,--such freedom and equality between persons being of the essence of Natural Rights; but in point of practical fact, as determined by technological and business exigencies, there is but small discretion left such smaller holders. Initiative and discretion in modern industrial matters vest in the owners of the industrial plant, or in such moneyed concerns as may stand in an underwriting relation to the owners of the plant; such discretion is exercised through pecuniary transactions; and these pecuniary transactions whereby the conduct of industry is guided and controlled are entered into with a view to gain in terms of price. It is but a slight exaggeration to say that such transactions, which govern the course of industry, are carried out with an eye single to pecuniary gain,--the industrial consequences, and their bearing on the community’s welfare, being matters incidental to the transaction of business. In every-day phrase, under the rule of the current technology and business principles, industry is managed by businessmen for business ends, not by technological experts or for the material advantage of the community. And in this control of industrial affairs the smaller businessmen are in great part subject to the discretion of the larger.[153] By ancient habit, handed down from the days of handicraft and petty trade, this pecuniary management is conventionally conceived to be directed to the production of goods and services, and the businessman is still conventionally rated as a producer and his gains accepted as a measure of his productive efficiency. In conventional speech “producer” means the owner of industrial plant, not the workmen employed nor the mechanical apparatus about which they are employed.[154] The “producers,” “manufacturers,” “captains of industry,” whose interests are safeguarded by current legislation and by the guardians of law and order are the businessmen who have a pecuniary interest in industrial affairs; and it is their pecuniary interests that are so safeguarded, in the naïve faith that the material interests of the community at large coincide with the opportunities for gain so secured to the businessmen.