,libr>ies7       ,,! ,,bus9ess ,,c>e]   
,b>b>a ,we9/ock ,lectures on ! ,morals (
 ,trade4  ,?is s]ies w conta9 essays by 
repres5tative s*ol>s & m5 ( affairs     
deal+ ) ! v>i\s phases ( ! moral law 9  
its be>+ on bus9ess life "u ! new       
economic ord]1 fir/ deliv]$ at !        
,univ]sity ( ,cali=nia on ! ,we9/ock    
f\ndation4 ,! fir/ volume to appe> 9 ?is
 s]ies is3  ,,! ,,bus9ess ,,c>e]4 ,by   
,alb]t ,%aw1 ,ph4,d4  ,paul ,eld] &     
,company ,san ,francisco      ,,!       
,,bus9ess ,,c>e] ,,9 ,,its ,,public     
,,relations    ,,by  ,,alb]t ,,%aw1     
,,ph4,d4  ,,editor ,,( ,,! ,,am]ican    
,,review ,,( ,,reviews   ,x is !        
positive & aggressive attitude t[>d     
life1 ! e?ics ( action1 r ?an ! e?ics ( 
negation1 t mu/ control ! mod]n bus9ess 
_w1 & t may make our mod]n bus9ess man !
 mo/ pot5t factor = good 9 ?is1 8 own1  
indu/rial p]iod4    ,,paul ,,eld] ,,&   
,,company ,,publi%]s1 ,,san ,,francisco 
,copyright1 #aijd by ,,paul ,,eld] ,,&  
,,company ,san ,francisco  ,! ,tomoy    

,press     ,! cultivation ( public _s1 9
 ! broad s5se1 & ! det]m9ation to be an 
all-r\nd good & effici5t citiz5 & memb] 
( ! community1 w (t5 help a man amaz+ly 
to disc]n ! opportunities = usefulness t
 lie 9 ! direct l9e ( 8 bus9ess life4   
,,! ,,f\nd]',s ,,preface   ,despite all 
t c /ill be said aga9/ trade practices1 
aga9/ ! bus9ess lies t are told1 ! false
 weights & measures t are us$1 ! trade  
frauds to :i* ! public is subject$1 we  
are ne>] a high comm]cial /&>d ?an ev]  
be=e 9 ! _w's hi/ory4  ,man's confid5ce 
9 man is great] ?an ev] be=e1 !         
comm]cial loss ?r\gh fraud & di%one/y is
 con/antly dim9i%+ & /&>ds are sl[ly b  
surely mov+ upw>d4 ,! hone/ man's *ances
 = success 9 bus9ess are bett] ?an ev]  
be=e1 & ! di%one/ man's *ances = la/+   
comm]cial success are less ?an ev] be=e4
 ,to gr[ ri* by fail+ 9 bus9ess is no   
long] reg>d$ z an act ( clev]ness4 ,!   
pr(essional bankrupt f9ds x m & m       
difficult to get cr$it4 ,he soon        
discov]s t ev5 8 ca% w n w9 = him !     

att5tion t 8 poor] neighbor comm&s      
simply by 8 "*4  ,education has done    
spl5did s]vice 9 rais+ comm]cial /&>ds4 
,z a rule1 ! high-ton$ bus9ess man is   
enlight5$1 &1 z a rule1 ! di%one/1      
unscrupul\s man 9 bus9ess is ignorant4  
,great aid 9 ! direction ( rais+        
comm]cial /&>ds may be r5d]$ by ! fur!r 
spread+ ( k & enlight5m5t4 ,!re are /ill
 _m misguid$ m5 9 bus9ess :o imag9e t   
!re c be no success )\t false weights & 
measures1 )\t lies & deceit4 ,x is !    
duty ( e man 9 bus9ess1 :o loves ! "w 9 
:i* he is engag$1 to d :atev] he c to   
correct ?is mi/ak5 notion1 & to ar\se ! 
same s5se ( honor 9 ! circles ( comm]ce 
t1 z a rule1 is f\nd 9 pr(essional life4
  ,9 ! decades to come m5 w take z mu*  
pride 9 be+ engag$ 9 trade z m5 always h
 tak5 9 be+ memb]s ( a lib]al pr(ession4
  ,x seem$ to me t a /ep t[>d ha/5+ su* 
a day might be tak5 by invit+ ! be/     
?\ghts ( "s ( ! c\ntry's be/ m9ds on !  
subject ( ,! ,morals ( ,trade4  ,:at    
bett] plat=m = ! expression ( su* ideas 

?an t furni%$ by ! ,college ( ,comm]ce (
 ! ,univ]sity ( ,cali=nia8 ,:at bett]   
way to spread su* ?\ghts ?an by means ( 
_! di/ribution 9 pr9t$ =m8 ,:at bett]   
way to tra9 to high] comm]cial /&>ds !  
m9ds1 n only ( ! y\?s :o are seek+ a    
univ]sity education & :o h 9 view a     
bus9ess c>e]1 b also ( ! _m already     
engag$ 9 bus9ess :o h n _h ! b5efit ( a 
college tra9+8  ,x seem$ to me t su* a  
/ep might set 9 motion a comm]cially    
educational =ce :i* w\ld prove f>-rea*+ 
9 its influ5ce & mo/ helpful 9 rais+    
bus9ess "*4  ,?\ghts su* z ^! prompt$ ! 
rec5t e/abli%+ ( ! lecture%ip on ,!     
,morals ( ,trade 9 connection ) !       
,college ( ,comm]ce ( ! ,univ]sity (    
,cali=nia4  ,let ! hope be express$ t   
?is is b ! beg9n+ ( a movem5t :i* may be
 tak5 up by abl] & weal?i] m5 9 bus9ess 
& broad5$ 9 _m ways4 ,a gr[+ lit]ature  
on ,! ,morals ( ,trade1 repres5t+ ! be/ 
?\ghts ( our be/ m9ds1 is likely to live
 & to d spl5did s]vice 9 elevat+ comm]ce
 & 9 rais+ its /&>ds4  ,h4 ,,we9/ock4   

,! purpose ( ?is disc\rse is to set =?  
"s ( ! social & public aspects ( trade &
 comm]ce 9 our mod]n life4 ,we h he>d   
mu* 9 ^! rec5t times conc]n+ ! ,/ate 9  
its relation to trade1 indu/ry1 & !     
economic conc]ns ( individuals & gr\ps4 
,rapidly *ang+ conditions1 h[ev]1 make x
 fitt+ t m %\ld be said f ! opposite    
/&po9t2--t is to say1 reg>d+ !          
responsibilities ( ! bus9ess community z
 su* t[>d ! ,/ate 9 p>ticul> & t[>d !   
:ole social organism 9 g5]al4  ,"s ( !  
?\ghts to :i* ,i %\ld l to give         
expression might p]haps too readily fall
 into ab/ract or philosophical t]ms4 ,!y
 might1 on ! o!r h&1 only too readily   
clo! !mselves 9 cant phrases & assume ! 
hortatory tone4 ,i %all try to avoid    
dialectic or !ory on ! "o h&1 & prea*+  
on ! o!r4 ,i take x t :at ,i am to say  
is address$ *iefly to "y m51 & t x ought
 to s]ve a practical object4  ,9 !      
univ]sities ! _s ( idealism dom9ates4 ,!
 academic po9t ( view is n m]ely an     
intellectual "o1 b x is also e?ical &   

altrui/ic4 ,9 ! bus9ess _w1 on ! o!r h&1
 we are told t no success is possible   
except t :i* is bas$ ^u ! motive (      
money-gett+ by any means1 h[ev] ru?less4
 ,we are told t ! /&>ds ( bus9ess life  
are 9 conflict irreconcilable ) true    
ideali/ic aims4 ,x is ?is situation t ,i
 wi% to analyze & discuss2 = x conc]ns !
 /ud5t 9 a v direct way4  ,our morali/s 
po9t out ! dang]\s preval5ce ( ^? l[    
/&>ds ( p]sonal life & conduct summ$ up 
9 ! t]m comm]cialism4 ,we are w>n$ by "s
 ( our =emo/ tea*]s & e?ical lead]s     
aga9/ comm]cialism 9 politics &         
comm]cialism 9 society4 ,s bitt]ly      
reprobat$ inde$ is ! influ5ce (         
comm]cialism t x might be inf]r$ t      
comm]ce itself is at be/ a necess>y evil
 & a ?+ to be apologiz$ =4 ,b if we are 
to accept ?is po9t ( view )\t c>eful    
discrim9ation1 we may well be al>m$2 =  
we live 9 a _w giv5 ov] z nev] be=e to !
 :irl ( indu/ry & ! ru% & excitem5t ( ! 
m>ket-place4  ,?is1 ( all ages1 is ! age
 ( ! bus9ess man4 ,! h]oic times :5     

w>f>e 0 ! *ief conc]n ( nations1 h long 
s9ce pass$ by4 ,s too ! ages ( fai?1--:5
 !ology 0 ! ma9spr+ ( action1 :5 :ole   
peoples w5t on long crusades1 & :5      
build+ ca!drals & burn+ h]etics 7       
typical ( m5's ef=ts & convictions--h   
fall5 f> into ! hi/oric backgr\nd4      
,fur!r1 we w\ld seem 9 ! ma9 to h left  
beh9d u t p]iod ( :i* ! ,fr5*           
,revolution is ! mo/ conspicu\s l&m>k1  
:5 ! ga9+ ( political lib]ty = !        
individual seem$ ! "o supreme good1 & ! 
object = :i* nations & communities 7    
ready to sacrifice all else4  ,?r\gh ^! 
& o!r p]iods *>act]iz$ by _! own        
especial aims & ideals1 we h come to an 
age :5 comm]cialism is ! all-absorb+ ?+2
 & we are told by pessimi/s t ^! dom9ant
 conditions are hopelessly incompatible 
) academic idealism or ) ! ma9t5ance (  
high e?ical /&>ds1 :e!r = ! guidance ( !
 individual himself or = ! acceptance & 
control ( ! community4 ,x is precisely  
?is /ate ( affairs1 !n1 t ,i desire     
briefly to consid]4 ,& ,i %all keep 9   

m9d ^? be>+s ( x t might seem to h "s   
relation to ! views & aims ( /ud5ts :o  
are soon to g out f ! %elt]$ life ( !   
univ]sity1--"u ! necessity1 :e!r !y %r9k
 f x or n1 ( becom+ "p & p>cel ( ?is    
organism ( bus9ess & trade t has invad$ 
almo/ e sph]e ( mod]n activity4  ,i h   
only rec5tly he>d a great & eloqu5t     
tea*] ( morals1 himself an expon5t ( !  
highe/ & f9e/ culture to :i* we h       
atta9$1 speak 9 t]ms ( ! utmo/ d\bt &   
anxiety reg>d+ ! drift ( ! times4 ,to 8 
m9d1 ! evils & dang]s accompany+ !      
/up5d\s developm5ts ( our day are su* z 
to set :at he call$ comm]cialism 9      
direct antagonism to all t 9 8 m9d      
repres5t$ ! high] good1 :i* he t]m$     
idealism4 ,! impression t he left ^u 8  
audi5ce 0 t ! =ces ( our pres5t-day     
bus9ess life are inh]5tly oppos$ to !   
a*ievem5t ( ! be/ results 9 /atecraft & 
9 ! g5]al life ( ! community4 ,he c\ld  
propose no rem$y = ! evils he deplor$   
except education1 & ! sav+ ( ! old      
ideals ?r\gh ! remnant ( ! fai?ful :o _h

 n b[$ ! knee 9 ! temple ( ,mammon4 ,b  
he po9t$ out no way by :i* to protect ! 
t5d] blossoms ( academic idealism1 :5 !y
 meet _! inevitable exposure 9 due "t to
 ! blight+ & )]+ bla/s ( ! comm]cialism 
t to him seem$ s little reconcilable ) !
 good1 ! true1 & ! beautiful4  ,to all  
?is ! practical man c only reply1 t if1 
inde$1 comm]cialism itself _c be made to
 furni% a soil & an atmosph]e 9 :i*     
idealism c gr[1 bud1 blossom1 & be>     
glori\s fruit1--!n idealism is          
hopelessly a lo/ cause4 ,if x be n      
possible to promote ?+s ideally good    
?r\gh ^! v =ces ( comm]cial & indu/rial 
life1 !n ! outlook is a gloomy "o = !   
social morali/ & ! political puri/4  ,x 
is n a def5sive position t ,i propose to
 take4 ,i %\ld n ?9k x ne$ful at ?is "t 
ev5 s mu* z briefly to reflect any ( ^? 
timor\s & pa9ful argum5ts pro & con t "o
 f9ds at times runn+ ?r\gh ! columns ( !
 press1 p>ticul>ly ( ! religi\s         
weeklies1 on su* a "q z1 = example1 :e!r
 n[adays a man c at ! same "t be a true 

,*ri/ian & a successful bus9ess man2 or 
:e!r ! obs]vance ( ! pr9ciples ( common 
hone/y is at all compatible ) a w9n+    
ef=t to make a dec5t liv+4  ,i am well  
aw>e t ! ?\ghtful & intellectual f\nd] (
 ?is lecture%ip1 "u :i* ,i h be5 invit$ 
to speak1 takes no su* n>r[ view ei!r ( 
morality on ! "o h& or ( ! function (   
bus9ess life on ! o!r4 ,8 def9ition (   
morality 9 bus9ess w\ld dem& some?+ v   
diff]5t f ! m]e avoidance ( c]ta9 obvi\s
 transgressions ( ! accept$ rules (     
conduct1 p>ticul>ly ( t comm&m5t :i*    
says3 ,?\ %alt n /eal4 ,nor1 on ! o!r   
h&1 w\ld 8 def9ition ( ! functions (    
bus9ess life be 9 any mann] b\nd$ by !  
notion t bus9ess is a pursuit hav+ = its
 sole object ! gett+ ( ! l>ge/ possible 
am\nt ( money4  ,^? p :o are cont5t to  
apply negative moral /&>ds to ! c>ry+ on
 ( bus9ess life rem9d "o ( ! little     
boy's famili> def9ition ( salt3 ,salt1  
said he1 is :at makes potatoes ta/e bad 
:5 y don't put any on4 ,accord+ to t    
sort ( def9ition1 morality 9 bus9ess    

w\ld be def9$ z t quality :i* makes !   
groc] good & respectable :5 he resi/s   
temptation & does n put s& 9 ! sug>4 ,! 
smug maxim t hone/y is ! be/ policy1    
:ile d\btless true en\gh z a v]dict (   
human exp]i5ce "u normal conditions1 is 
n fitt$ to ar\se mu* en?usiasm z a      
/atem5t ( ultimate e?ical aims & ideals4
  ,if x 7 admitt$ t ! sole or guid+     
motive 9 a bus9ess c>e] mu/ ne$s be !   
accumulation ( money1 ,i %\ld c]ta9ly n 
?9k x wor? :ile1 9 ! "n ( trade morals1 
to urge "y m5 :o are to ent] bus9ess    
life t !y play ! game accord+ to safe & 
well-recogniz$ rules4 ,i w\ld n take !  
tr\ble to advise !m to /udy ! p5al code 
& to famili>ize !mselves ) ! legal      
def9itions ( gr& & petit l>c5y1 (       
embezzlem5t1 or fraud1 or arson1 9 ord] 
t !y might escape c]ta9 haz>ds t beset a
 too n>r[ k9d ( devotion to bus9ess     
success4 ,x is true1 d\btless1 t a      
bus9ess c>e] af=ds peculi>              
opportunities1 & is !re=e subject to its
 own *>act]i/ic temptations1 z respects 

! purely private & p]sonal /&>ds (      
conduct4  ,! magnitude ( our economic   
movem5t1 ! v spl5dor ( ! opportunities t
 ! swift developm5t ( a va/ "y c\ntry l 
ours af=ds1 mu/ inevitably 9 "s cases   
upset at once ! sob] bus9ess judgm5t (  
m51 & 9 "s cases ! /&>d ( p]sonal honor 
& good fai?1 9 ! temptation to get ri*  
quickly2 s t wrong is done !reby to a   
man's associates or to ^? ^: int]e/s are
 9 8 h&s1 :ile /ill great] wrong is done
 to 8 own "*4  ,b1 ev5 aga9/ ?is dang]\s
 gre$ = weal? & ! unscrupul\sness &     
ru?lessness :i* x eng5d]s1 x is no "p ( 
my pres5t object to w>n any "y man4 ,i  
take x t ! negative /&>ds ( private     
conduct are usually n mu* affect$ by a  
man's *oice ( a pursuit 9 life4 ,if any 
man's honor c\ld be fil*$ f him by a    
m]ely pecuni>y rew>d1 :e!r great] or    
less1 ,i %\ld n ?9k x likely t he w\ld  
be mu* saf] 9 ! long run if he *ose !   
cl]ical pr(ession1 = example1 ?an if he 
w5t into bus9ess4  ,soon] or lat] 8 "*  
w\ld disclose itself4 ,x is n1 !n1 ( !  

private & negative /&>ds ( conduct t ,i 
wi% to speak1--except by way ( su*      
allusions z ^!4 ,& ev5 ^! allusions are 
only = ! sake ( mak+ m di/9ct ! positive
 & active phases ( bus9ess e?ics t ,i   
%\ld l to pres5t 9 su* a way z to fa/5  
!m ^u ! att5tion4  ,_m "y m51 to :om ^! 
views are address$1 w d\btless *oose1 or
 h already *os51 :at is commonly kn[n z 
a pr(essional c>e]4 ,! m9i/ry1 law1 &   
m$ic9e are ! olde/ & be/ recogniz$ ( !  
s-call$ lib]al or le>n$ pr(essions4 ,n[ 
:at are ! di/9ctive m>ks ( pr(essional  
life8 ,are ! m5 :o practice ^!          
pr(essions n also bus9ess m58 ,& if s1  
h[ are !y diff]5t f ^? bus9ess m5 :o are
 consid]$ laym51 or non-pr(essional8    
,obvi\sly ! di/9ctions t are to be      
drawn1 if any1 are 9 ! nature ( m>k$    
t5d5cies4 ,we %all n expect to f9d any  
h>d & fa/ l9es4 ,_m lawy]s1 "s doctors1 
& a few cl]gym5 are cle>ly en\gh bus9ess
 m51 9 ! s5se t !y atta* m importance to
 ! economic be>+s ( ! "p !y play 9 !    
social organism ?an to ! high] e?ical or

 intellectual aspects ( _! "w4  ,i h    
read & he>d _m def9itions ( :at really  
con/itutes a pr(essional man4 ,:atev]   
else1 h[ev]1 may *>act]ize ! nature ( 8 
call+1 x seems to me pla9 t no man c be 
?\ght a true or wor?y memb] ( a         
pr(ession :o does n admit1 bo? 9 !ory & 
9 ! rules & practices ( 8 life1 t he has
 a public function to s]ve1 & t he mu/  
frequ5tly be at "s discom=t or          
disadvantage because ( ! calls (        
pr(essional duty4 ,! labor] is wor?y ( 8
 hire2 & ! pr(essional man is entitl$ to
 obta91 if he c1 a compet5ce = himself &
 8 family f ! useful & productive s]vice
 he is r5d]+ to 8 fell[ m54 ,he may ev51
 ?r\gh g5ius or ?r\gh ! great confid5ce 
8 "* & skill inspire1 ga9 consid]able   
weal? 9 ! practice ( 8 pr(ession4 ,b if 
he is a true pr(essional man he does n  
d]ive 8 inc5tive to ef=t solely or      
*iefly f ! pecuni>y ga9s t 8 pr(ession  
br+s him4 ,nor is ! am\nt ( 8 income    
reg>d$ among ! fell[ memb]s ( 8         
pr(ession z ! true te/ or measure ( 8   

success4  ,?us ! lawy]1 9 ! !ory ( 8    
pr(ession1 be>s an important public     
relation to ! disp5s+ ( ju/ice & to !   
protection ( ! innoc5t & ! feeble4 ,he  
is n a private p]son1 b a "p ( ! sy/em =
 support+ ! reign ( law & ( "r 9 !      
community4 ,hi/orically1 9 ?is c\ntry1 !
 lawy] has also borne a great "p 9 !    
mak+ & adm9i/]+ ( our in/itutions (     
gov]nm5t4 ,if1 z "s ( u ?9k1 ! e?ical   
code ( t pr(ession ne$s to be some:at   
revis$ 9 view ( pres5t-day conditions1 &
 ne$s also to be m /]nly appli$ to "s ( 
! memb]s ( ! pr(ession1 x is true1 none 
! less1 t !re cle>ly belongs to ?is     
great call+ a s]ies ( duties ( a public 
nature1 "s ( !m impos$ by ! laws ( ! l&1
 & o!rs inh]5t 9 ! v nature ( !         
occupation itself4  ,x is true 9 an ev5 
m m>k$ & und5iable fa%ion t ! pr(ession 
( m$ic9e1 by virtue ( its public &      
social aspects1 is di/+ui%$ 9 a m>k$ way
 f a call+ 9 life 9 :i* a man might feel
 t :at he did 0 /rictly 8 own bus9ess1  
subject to nobody's scrut9y1 or inquiry1

 or int]f]5ce4 ,! physician's public    
obligation is 9 "p prescrib$ by ! laws (
 ! ,/ate :i* regulate m$ical practice1 &
 9 v l>ge "p by ! pr(essional codes :i* 
h be5 evolv$ by ! pr(ession itself = its
 own guidance4 ,x is n ! am\nt ( 8 fee t
 ! ov]work$ doctor is ?9k+ ab\t :5 he   
risks 8 own heal? 9 response to night   
calls1 or :5 he devotes himself to "s   
especially pa9ful or difficult case4    
,nor is x a m]e consid]ation ( 8        
possible e>n+s t w\ld det] him f seek+  
com=t & safety by tak+ 8 family to      
,europe at a "t :5 an epidemic _h brok5 
out 9 8 own neighborhood4  ,i ne$ n     
allude to ! unselfi% devotion to ! good 
( ! community t 9 s high a degree m>ks !
 lives ( mo/ ( ! memb]s ( ! cl]ical     
pr(ession1 = ?is is evid5t to all       
obs]vant p]sons4  ,on ! o!r h&1 x _c be 
too cle>ly p]ceiv$ t !re is no?+ 9 !    
dis9t]e/$ness1 & 9 ! obligation to r5d] 
public s]vice *>act]iz+ pr(essional life
 t am\nts to unnatural self-d5ial or    
pa9ful r5unciation1--unless 9 "s extreme

 & individual cases4 ,on ! contr>y1     
pr(essional life at its be/ (f]s a great
 advantage 9 s f> z x p]mits a man to   
?9k fir/ ( ! "w he is do+ & ! social    
s]vice he is r5d]+1 r ?an ( pecuni>y    
rew>d4 ,i h myself on m ?an "o occasion 
po9t$ out to "y m5 ! great] prospect =  
happ9ess 9 life t comes ) ! *oice ( a   
call+ 9 :i* ! "w itself prim>ily focuses
 ! att5tion1 & 9 :i* ! pecuni>y rew>d   
comes z an incid5t r ?an z ! consci\s & 
direct result ( a giv5 ef=t4  ,! greate/
 pleasure 9 "w is t :i* comes f ! tra9$ 
& regulat$ ex]cise ( ! faculty (        
imag9ation4 ,9 ! conduct ( e law case   
?is faculty has abundant opportunity1 z 
x also has 9 ! ef=ts ( ! physician to   
aid nature 9 ! re/oration ( heal? &     
vigor 9 ! individual1 or 9 ! sanit>y    
protection ( ! community4 ,i hope ,i h  
made cle> ?is po9t3 t pecuni>y success1 
ev5 9 l>ge measure1 9 ! "w ( a          
pr(essional man1 may be entirely        
compatible ) dis9t]e/$ devotion to a k9d
 ( "w t makes = ! public weal1 :ile x is

 also wor?y ( pursuit = its own sake1 & 
br+s cont5t & ev5 happ9ess 9 ! do+4 ,& x
 is cle> en\gh1 9 ! case ( a pr(essional
 man1 t he is false to 8 pr(ession & to 
8 pla9 obligations if he %[s himself to 
be rul$ by ! anti-social _s2 t is to    
say1 if he consid]s himself absolv$ f   
any duties t[>ds ! community ab\t him2  
?9ks t ! practice ( 8 pr(ession is a    
private affair = 8 own pr(it &          
advantage1 & holds t he has done 8 :ole 
duty :5 he has escap$ liability =       
malpractice or disb>m5t4  ,b ! ?ree     
olde/ & be/ recogniz$ pr(essions no     
long] /& alone1 9 ! e/imation ( our     
high] educational au?orities & ( !      
intellig5t public4 ,9 a democracy l     
ours1 ) a con/antly advanc+ conception (
 :at is involv$ 9 education = citiz5%ip 
& = p>ticipation 9 e individual function
 ( ! social & economic life1 ! "w ( !   
tea*] comes to be recogniz$ z           
pr(essional 9 ! highe/ s5se4 ,tea*+1    
inde$1 seems de/9$ 9 ! ne> future to    
become ! v =emo/ ( all ! pr(essions4    

,?is recognition w come :5 ! idea takes 
full possession ( ! public m9d t ! *ief 
task ( ea* g5]ation is to tra9 ! next   
"o1 & to transmit su* /ores ( k & useful
 exp]i5ce z x has receiv$ f its         
pr$ecessors or has evolv$ = itself4  ,x 
is obvi\s en\gh t ! "w ( ! tea*] gives  
room = ! play ( ! l(tie/ ideals1 & t its
 functions are ess5tially public &      
dis9t]e/$4 ,b !re are o!r call+s1 su* z 
^? ( ! ar*itect & eng9e]1 :i* h also    
come to be spok5 ( z pr(essional 9 _!   
nature4 ,_! k9%ip to ! old] pr(essions  
has be5 m readily recogniz$ by ! m5 (   
cons]vative univ]sity traditions1       
because mu* ( ! prep>ation = ^! call+s c
 advantage\sly be ( an academic sort4   
,ar*itecture 9 its hi/orical aspects is 
closely associat$ ) ! /udy ( classical  
p]iods2 :ile ! pr(ession ( ! eng9e]     
relates itself to ! immemorial univ]sity
 devotion to ma!matics4 ,& 9 l mann] !  
man :o = practical purposes becomes a   
*emi/ or an electrician w\ld be easily  
admitt$ by ,presid5t ,eliot1 = example1 

to ! favor$ fell[%ip ( ! pr(essional    
classes = ! reason1 fir/1 ( ! discipl9>y
 & lib]aliz+ nature ( ! /udies t und]lie
 8 call+1 &1 9 ! second place1 ( !      
public & social aspects ( ! functions he
 fulfils 9 ! pursuit ( 8 vocation4  ,!  
ar*itect1 ! civil or me*anical or       
electrical eng9e]1 & ! *emi/1 z well z !
 pr(essional tea*]1 ! tra9$ libr>ian1 or
 ! j\rnali/ :o c>ries on 8 "w ) due s5se
 ( its almo/ unequal$ public duties &   
responsibilities1--all ^! are n[ admitt$
 by dicta ( our =emo/ au?orities to a   
place equal ) ! law1 m$ic9e1 & ! m9i/ry 
9 ! li/ ( ! pr(essions2 t is to say1 9 !
 gr\p ( call+s :i*1 "u my def9ition1 are
 di/+ui%$ especially by _! public "*4 ,&
 9 ?is gr\p1 ( c\rse1 %\ld be includ$   
politicians1 legislators1 & public      
adm9i/rators 9 s f> z !y s]ve ! public  
int]e/s reputably & 9 a pr(essional _s4 
,nor %\ld we =get su* special classes ( 
public s]vants z ! (fic]s ( ! army &    
navy2 :ile nobody w d5y public "* &     
pr(essional rank to m5 ( lett]s1 arti/s1

 musicians & actors4  ,9 all ^! call+s x
 is dem&$ n m]ely t m5 %all be subject  
to ! private rules ( conduct1--t !y mu/ 
n *eat1 or lie1 or /eal1 or be> false   
witness1 or be bad neighbors or         
undesirable citiz5s1--b 9 addition & 9 !
 mo/ important s5se t !y %all be subject
 to positive e?ical /&>ds t relate to ! 
welf>e ( ! :ole community1 & t require (
 !m ! ex]cise ( a true public _s4  ,!   
man ( public _s is he :o is able at a   
giv5 mom5t1 "u c]ta9 conditions1 to set 
! public welf>e be=e 8 own4 ,fur!rmore1 
he is a man :o is tra9$ & habituat$ to t
 po9t ( view1 s t he is n aw>e ( any    
pangs ( m>tyrdom or ev5 ( any ex]cise ( 
self-d5ial :5 he is conc]n+ himself ab\t
 ! public good ev5 to 8 own mom5t>y     
inconv5i5ce or disadvantage4 ,public _s 
is t /ate or habit ( m9d :i* leads a man
 to c>e greatly = ! g5]al welf>e4 ,x is 
?is e?ical quality t to my m9d %\ld be !
 great aim & object ( tra9+4  ,on its   
be/ side1 :at we t]m ! pr(essional _s   
is1 !n1 v closely relat$ to ?is         

comm5dable quality 9 m5 ( a "r          
intellectual & moral developm5t t we    
call public _s4 ,! *ief diff]5ce lies 9 
?is3 t :]eas all pr(essional m5 may be  
public-spirit$ 9 a g5]al s5se1 ea*      
pr(essional man %\ld1 9 addition1       
manife/ a special & te*nical sort (     
public _s t p]ta9s to ! nature ( 8      
call+4 ,! lawy] %\ld h a p>ticul>ly ke5 
reg>d = ! equitable adm9i/ration (      
ju/ice4 ,! doctor %\ld truly c>e = !    
physical :olesom5ess & well-be+ ( !     
community4 ,! cl]gyman %\ld be alive to 
^? ?+s t conc]n ! rectitude & purity (  
life4 ,! j\rnali/ %\ld be will+ to make 
sacrifices = ! sake ( ! enlight5m5t (   
public op9ion2 & s on4 ,)\t ei!r ! g5]al
 or ! te*nical manife/ations ( public   
_s1 9 %ort1 ! s-call$ pr(essional man is
 a reproa* to 8 guild & a failure 9 8   
neighborhood4  ,n[1 :at has all ?is to d
 ) ! moral /&>ds t belong to ! bus9ess  
c>e] z di/+ui%$ f ! pr(essional life8   
,my answ] mu/ be v cle> & v direct if ,i
 am to ju/ify s long an analysis ( !    

e?ical *>act]i/ics ( ! pr(essions       
!mselves4 ,i h m]ely us$ ! "t-honor$    
me?od ( try+ to lead y by way ( famili>1
 admitt$ po9ts ( view to c]ta9 po9ts (  
view t1 if n :olly new1 are at lea/ less
 famili> & less widely recogniz$4 ,!    
:ole !sis t ,i wi% to develop is simply 
?is3 t h[ev] x may h be5 9 bus9ess life 
9 times pa/ & gone1 !re has be5 su* a   
trem5d\s *ange 9 ! organization & me?ods
 ( ! bus9ess _w & also 9 ! relative     
importance ( ! functions ( ! bus9ess man
 9 ! community1 t ! di/9ctions :i* h    
hi!rto set ap>t ! pr(essional classes h 
become obsolete = all practical purposes
 9 _m bran*es & dep>tm5ts ( ! bus9ess   
_w4  ,at lea/1 ! "w ( ! responsible     
lead]s is no long] to be reg>d$ z       
ess5tially a ?+ ( private conc]n & free 
f public responsibility4 ,if ! bus9ess  
_w is n *>act]iz$1 fir/1 by public _s & 
a s5se ( public duty 9 g5]al1 &1 second1
 by ! special & te*nical s5se ( public  
obligation t p]ta9s to p>ticul> k9ds or 
dep>tm5ts ( bus9ess activity1 !n x is   

fall+ %ort ( its be/ opportunities &    
evad+ its provid5tial tasks4 ,x is = !  
mod]n bus9ess _w to recognize !         
conditions t h 9 ! fulness ( "t giv5 x s
 great a p[] & s dom9ant a position2 & x
 mu/ n %irk ! responsibilities t belong 
to x z fully & truly z !y belong to any 
( ! pr(essions4  ,i hold1 !n1 t ! "y man
 ( education & opportunity :o proposes  
to g into a bus9ess c>e] ent]s x n m]ely
 ) a l[ & unwor?y /&>d if 8 sole motive 
& object be to acquire weal?1 b he also 
ent]s x 9 disreg>d ( ! ideas t fill !   
m9ds ( ! be/ mod]n bus9ess lead]s4 ,he  
%[s a pitiable lack ( appreciation ( !  
elem5ts t are to con/itute real bus9ess 
success 9 ! p]iod )9 :i* 8 own c>e] mu/ 
fall4  ,let u consid]1 briefly1 !       
evolution ( our pres5t-day economic or  
bus9ess life1 & !n take note ( !        
necess>y place t p>ticul> classes (     
bus9ess m5 mu/ hold 9 ! /ructure ( our  
society4 ,i1 = my "p1 look ^u ?is la/   
c5tury ( economic progress1--"u ! sway (
 :at is (t5 call$ capitalism z a t]m (  

reproa*1--z an immeasurable boon to     
mank9d4 ,x began ) ! practical          
utilization ( sev]al great inv5tions1   
notably t ( /eam p[]1 :i* broke up ! old
 h\sehold & village indu/ries1 gave u ! 
mod]n factory sy/em1 & along ) !        
developm5t ( railroads gave u ! mod]n   
indu/rial city4 ,?is new & revolutioniz+
 sy/em ( indu/ry & bus9ess =c$ its way  
into a _w ( pov]ty1 ( disease1 ( deprav$
 public life1 ( l[ morals 9 ! ma9 p]vad+
 ! community1--a _w = ! mo/ "p ( class  
di/9ctions 9 :i* ! lot ev5 ( ! privileg$
 few 0 n a v noble or enviable "o1 :ile 
! /ate ( ! va/ majority 0 little bett]  
?an t ( s]fs4  ,_m writ]s h s\ght to ?r[
 a *>m & a glam\r ov] t old condition ( 
economic life & society t foll[$ !      
break-up ( feudalism & t prec$$ !       
creation ( our new political & indu/rial
 in/itutions4 ,b ) "s mitigations x 0 = 
mo/ p a p]iod1 z ,i h said1 ( squalor1  
disease1 & degradation4 ,! fundam5tal   
tr\ble c\ld be summ$ up 9 ! "o ^w1      
pov]ty4 ,! mission ( ! new indu/rial    

sy/em1 = ! mo/ "p unconsci\s &          
unrecogniz$1 0 to trans=m ! _w by       
aboli%+ ! reign ( pov]ty4 ,d\btless x   
w\ld be desirable if ! improvem5t (     
conditions1 mat]ial & spiritual1 c\ld   
make progress ) exactly ev5 pace on "s  
p]fectly symmetrical plan4 ,b hi/ory %[s
 u t ! =w>d social movem5t has proce$$  
fir/ 9 "o aspect1 !n 9 ano!r1 on l9es s 
tang5tial1 (t5 s zigzag1 t x is         
difficult until "o gets di/ance en\gh = 
p]spective1 to see t any true progress  
has be5 made at all4  ,?us1 ! mod]n     
indu/rial sy/em1 :i* f\nd ! conditions (
 pov]ty1 disease1 & h>d%ip preval5t1    
seem$ = q a long "t1 9 its rude break+  
up ( old relations & its ru?less adh]5ce
 to c]ta9 newly proclaim$ pr9ciples1 to 
h br\ght matt]s f bad to worse4 ,!      
squalor & pov]ty ( ! village ( h&-loom  
weav]s seem$ only int5sifi$ 9 ! new     
indu/rial t[ns to :i* ! weav]s flock$ f 
_! des]t$ hamlets4 ,manufactur]s 7 do+  
bus9ess "u ! fi]ce/ & mo/ unregulat$    
competition4 ,economi/s 7 demon/rat+ _! 

law ( supply & dem& & _! iron law (     
wages z capable 9 !mselves ( regulat+   
all ! conditions & relations ( bus9ess  
life4 ,epidemics rag$ & depravity       
prevail$ 9 ! new factory c5t]s4  ,b ?+s 
7 n1 9 reality1 go+ f bad to worse4 ,!  
beg9n+s ( a bett] ord] _h to be bas$ ^u 
two ?+s3 fir/ & =emo/1 ! %e] creation ( 
capital2 second1 ! discipl9e & tra9+ (  
work]s4 ,9 ! fir/ phases1 ! new mod]n   
bus9ess p]iod _h to be a p]iod (        
production4 ,!re _h got to be develop$ !
 in/rum5talities = ! creation ( weal?4  
,until ! indu/rial sy/em _h rais$ up its
 class ( effici5t work]s & _h creat$ its
 great mass ( capital = productive      
purposes1 !re c\ld be no supply ( *eap  
goods2 & )\t an abundant & *eap output  
!re c\ld be no possible diffusion (     
economic b5efits2 9 o!r words1 no m>k$  
amelioration ( ! prevail+ pov]ty4  ,x   
requir$ "s developm5t ( weal? to lift   
our mod]n peoples out ( a pov]ty too    
gr9d+ & too debas+ = intellectual or    
moral progress4 ,x is true t ! factory  

t[ns1 creat$ z !y h all be5 by mod]n    
indu/rial conditions dur+ ! pa/ c5tury1 
br\ght _! di/9ctive evils4 ,!re 0       
ov]cr[d+ 9 ill-built t5em5t h\ses2 &    
long h\rs = wom5 & *ildr5 9 ! factories4
 ,yet ) ^! & _m o!r disadvantages1 ! new
 indu/rial sy/em made = discipl9e & =   
intellig5ce1 & above all = a new k9d (  
solid>ity & = a s5se ( bro!rhood among  
work]s4  ,9 due "t ! wor/ evils began to
 be mitigat$1 l>gely ?r\gh ! application
 ( ^? v me?ods ( organization :i* _h    
*>act]iz$ ! new k9d ( indu/ry itself4   
,?us = m5 :o _h appli$ /eam p[] to      
manufactur+ & _h begun to build         
railroads1 x 0 soon p]ceiv$ to be a     
matt] n only ( sanit>y & social s]vice1 
b ( pecuni>y pr(it1 to provide wat]     
supplies1 public illum9ation1 & o!r     
conv5i5ces to ! cr[d$ city dwell]s4     
,moreov]1 ) ! progress ( indu/ry & !    
developm5t ( railroads & /eam           
navigation1 production & trade took on  
an ev]-increas+ volume4  ,!n ! _w began 
to be less poor4 ,!re _h be5 no ri* m5 9

 ! mod]n s5se1 & ( c\rse no su* ?+ z    
capitaliz$ corporations = production4 ,!
 ri*e/ man 9 ! ,unit$ ,/ates at ! "t ( 8
 dea?1 a little m ?an a hundr$ ye>s ago1
 0 ,george ,wa%+ton1 ) 8 l& & 8 slaves2 
& s 9 ,engl& & ,france !re 7 no ri* m5 9
 ! mod]n s5se--t is to say1 no m5 :o    
controll$ great masses ( productive     
capital4 ,! m5 ( weal? 7 ^? :o held l&$ 
e/ates4 ,! *ief bus9ess ( all c\ntries 0
 agriculture4 ,! capitali/ic sy/em 9    
indu/ry & trade exi/$ 9 its rudim5ts & 9
 limit$ measure2 b all its great        
a*ievem5ts 7 yet to be wr\ght4  ,all    
mod]n bus9ess life1 !n1 is ! result (   
?is gr[? ( productive capital1 & its    
application & con/ant reapplication to !
 production ( weal?4 ,x made its way by 
virtue ( an int5se individual initiative
 & a fi]ce competitive /ruggle4 ,b      
unlovely z 7 ^! ?+s1 _m ( _! phases 7   
necess>y at a c]ta9 /age4 ,x 0 ?is fi]ce
 competition t compell$ capital to pay !
 l[e/ possible wages 9 ord] to m>ket    
*eap goods4 ,b ! same situation /imulat$

 ! use1 "o aft] ano!r1 ( new labor-sav+ 
inv5tions 9 ord] to increase ! p] capita
 productivity4 ,?is process 0 att5d$ by 
! high] effici5cy ( ! work] & an        
increase 9 8 e>n+ capacity4 ,z 8        
position began to improve1 ! work] ga9$ 
"s hope & *e]2 & he & 8 fell[s began to 
organize1 ) ! result t bo? wages &      
conditions ( labor 7 /eadily improv$1 & 
! workman began to atta9 approximately 8
 %>e ( b5efits4  ,all ?is is a famili>  
/ory1 al?\gh ! dep? ( its significance  
is beyond ! compass ( any liv+ human    
intellig5ce4 ,x is easy to say 9 a glib 
s5t5ce t ! am\nt ( weal? produc$ e few  
ye>s n[adays is equal to all !          
accumulat$ weal? ( all ! c5turies d[n to
 ! e>ly "p ( ! n9ete5?2 b ! social mean+
 ( s great a *ange baffles all attempt  
at full compreh5sion4  ,! competitive   
sy/em1 :i* _h be5 ess5tial to ! laun*+ (
 ?is mod]n p]iod ( production1 & :i* _h 
giv5 to x s mu* ( its irresi/ible       
mom5tum1 at l5g? br\ght ! economic      
organization to a po9t ( developm5t :]e1

 9 "s fields ( production1 x 0 no long] 
a b5efit4 ,! accumulation ( capital _h  
become s l>ge1--& ) new inv5tions !     
possible output _h become s abundant1 t 
x 0 well nigh impossible to tru/ to !   
bl9d work+ ( dem& & supply to regulate  
?+s 9 a b5eficial way4 ,x began to dawn 
on m5's m9ds t a successful p]iod (     
competitive economic life might lead to 
a p]iod l>gely dom9at$ by               
non-competitive & cop]ative pr9ciples4  
,! sup]ior possibilities ( ?is newe/    
rgime1 along ) its _m difficulties &    
p]plexities1 began to captivate ! m9ds1 
n m]ely ( !oretical /ud5ts & onlook]s1  
b1 ev5 m1 ( great ma/]s ( indu/ry &     
productive capital4 ,x began to be se5 t
 9 place ( bl9d & fi]ce competition z a 
regulator ( prices & z an equaliz] (    
supply & dem&1 !re might come to be     
gradually sub/itut$ "s m consci\sly     
sci5tific me?ods ( bus9ess adm9i/ration 
& ( ! adju/m5t ( production to ! ne$s ( 
! m>ket4  ,fur!rmore1 ) ! developm5t (  
bus9ess on ! great scale1 capital _h    

become relatively abundant & *eap1 :ile1
 on ! o!r h&1 labor 0 becom+ relatively 
exp5sive & exact+4 ,x 0 evid5t t ! mod]n
 sy/em ( indu/ry _h pass$ ?r\gh its     
e>li] p]iod to "o ( comp>ative maturity2
 & t ! problem ( weal? production 0 no  
long] s exclusively ! press+ "o1 b t !  
problems ( di/ribution 7 dem&+ m        
att5tion4  ,h[ to organize bus9ess life 
on a basis at once /able & effici5t2 h[ 
to see t capital 0 assur$ ( a normal ev5
 ?\gh a decl9+ p]c5tage ( divid5ds2 :ile
 labor %\ld be rew>d$ accord+ to its    
capacity & des]t1--7 problems :i* took  
on public r ?an private aspects4 ,& :5 !
 bus9ess _w began to face ^! problems ) 
! consci\sness t !y 7 to be met1 x _h   
virtually pass$ ov] f ! l[] plane (     
moral & social responsibility to ! high]
 plane :]e :at ! direct+ m9ds d or      
decide is n measur$ solely by imm$iate  
results 9 money-gett+1 b also by ! te/ (
 l>g] social & public utilities4        
,al?\gh ^! conditions are n novel ones1 
& are !re=e n difficult to grasp ev5 :5 

/at$ 9 g5]al t]ms1 x is /ill true t !   
concrete (t5 helps to make ! po9t appe> 
m p]t95t4 ,take !n ! railroad bus9ess z 
x is n[ %ap+ itself1 9 comp>ison ) its  
conditions & me?ods tw5ty or ?irty ye>s 
ago4 ,! railroads h always exi/$ by     
virtue ( *>t]s :i* gave !m a            
quasi-public "*1 & h always be5         
!oretically subject to c]ta9 old        
pr9ciples ( ,engli% common law "u :i* ! 
public or common c>ri]1 l ! innkeep]1   
p]=ms a function n :olly private 9 its  
nature4 ,nev]!less1 9 its e>li] /ages ! 
railroad sy/em ( ?is c\ntry 0 9 l>ge "p 
con/ruct$ & op]at$ by its projectors )  
no s5se :atev] ( responsibility = _!    
p]=mance ( public functions1 b ) ! idea 
t !y 7 c>ry+ on _! own private bus9ess 9
 :i* int]f]5ce on ! "p ( ! public 0 to  
be avoid$ & res5t$4 ,!y f\ght ! railroad
 codes ( ,/ate legislatures 9 ! f$]al   
c\rts2 !y made oppressive rates to give 
value to new issues ( wat]$ /ock2 !y    
discrim9at$ 9 favor ( "o city & aga9/   
ano!r2 by a sy/em ( secret rebates !y   

made diff]5t t]ms ) e %ipp]1 ?us enabl+ 
"o m]*ant or manufactur] to de/roy 8    
competitor2 & !y pursu$ 9 g5]al a c>e]  
at lea/ anti-social 9 its _s & false &  
%ort-sight$ 9 its pr9ciples4  ,a pr(\nd 
*ange--w\ld t x 7 already complete6--is 
com+ ab\t 9 ?is great field (           
transportation bus9ess4 ,x is p]ceiv$ t 
_m ( ! evils to :i* ,i h allud$ 7       
incid5t to ! speculative p]iods (       
con/ruction & developm5t 9 a new c\ntry4
 ,! bett] lead]s 9 ! bus9ess ( railway  
adm9i/ration n[ see cle>ly t x is ! duty
 ( ! railroads to "w ) & = ! public & n 
aga9/ x4 ,! railroads are gradually     
pass+ out ( ! h&s ( ! /ockjobb]s &      
speculators1 into ! control ( tra9$     
adm9i/rators4 ,x is to be rememb]$ t 9 a
 c\ntry l ours1 ! l>ge/ s+le bran* (    
organiz$ adm9i/ration is t ( !          
railroads4 ,we h rea*$ a po9t :]e _!    
relations to all ! elaborate int]e/s ( !
 community are su* t _! public "*       
becomes m & m pron\nc$ & evid5t4 ,x 0   
only ! o!r day t a brilliant railway    

adm9i/rator1 ,mr4 ,*>les ,s4 ,mell51    
rec5tly presid5t ( ! ,nor!rn ,pacific1 &
 n[ presid5t ( ! ,new ,york1 ,new ,hav5 
,h>t=d sy/em1 made "s /atem5ts 9 an     
address to ! bus9ess m5 ( ,h>t=d at a   
,bo>d ( ,trade meet+4 ,) mu* else ( !   
same import1 he made ! foll[+           
significant rem>ks3  ,if corporations   
are to cont9ue to d _! "w z !y are be/  
fitt$ to1 ^? qualities 9 _!             
repres5tatives t h result$ 9 ! pres5t   
prejudice aga9/ !m mu/ be relegat$ to ! 
backgr\nd4  ,!y mu/ come out into ! op5 
& see & be se54 ,!y mu/ take ! public   
into _! confid5ce & ask = :at !y want & 
no m1 & !n be prep>$ to expla9          
satisfactorily :at advantage w accrue to
 ! public if !y are giv5 _! desires1 =  
!y are p]mitt$ to exi/ n t !y may make  
money solely1 b t !y may effectively    
s]ve ^? f :om !y d]ive _! p[]4          
,publicity %\ld rule n[4 ,publicity1 & n
 secrecy1 w w9 h]eaft]1 & laws w be     
con/ru$ by _! int5t & n kill$ by _!     
lett]2 o!rwise public utilities w be    

own$ & op]at$ by ! public :i* creat$ !m1
 ev5 ?\gh ! s]vice be less effici5t & ! 
result less satisfactory f a f9ancial   
/&po9t4  ,mr4 ,mell5's /ate ( m9d is t  
:i* ought to prevail among all ! manag]s
 ( corporations :i* enjoy public        
fran*ises & p]=m functions fundam5tal to
 ! welf>e ( ! community4 ,!re w at times
 be prejudice & passion on ! "p ( !     
public1 & unfair dem&s w be made4 ,we   
%all n see ! atta9m5t ( ideal conditions
 9 ! managem5t or ! public relations (  
any great bus9ess corporations 9 our    
day4 ,b ! "t has come :5 any intellig5t 
& capable "y man :o *ooses to ent] !    
s]vice ( a railroad or ( "s o!r great   
corporation may rightly feel t he       
becomes "p ( a sy/em ^: op]ation is     
vital to ! public welf>e4 ,he may fur!r 
feel t !re is room 9 su* a call+ = all 8
 intellig5ce & = ! ex]cise & gr[? ( all 
! be/ s5tim5ts ( 8 moral nature4  ,9 !  
va/ me*anism ( mod]n bus9ess !          
con/ructive imag9ation may f9d its full 
play2 & ! desire to be ( s]vice to "o's 

fell[ m5 9 a _s reasonably dis9t]e/$ may
 f9d opportunity to satisfy itself e    
day4 ,"u ^! circum/ances !re is no      
reason :y railway adm9i/ration %\ld n   
take on ! same e?ical /&>ds z belong    
rightly to gov]nm5tal adm9i/ration1 to  
educational adm9i/ration1 or to ! be/   
pr(essional life4  ,! same ?+ is cle>ly 
true :5 "o consid]s n[adays ! delicate &
 important functions ( ! _w ( bank+ &   
f9ance4 ,! old-fa%ion$ money-*ang] & !  
usur] ( e>li] p]iods 7 reg>d$ z ! v     
anti!sis ( m5 engag$ 9 honorable        
m]cantile life1 & especially ( ^? :o    
possess a social _s & ! desire to be    
useful memb]s ( ! community4 ,b 9 ^!    
days ! banks are n m]ely private        
money-mak+ in/itutions1 b h public      
functions t admitt$ly affect ! :ole     
social organism1 f ! gov]nm5t itself d[n
 to ! humble/ labor]4 ,!y mu/ conc]n    
!mselves ab\t ! s\ndness & ! suffici5cy 
( ! monet>y circulation2 !y mu/ protect 
! cr$it & fo/] ! welf>e ( hone/ m]*ants 
& manufactur]s2 !y mu/ cop]ate 9        

critical times to help "o ano!r1 & ?us  
to su/a9 ! public & private cr$it & av]t
 comm]cial disa/]2 !y mu/ at all haz>ds 
protect ! sav+s ( ! poor4 ,?us ! banks1 
l ! railroads & _m o!r corporate        
ent]prises1 are quasi-public affairs1 9 
! conduct ( :i* ! public obligation gr[s
 ev] cle>] & /rong]4  ,we are n at      
he>t--9 ?is spl5did c\ntry (            
ours--engag$ 9 a mad /ruggle & race =   
weal?4 ,we are engag$ r 9 ! greate/ ef=t
 ev] made 9 ! _w = ! upbuild+ ( a high] 
civilization4 ,to av[ t ?is civilization
 mu/ re/ ^u a physical & mat]ial        
basis1--t is to say1 ^u a high          
developm5t ( our productive capacity &  
^u a con/ant improvem5t 9 our processes 
( di/ribution & ex*ange1--is n1 on ! o!r
 h&1 to confess t our civilization is   
mat]iali/ic 9 its nature or 9 its aims4 
,i 0 v glad1 ! o!r day1 to read !       
:olesome & und]/&+ words ( a di/+ui%$   
,bo/on cl]gyman :o is j n[ com+ to ,new 
,york to take *>ge ( an important p>i%4 
,he decl>$ t ?is nation 0 f\nd$ on an   

ideal1 & t ! mo/ p[]ful influ5ces 9 its 
life today are work+ t[>d noble ideals4 
,! moral & spiritual tone ( ! c\ntry1 he
 ass]t$1 is high] ?an ev]1 9 spite ( !  
accid5ts ( weal? & pov]ty4 ,he decl>$ t 
! great ho/ ( m5 & wom5 :o *]i% our     
ideals w cont9ue to /amp idealism ^u !  
m9ds & he>ts ( our y\?1 & t !y 9 turn w 
conv]t weal? to ! s]vice ( ideals4  ,su*
 views are n m]ely ! expressions ( a    
com=table optimi/4 ,!y are true to !    
facts ( our curr5t progress4 ,!re are   
va/ portions ( ?is c\ntry today 9 :i* ! 
ent]pris+ bus9ess man :o c succe$ 9     
sell+ to ! f>m]s an hone/ & effective   
comm]cial f]tiliz] is ! be/ possible    
mission>y ( idealism1--is1 9 fact1 a    
v]itable angel = ! spread ( sweetness & 
light4 ,!re are regions :]e ! capitali/ 
or ! company t w build a cotton mill or 
"s o!r k9d ( factory is rescu+ :ole     
communities f degradation4 ,x is pov]ty 
t has kept ! ,s\? s backw>d1 & x is     
pov]ty alone t expla9s ! illit]acy & !  
lawlessness n m]ely ( ! ,k5tucky        

m\nta9s1 b ( great areas 9 o!r ,/ates z 
well4 ,good s*ools _c be support$ 9     
regions l ^?1 = ! palpable reason t !   
taxable weal? ( an entire s*ool di/rict 
_c yield en\gh to pay ! sal>y ( a tea*]4
 ,b :5 mod]n bus9ess invades ^? upl&s1  
utilizes ! wat]-p[] n[ wa/$1 op5s !     
m9es1 builds cotton factories or        
f\ndries1 ! situation *anges almo/ z if 
by magic4  ,!re w1 inde$1 ensue a brief 
p]iod ( di/urbance due to *ang$ social  
conditions1--to wom5 & *ildr5 9         
factories1 & o!r ?+s ( incid5tal or     
s]i\s disadvantage4 ,b1 z aga9/ a       
survival ( ! sort ( life t 0 widely     
preval5t a c5tury or two ago1 all !     
ph5om5a ( our mod]n indu/rial life make 
_! appe>ance1 9 full developm5t4 ,!     
"o-room cab9 gives place to ! little    
h\se ( sev]al rooms4 ,!re is rapid      
diffusion ( ^? m9or com=ts & ag5cies :i*
 make = self-respect & p]sonal & family 
advancem5t4 ,! adv5t ( capital1 t is to 
say1 ( taxable prop]ty1 is spe$ily      
foll[$ by ! good s*oolh\se & ! good     

tea*]4  ,x is in/ructive to note !      
trans=mation t is ?us tak+ place 9 "o   
c\nty aft] ano!r ( ! ,c>ol9as1 or       
,georgia1 or o!rs ( ! ,s\!rn ,/ates1    
because ! conditions make x possible to 
witness )9 a s+le decade ! triumph ( ^? 
bus9ess =ces :i*1 :ile !y h ev5 m truly 
& completely trans=m$ ! prosp]\s p>ts ( 
,am]ica & ,europe1 h op]at$ m gradually 
?r\gh long] p]iods1 & !re=e 9 a less    
easily p]ceiv$ & dramatic fa%ion4  ,our 
mod]n ideals h requir$1 n ! ref9em5t & !
 culture ( ! select few1 b ! uplift+ &  
progress ( ! multitude4 ,?is c\ld only  
be possible ?r\gh a g5]al developm5t (  
weal?1 s va/ 9 comp>ison ) :at _h       
previ\sly exi/$ z to con/itute ! mo/    
highly revolution>y fact 9 ! hi/ory (   
human civilization & progress4 ,! man1  
!re=e1 :o has a cle> p]ception ( ^? laws
 ( m9d & ( society "u :i* mod]n economic
 =ces h be5 set at "w1 _c = a mom5t ?9k 
t ! end & outcome ( ?is mod]n bus9ess   
sy/em is a new k9d ( human bondage1 !   
ri* gr[+ ri*] & ! poor gr[+ poor]2 or t 

x c mean any su* ?+ z ! elevation (     
prop]ty at ! exp5se ( manhood4  ,ev5 if 
x 7 a "p ( my subject to discuss ! gr[? 
( va/ individual =tunes z an incid5t (  
?is mod]n developm5t ( weal?1 :i* x is  
n1 !re w\ld be no "t = m ?an a pass+    
allusion4 ,& 9 mak+ su* an allusion1 ,i 
might be cont5t to call att5tion to my  
e>li] dictum1 t progress is n ^u direct 
l9es1 b tang5tial or zigzag4 ,:5 !      
factory appe>s on ! ,pi$mont slopes ( ! 
,appala*ian c\ntry1 x may inde$ make a  
=tune = ! mission>y ( civilization :o   
plant$ x !re4 ,b mean:ile x has giv5 !  
:ole neighborhood its fir/ *ance to     
relate itself to ! civiliz$ _w4 ,i am   
cont5t = ! pres5t to leave t            
neighborhood 9 possession ( its         
opportunities1 s]5ely confid5t t x w 9  
due "t "w out its own complet] de/9y4   
,:5 ! capitali/ has retir$ f ! sc5e ( 8 
exploitation1 w ! day arrive :5 !       
reg5]at$ neighborhood w own t factory1 &
 o!rs1 too1 = itself8 ,v likely4 ,9 any 
case1 ! neighborhood has be5 emancipat$ 

f its wor/ disadvantages4  ,9 %ort1 ,i h
 little d\bt b t ! fur!r progress ( our 
civilization w give effect to c]ta9     
economic laws & t5d5cies1 & to c]ta9    
social rules & pr9ciples1 t w make = a  
high] measure ( equality 9 ! di/ribution
 ( realiz$ weal?4 ,mean:ile :]ev] a     
practical /ep c be tak5 to rem$y an     
evil1 let u d :at we c to promote t /ep4
 ,let u recognize ! already great       
possibilities = useful p>ticipation 9 ! 
social & public life t belong to an     
honorable bus9ess c>e]4  ,f ! /&po9t ( !
 intellectual int]e/ ( ! "y man go+ into
 bus9ess1 let x be borne 9 m9d t !re are
 sci5tific pr9ciples und]ly+ e bran* (  
trade or comm]ce or indu/ry1 & t !re is 
almo/1 if n q1 z mu* room = ! delightful
 play ( ! faculty ( imag9ation 9 !      
successful conduct ( a soap bus9ess z 9 
writ+ poetry or 9 mak+ /atu>y gr\ps =   
_w's fairs4 ,! cultivation ( public _s 9
 ! broad s5se1 & ! det]m9ation to be an 
all-r\nd good & effici5t citiz5 & memb] 
( ! community1 w (t5 help a man amaz+ly 

to disc]n ! opportunities = usefulness t
 lie 9 ! direct l9e ( 8 bus9ess "w4 ,! m
 ?or\ghly he /udies und]ly+             
pr9ciples--:e!r ( a te*nical sort z     
relat$ to 8 own trade1 or ( a g5]al sort
 hav+ to d ) ! organization & g5]al     
me?ods ( comm]ce--! less likely he w be 
to take n>r[ & anti-social views (      
bus9ess life4 ,! high developm5t ( 8    
intellig5ce 9 relation to 8 own "w w %[ 
him ! value 9 8 bus9ess--z 9 all else 9 
life--( ! /&>d ?+1 ! g5u9e ?+1 ! ?+ t w 
be> ! te/ z contra/$ ) ! %oddy1 or !    
inf]ior1 or ! spuri\s4  ,our            
te*nological s*ools1 our colleges (     
me*anic arts1 our in/itutes (           
agriculture & _! relat$ exp]im5t        
/ations1--^! are all tea*+ u _m valuable
 object-lessons reg>d+ ! way 9 :i* !    
weal? ( ! individual & t ( ! community c
 bo?1 at ! same "t1 be advanc$ by       
sci5tific me?ods4 ,?us x is com+ ab\t t 
bus9ess life is ev] m ready to welcome !
 mo/ highly tra9$ k9ds ( intellig5ce1   
inasmu* z x is p]ceiv$ t specializ$ k is

 h5ce=? to be ! mo/ valuable commodity t
 a man c possess4  ,i h already said t !
 delicate problems ( di/ribution mu/ be 
fac$ ev] m frankly & lib]ally by ! mod]n
 bus9ess _w4 ,?us1 ^? :o control        
capital1 or adm9i/] capitaliz$          
ent]prises1 _c af=d any long] to be )\t 
a k ( ! hi/ory & significance ( ! labor 
movem5t4 ,we %\ld n h _h ! desp]ate     
/ruggle betwe5 an?racite coal           
corporations & ! m9]s 9 ,p5nsylvania1 a 
ye> or s ago1 if !re _h be5 a full      
und]/&+ on ! "p ( ! capitali/s ( !      
honorable & valuable nature ( trade     
agreem5ts1 & p>ticul>ly ( ! hi/ory ( !  
relations ( capital & labor 9 ! bitum9\s
 coal di/ricts ( ! ,unit$ ,/ates4 ,i am 
speak+ n[ f ! /&po9t ( ! bus9ess man4   
,!re is mu* to be said1 d\btless1 9     
respect to ! %ortcom+s & ! sometimes    
fatu\s & ev5 suicidal me?ods ( ! labor  
organizations4 ,b = ! mod]n bus9ess man 
:o c>es to take 8 place influ5tially 9  
comm]ce1 9 social life1 & z a man among 
m5 9 8 city or 8 commonweal?1 x is no   

long] ju/ifiable to be unfamili> ) !    
labor "q 9 its economics & its hi/ory4  
,h]e9 lies "o great s]vice t ! univ]sity
 c p]=m 7& our be/ colleges &           
univ]sities are today p]=m+ x ) m>k$    
intellig5ce & ability71 ! s]vice1       
namely1 ( provid+ v lib]al c\rses = "y  
m5 :o expect to g into bus9ess1 9 !     
g5]al sci5ce ( economics1 9 ! hi/ory (  
mod]n economic progress1 9 ! developm5t 
( ! wage sy/em1 9 ! hi/ory & me?ods (   
organiz$ labor1 & 9 v mu* else t helps  
to place ! life ( a practical man (     
bus9ess affairs ^u a broad & lib]al     
basis4 ,9 ! e>ly days ( our hi/ory x 0 !
 especial function ( ! college to tra9  
"y m5 = ! m9i/ry4 ,9 a some:at lat]     
p]iod x 0 notably true ( in/itutions l  
,yale & ,pr9ceton t _! tra9+ seem$ to   
fit _m m5 = ! law & = /atecraft4 ,we _h1
 y see1 pass$ f t !ocratic phase (      
colonial ,new ,engl& life to ! political
 con/ructive p]iod ( our "y republic4   
,b we h be5 pass+ on until we h em]g$ 9 
a great & transc5d5t p]iod ( comm]cial  

expansion & sci5tific discov]y &        
application4 ,x is a hopeful sign1      
!re=e1 t our univ]sities are f9d+ out & 
admitt+ ! dem& t pres5t-day conditions  
impose1 & are tra9+ _m m5 9 ! pursuit ( 
mod]n sci5ce1 :ile !y are tra9+ _m o!rs 
9 ! und]/&+ ( ! application ( social &  
economic pr9ciples to mod]n life4 ,all  
?is !y are do+ & c well d )\t ignor+ !  
value ( ! old] =ms ( s*ol>%ip & culture4
  ,b ,i h a few rem>ks to make also ^u !
 e?ical relations ( ! bus9ess _w ( today
 t[>d ! political _w2 t is to say1 t[>d 
organiz$ gov]nm5t1 :e!r 9 its sov]eign  
or 9 its subord9ate =ms4 ,we _c take too
 high a gr\nd 9 proclaim+ ! value1 = !  
pres5t1 at lea/1 ( ! political          
organization ( society4 ,i %\ld l to    
dwell ^u ?is po9t1 b ,i mu/ m]ely /ate  
x4 ,if ! ,/ate3 i4e41 ! political =m (  
social organization1 is valuable1--x /&s
 to reason t x mu/ be respect$ & ma9ta9$
 at its be/4 ,x is also obvi\s t x w h a
 high] or a l[] "* & effici5cy1 accord+ 
to ! attitude t[>d x tak5 by "o or ano!r

 ( ! dom9ant factors t make up ! complex
 body politic4  ,?us1 = example1 x is ! 
feel+ ( m5 9 control ( ! political      
organization 9 ,france today t ! ,*ur*1 
z a great factor 9 ! social /ructure ( !
 nation1 is ess5tially ho/ile to ! _s & 
purposes ( a lib]al republic4 ,h5ce a   
great di/urbance ( v>i\s relation%ips4  
,i d n cite t in/ance to express ev5 !  
%ade ( an op9ion4 ,my po9t is t if !    
political organization ( society is     
desirable & to be ma9ta9$1 x is a       
=tunate ?+ :5 "o f9ds ! dom9ant =ces (  
society r5d]+ loyal & fai?ful support to
 ! laws & in/itutions ( gov]nm5t &      
recogniz+ )\t res]ve ! sov]eignty ( !   
,/ate4 ,yet 9 our own c\ntry !re is a   
widespread feel+ t _m ( ! mo/ pot5t =ces
 & ag5cies 9 our bus9ess life are n     
:olly patriotic1 9 t !y are n will+ 9   
practice to recognize ! necessity ( !   
dom9ation ( gov]nm5t & ( law4 ,i d n    
believe t ?is is p]man5tly & g5]ally    
true4 ,x w\ld con/itute a great dang] if
 x 7 a fix$ or a gr[+ t5d5cy4  ,z matt]s

 /&1 h[ev]1 e "o mu/ admit t !re is an  
elem5t ( dang] t lies 9 ! v fact t z a  
nation we are 9 a condition ( peace1    
cont5t1 & prosp]ity1 & d n f9d our      
political in/itutions irksome4 ,! dang] 
consi/s 9 ?is3 t "u su* circum/ances !  
rew>ds ( bus9ess & pr(essional life are 
= ! mo/ "p s mu* m c]ta9 & satisfactory 
?an ^? :i* come f ! prec>i\s pursuit (  
politics1 t public int]e/s h a t5d5cy to
 suff] f be+ 9 weak h&s1 :ile private   
int]e/s h a t5d5cy to ass]t !mselves    
unduly1 f be+ 9 ! h&s ( m5 ( sup]ior    
=ce4 ,?us x happ5s t x is (t5 difficult 
= ! ,/ate to ma9ta9 t dignity1 t ma/]y1 
t high position1 z ! imp>tial arbit] &  
disp5s] ( ju/ice1 :i* x is n[ ev5 m     
necess>y ?an ev] t x %\ld ma9ta91 9 ord]
 t ! :ole social organization %\ld keep 
a true h>mony & a safe balance4  ,at    
pres5t1 ! ,/ate is l>gely conc]n$ ) !   
ma9t5ance ( conditions "u :i* ! economic
 & bus9ess life may op]ate equally &    
prosp]\sly4 ,! ,/ate 9 "o s5se is ! ma/]
 ( ! p4 ,9 ano!r s5se x is m]ely _!     

creature & _! ag5t = su* purposes z !y  
*oose to assign x4 ,is ! ,/ate1 !n1 to  
absorb ! indu/rial functions1 & are we  
to develop into a sociali/ic            
commonweal?8 ,or1 %all ! political      
democracy & ! cop]ative organization (  
bus9ess life g on side by side1 relat$  
at _m po9ts b 9 ! ma9 di/9ct f ea* o!r8 
,:atev] ! relation ( ! ,/ate to indu/ry 
may be de/9$ to become 9 ! di/ant       
future1 we may be sure t !re w be no ra%
 upheavals1 no h>mful sociali/ic        
exp]im5ts1 if ! pot5t bus9ess _w cle>ly 
sees h[ necess>y to its own salvation x 
is t ! ,/ate %all be ma9ta9$ ^u a high  
plane ( dignity & honor1 & t ! (ficial  
disp5sation ( ju/ice1 z well z ! (ficial
 adm9i/ration ( ! laws1 %all be prompt1 
j & imp>tial4  ,!re is no high] duty1   
!re=e1 incumb5t ^u ! bus9ess man ( today
 ?an to be> 8 "p 9 promot+ & ma9ta9+ !  
purity ( political life4 ,! mod]n       
bus9ess man %\ld reg>d good gov]nm5t z  
"o ( ! vital conditions ( ! be/ economic
 progress4 ,yet scores ( in/ances are at

 h& t %[ to :at a pa9ful ext5t c]ta9    
bus9ess int]e/s aga9 & aga91 = purposes 
( imm$iate advantage1--to secure a      
fran*ise1 to escape a tax1 or to procure
 "s improp] favor or advantage at ! h&s 
( ^? 9 political au?ority1--h employ$   
corrupt me?ods & ?us /a9$ ! fair        
escut*eon ( ,am]ican bus9ess honor1 :ile
 break+ d[n ! "o mo/ indisp5sable       
condition ( g5]al bus9ess               
progress1--namely1 hone/ & effici5t free
 gov]nm5t4  ,i w n dwell ^u ^! ?+s4 ,x  
is en\gh to say t !y are ?+s ! mod]n    
bus9ess man mu/ h ^u 8 consci5ce4 ,=1 if
 su* (f5ses come by way ( ! bus9ess _w1 
_! rem$ies mu/ also come1 & inde$ c only
 come1 by t same pa?4 ,9 our municipal  
life1 = example1 x is ! ar\s$ int]e/ &  
zeal ( ! be/ bus9ess community = bett]  
gov]nm5t & bett] conditions t c alone   
produce important results4 ,happily1 all
 ov] ! c\ntry we f9d *amb]s ( comm]ce1  
bo>ds ( trade1 m]*ants' associations1 & 
o!r bodies ( m5 ( practical bus9ess     
affairs1 tak+ _! /& = ! transaction (   

public bus9ess ^u high /&>ds ( "* &     
effici5cy4 ,i h no d\bt or fe>s z to :at
 ! result w be4 ,all ( our l>ge cities  
are !mselves purely ! creations ( mod]n 
indu/rial1 comm]cial1 & transportation  
conditions4 ,& ,i hold t ^! v =ces (    
indu/rial & comm]cial life t h creat$ ! 
problems by br++ toge!r great masses ( p
 9 cr[d$ communities1 mu/ & c 9 turn    
solve ! problems by ! application to    
municipal gov]nm5t ( ! sci5tific &      
intellig5t pr9ciples :i* belong to ! be/
 phases ( bus9ess life4  ,all ( ?is     
relates to my subject2 b ,i mu/ pass x  
by ) a m]e /atem5t or two4 ,x belongs to
 ! develop$ con/ructive imag9ation & to 
! tra9$ e?ical s5se ( ! mod]n bus9ess   
man to p]fect ! transit sy/ems1 to      
improve ! h\s+ conditions1 to assure    
*eap sanit>y wat] supplies1 *eap        
illum9ation1 &1 above all1 due provision
 = univ]sal education1 p>ks1 museums1 & 
opportunities = recreation1--9 %ort1 all
 possible improvem5ts ( environm5t t c  
make life 9 our cities n m]ely endurable

 b b5eficial = ! p4 ,"h1 !n1 is furni%$ 
a great field = ! def9ite & consci\s    
aspirations ( ! successful man (        
bus9ess4 ,"h lies a great _m-sid$ "w =  
social & moral z well z physical &      
mat]ial progress :i* ! bus9ess man1 9 ! 
quality ( good citiz5 & man ( public _s1
 is fitt$ bett] ?an any "o else to      
accompli%4  ,! intellig5t "y man :o     
holds be=e himself ideals ( usefulness t
 ext5d to su* projects z ^!1 may be sure
 t ! mod]n conditions ( life w br+ him  
great opportunities1 & he may feel t he 
is ?us lift+ 8 bus9ess c>e] up to !     
plane ( idealism t has1 9 ! pa/1 be5    
res]v$ = a few exclusive pr(essions4    
,p>tly ?r\gh 8 own endeavors1--l>gely   
?r\gh association 9 comm]cial or o!r    
organizations ) 8 neighbors1--he may    
help to accompli% = ! b5efit ( all 8    
fell[ m5 ( a great community "o /ep aft]
 ano!r 9 ! direction ( public works t w 
meet ! ne$s ( a high civilization4  ,"s 
( ! mo/ useful m51 z well z ! mo/       
unselfi% & devot$1 ) :om ,i come 9      

contact are successful bus9ess m5 ( l>ge
 affairs4 ,!y are mode/ & unassum+2     
simple & direct 9 _! me?ods2 wide z ! _w
 9 _! sympa?ies2 l(ty z ! />s 9 _!      
aspirations = human progress2 sagaci\s  
beyond o!r classes ( m51 & respect$ to !
 po9t ( v5]ation by ^? :o "k !m well1   
because !y are m5 ( de$s r ?an ( words1 
:o make good _! pr(essions f day to day4
 ,bus9ess has n s n>r[$ !m1 nor has     
devotion to philan?ropic ends or public 
re=ms s di/ort$ _! m5tal visions1 t !y  
are n able to enjoy :at is good 9 life1 
:e!r books1 music1 pictures1 !          
companion%ip ( fri5ds1 or ! re/ful      
contact ) nature 9 field or =e/4  ,!    
lives ( su* m5 are dom9at$ by c]ta9 fix$
 e?ical /&>ds4 ,giv5 su* moral l&m>ks1 !
 rem>kable conditions & unequal$        
opportunities ( mod]n bus9ess life w    
promote ! frequ5t developm5t ( m5 ( ?is 
k9d1 ) _! bread? ( view & /r5g? ( m9d & 
"*4 ,x is ! positive & aggressive       
attitude t[>d life1 ! e?ics ( action1 r 
?an ! e?ics ( negation1 t mu/ control ! 

mod]n bus9ess _w1 & t may make our mod]n
 bus9ess man ! mo/ pot5t factor = good 9
 ?is1 8 own1 indu/rial p]iod4