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Thisvisibledifferencebetweentheoldorderandthenewiscloselydependentonthedifferencebetweenthepurposesthatguidetheolderschemeofeconomiclifeandthoseofthenew。
Undertheoldorder，industry，andevensuchtradeastherewas，wasaquestoflivelihood；undertheneworderindustryisdirectedbythequestofprofits。Formerly，therefore，timesweregoodorbadaccordingastheindustrialprocessesyieldedasufficientoraninsufficientoutputofthemeansoflife。
Latterlytimesaregoodorbadaccordingastheprocessofbusinessyieldsanadequateorinadequaterateofprofits。Thecontrollingendisdifferentinthepresent，andthequestionofwelfareturnsonthedegreeofsuccesswithwhichthisdifferentulteriorendisachieved。Prosperitynowmeans，primarily，businessprosperity；whereasitusedtomeanindustrialsufficiency。
Atheoryofwelfarewhichshallaccountforthephenomenaofprosperityandadversityunderthemoderneconomicordermust，accordingly，proceedonthecircumstanceswhichconditionthemodernsituation，andneednotgreatlyconcernitselfwiththerangeofcircumstancesthatmadeormarredthecommonwelfareundertheolderregime，beforetheageofmachineindustryandbusinessenterprise。(1*)Undertheoldorder，whenthoseinwhosehandslaythediscretionineconomicaffairslookedtoalivelihoodastheendoftheirendeavors，thewelfareofthecommunitywasregulated“bytheskill，dexterity，andjudgmentwithwhichitslaborwasgenerallyapplied。“(2*)WhatwouldmarthiscommonwelfarewastheoccasionallydisastrousactofGodinthewayofunpropitiousseasonsandthelike，ortheactofmaninthewayofwaranduntowardgovernmentalexactions。Pricevariations，exceptasconditionedbytheseuntowardintrusiveagencies，hadcommonlyneitherawidenoraprofoundeffectupontheevencourseofthecommunity’swelfare。Thisholdstrue，inageneralway，evenafterresorttothemarkethadcometobeafactofgreatimportanceinthelifeoflargeclasses，bothasanoutletfortheirproductsandasabaseofsuppliesofconsumablegoodsorofrawmaterials，-asinthebetterdaysofthehandicraftsystem。
Untilthemachineindustrycameforward，commerce(withitshandmaiden，banking)wastheonlybranchofeconomicactivitythatwasinanysensibledegreeorganizedinacloseandcomprehensivesystemofbusinessrelations。“Business“wouldthenmean“commerce，“andlittleelse。Thiswastheonlyfieldinwhichmenhabituallytookaccountoftheirowneconomiccircumstancesintermsofpriceratherthanintermsoflivelihood。Pricedisturbances，evenwhentheywereofconsiderablemagnitude，seemtohavehadgraveconsequencesonlyincommerce，andtohavepassedoverwithoutbeingtransmittedmuchbeyondthecommercialhousesandthefringeofoccupationsimmediatelysubsidiarytocommercialbusiness。
Crises，depressions，hardtimes，dulltimes，brisktimes，periodsofspeculativeadvance，“erasofprosperity，“areprimarilyphenomenaofbusiness；theyare，intheiroriginandprimaryincidence，phenomenaofpricedisturbance，eitherofdeclineoradvance。Itisonlysecondarily，throughthemediationofbusinesstraffic，thatthesemattersinvolvetheindustrialprocessorthelivelihoodofthecommunity。Theyaffectindustrybecauseindustryismanagedonabusinessfooting，intermsofpriceandforthesakeofprofits。Solongasbusinessenterprisehabituallyranitscoursewithincommercialtrafficproper，apartfromtheindustrialprocessassuch，solongtheserecurringperiodsofdepressionandexaltationbeganandendedwithinthedomainofcommerce。(3*)Thegreatestfieldforbusinessprofitsisnowafforded，notbycommercialtrafficinthestrictersense，butbytheindustriesengagedinproducinggoodsandservicesforthemarket。Andtheclose-knit，far-reachingarticulationoftheindustrialprocessesinabalancedsystem，inwhichtheinterstitialadjustmentsaremadeandkeptintermsofprice，enablespricedisturbancestobetransmittedthroughouttheindustrialcommunitywithsuchcelerityandeffectthatawaveofdepressionorexaltationpassesoverthewholecommunityandtoucheseveryclassemployedinindustrywithinafewweeks。Andsomewhatinthesamemeasureastheseveralmodernindustrialpeoplesareboundtogetherbythebusinesstiesoftheworldmarket，dothesepeoplesalsoshareincommonanywaveofprosperityordepressionwhichmayinitiallyfalluponanyonememberofthisbusinesscommunityofnations。Exceptionsfromthisrule，ofcourse，aresuchperiodsofprosperityordepressionasresultfromlocal(material)accidentsoftheseasonsandthelike，-accidentsthatmayinflictupononecommunityhardships
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