The Impact of Mechanization on Economics & Society (1889)
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“Machinery is now recognized as essential to cheap production. Nobody can produce effectively and economically without it, and what was formerly known as domestic manufacture is now almost obsolete. But machinery is one of the most expensive of all products, and its extensive purchase and use require an amount of capital far beyond the capacity of the ordinary individual to furnish. There are very few men in the world possessed of an amount of wealth sufficient to individually construct and own an extensive line of railway or telegraph, a first-class steamship, or a great factory. It is also to be remembered that for carrying on production by the most modern and effective methods large capital is needed, not only for machinery, but also for the purchasing and carrying of extensive stocks of crude material and finished products.”
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