The early American industrial conditions
differed from those of Europe in that they were fluid, and as a result
of this instability, extremely precarious. Rapid changes in markets,
business methods, and industrial machinery made it very difficult to
build up a safe business. A manufacturer or a merchant could not secure
his business salvation, as in Europe, merely by the adoption of sound
conservative methods. The American business man had greater
opportunities and a freer hand than his European prototype; but he was
also beset by more severe, more unscrupulous, and more dangerous
competition. The industrious and thrifty farmer could be tolerably sure
of a modest competence, due partly to his own efforts, and partly to the
increased value of his land in a more populous community; but the
business man had no such security. In his case it was war to the knife.
He was presented with a choice between aggressive daring business
operations, and financial insignificance or ruin.
No doubt this situation was due as much to the temper of the American
business man as to his economic environment.
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