Unit Twenty-three
Capital and Labour

In the last half of the nineteenth century “capital” and “labour” were enlarging and perfecting their rival organizations on modern lines. Many an old firm was displaced by a limited liability company with a bureaucracy of salaried managers. The change met the technical requirements of the new age by engaging a large professional element and prevented the decline in efficiency that so commonly spoiled the fortunes of family firms in the second and third generation after the energetic founders. It was moreover a step away from individual initiative, towards collectivism and municipal and state-owned business. The railway companies, though still private business managed for the benefit of shareholders, were very unlike old family business. At the same time the great municipalities went into business to supply lighting, trams and other services to the taxpayers.
The grown of the limited liability company and municipal business had important consequences. Such large, impersonal manipulation of capital and industry greatly increased the numbers and importance of shareholders as a class, an element in national life representing irresponsible wealth detached from the land and the duties of the landowners; and almost equally detached from the responsible management of business. All through the nineteenth century, America, Africa, India, Australia and parts of Europe were being developed by British capital, and British shareholders were thus enriched by the world’s movement towards industrialization. Towns like Bournemouth and Eastbourne sprang up to house large “comfortable” classes who had retired on their incomes, and who had no relation to the rest of the community except that of drawing dividends and occasionally attending a shareholders’ meeting to dectate their orders to the management. On the other hand “shareholding” meant leisure and freedom which was used by many of the later Victorians for the highest purpose of a great civilization.
The “shareholders” as such had no knowledge of the lives, thoughts or needs of the workmen employed by the company in which he held shares, and

the paid manager acting for the company was in more direct relation with the men and their demands, but even he had seldom that familiar personal knowledge of the more patriarchal system of the old family business now passing away. Indeed the mere size of operations and the numbers of workmen involved rendered such personal relations impossible. Fortunately, however, the increasing power and organization of the trade unions, at least in all skilled trades, enabled the workmen to meet on equal terms the managers of the companies who employed them.

rival n.1.竞争对手 2.可与匹敌的人a.竞争的,对抗的 vt.与…竞争
rivalry n.竞争,竞赛,对抗
[联想词]               contend vi.1.争夺 2.搏斗 vt.声称,主张

displace vt.1.取代,替代 2.迫使…离开家园

liability n.1.责任 2.负债,债务 3.不利条件
[联想词]               handicap n.(身体或智力方面的)缺陷vt.妨碍,使不利
               hinder vt.阻碍,妨碍

bureaucracy n.1.官僚主义 2.政府机构,官僚

engagement n.1.订婚,婚约 2.约会

energetic a.精力充沛的,充满活力的
[联想词]    brisk a.1.轻快的,生气勃勃的 2.兴隆的,繁忙活跃的
               robust a.强壮的,健康的
              limp a.软弱的,无生气的,无精神的

initiative n.1.主动性 2.主动的行动,倡议 3.主动权
[联想词]               initiate v.1.开始,创造,发起 2.使初步了解 3.接纳新成员 n.新加入组织的人

municipal a.市的,市政的
municipality n.自治市;市政当局

shareholder n.股票持有人,股东
shareholding a.股权

tram n.有轨电车
[联想词]               locomotive n.机车

consequence n.1.结果,后果 2.重要(性),重大
consequent a.作为结果的,随之发生的

manipulate vt.1.操纵,控制,影响 2.熟练操作,使用
manipulation n.1.操作,使用 2.操纵,控制

detach vt.拆卸,使分开,使分离

dividend n.1.红利,股息 2.回报,效益 3.被除数

patriarchal a.1.家长的,父权制的 2.(动植物等)古老的