Industrial Machinery Quotes



Stimson was one of the first to realize the new economic reality in America. In prior years, wealthy individuals financed most business and industrial efforts. However, the need for capital had become so great that wealthy individuals could no longer provide sufficient capital to underwrite some of the business efforts. The age of the corporation was dawning on America and Stimson was one of the first to recognize it.


The left has always been ambivalent about automation. Many object to it on the grounds that it puts men out of work. However, others such as Lafage, argued that automation was the only economic way to reform the working hours and conditions of labor. The problem at the time was that as long as labor was so cheap, there was no motivation for the manufacturer to invest in better machinery. He and many others argued that minimum wages and their increases increase productivity because it would force manufacturers to invest in more productive equipment to reduce their labor costs.