A university now needs an immense "concentration of wealth" for its outfit and work. It is as restricted in its work as the corresponding institution of fifty years ago was, although it may command twenty times as much capital and revenue. Furthermore, when we see that all these and other societal institutions pay far higher salaries to executive officers than to workers, we must recognize the fact that the element of personal executive ability is in command of the market, and that means that it is the element which decides success. To a correct understanding of our subject it is essential to recognize the concentration of wealth and control as a universal societal phenomenon, not merely as a matter of industrial power, or social sentiment, or political policy.
Stated in the concisest terms, the phenomenon is that of a more perfect integration of all societal functions. The concentration of power (wealth), more dominant control, intenser discipline, and stricter methods are but modes of securing more perfect integration. When we perceive this we see that the concentration of wealth is but one feature of a grand step in societal evolution.
Some may admit that the concentration of wealth is indispensable, but may desire to distinguish between joint-stock aggregations on the one side and individual fortunes on the other. This distinction is a product of the current social prejudice and is not valid. The predominance of the individual and personal element in control is seen in the tendency of all joint-stock enterprises to come under the control of very few persons. Every age is befooled by the notions which are in fashion in it. Our age is befooled by "democracy"; we hear arguments about the industrial organization which are deductions from democratic dogmas or which appeal
