Publisher's Synopsis
Excerpt from The Evolution of Modern Germany
On the other hand, there are some circumstances which may well afford assurance in circles alarmed by the extent and causes of German competition. Hitherto the German industrialist has enjoyed specially favourable costs of production, notably owing to the lower wages paid and the longer hours worked, but the existing relationships between capital and labour afford no reason for assuming that this advantage will always continue in the same measure as hitherto. Owing to a variety of causes Germany is also fast losing its character as a cheap country; its people are no longer satisfied with the old simple life; they may have larger incomes than formerly, but they also spend more. This breaking with the old spirit of frugality and renunciation may imply a rising standard of civilization; it is certain that the effect is to increase such important elements in the cost of production as salaries and wages, interest, and profit.
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