Beneficial to Production

Industry is essentially the subjection of natural forces - the manipulation of natural material to the uses of mankind; it brings into action the worker, the engineer, the inventor, the organizer, the administrator, the combined energies of whom are liberated and set in motion by finance. Accumulation of capital. - Thrift is the foundation stone of effective economic interdependence. The individual must practice frugality, engage in hard work, and acquire the habit of wise spending - so living within his means as to enable a saving of a portion of the product of his labor. In industry wealth is the product of saving; it is secured in part by the elimination of waste and the corresponding conservation of materials and labor practiced by both individuals and groups, and saving or the accumulation of capital is as much the duty of the employee as of the employer. Relations between management and men. - To derive the greatest value from interdependent relationship between employer and employee there must be created a spirit of good will and cooperation in which there is a recognition of mutual worth and mutual responsibility. The atmosphere surrounding the relationship between management and men must eliminate fear, apprehension, and uncertainty. Only by the establishment of mutual understanding, confidence, and respect can effective cooperation and teamwork be secured. That employee renders best service who has an intelligent understanding of the relation of his part to the whole.