Chapter X—The Regulation of Wage Levels [209]
§ 1. Why there must be in industry an ordered scheme of wage relationship between each and every group of wage earners. The limits of collective bargaining as a factor in industrial peace.
§ 2. In the beginning, the scheme must probably be based on an acceptance of existing wage "differentials." The reasons for this are of a practical kind.
§ 3. Any policy which planned to develop a scheme of wage relationships merely by maintaining existing differentials would be bound to fall to pieces in the end. The difficulties that would arise.
§ 4. Two principles proposed as the basis of the desired scheme of wage relationship. Their meaning as applied doctrines.
§ 5. These principles open to criticism both on practical and theoretical grounds. The chief criticisms examined and taken into account.
§ 6. Some notes on the best method of administering these principles. The necessity of avoiding political interference, if possible.
Chapter XI—The Regulation of Wage Levels (Continued)—Wages And Prices [231]
§ 1. The scheme of wage relationship must recommend itself as just to the wage earners and the community in general. The ultimate distributive question to be met is the division of the product between profit and wages.