4.Until lately there has ever been in England a kind of antagonism between academic studies and business.This is now being diminished by the broadening of the spirit of our great universities， and by the growth of colleges in our chief business centres.The sons of business men when sent to the universities do not learn to despise their fathers' trades as often as they used to do even a generation ago.Many of them indeed are drawn away from business by the desire to extend the boundaries of knowledge.But the higher forms of mental activity， those which are constructive and not merely critical， tend to promote a just appreciation of the nobility of business work rightly done.
5.Much of the happiest romance of life， much that is most pleasant to dwell upon in the social history of England from the Middle Ages up to our own day is connected with the story of private partnerships of this class.Many a youth has been stimulated to a brave career by the influence of ballads and tales which narrate the difficulties and the ultimate triumph of the faithful apprentice， who has at length been taken into partnership， perhaps on marrying his employer's daughter.There are no influences on national character more far-reaching than those which thus give shape to the aims of aspiring youth.
6.Bagehot delighted to argue (see for instance English Constitution， ch.VII) that a Cabinet Minister often derives some advantage from his want of technical knowledge of the business of his Department.For he can get information on matters of detail from the Permanent Secretary and other officials who are under his authority； and， while he is not likely to set his judgment against theirs on matters where their knowledge gives them the advantage， his unprejudiced common sense may well overrule the traditions of officialism in broad questions of public policy：
and in like manner the interests of a company may possibly sometimes be most advanced by those Directors who have the least technical knowledge of the details of its business.
7.Compare Schloss， Methods of Industrial Remuneration； and Gilman， A Dividend to Labour.
8.The Germans say that success in business requires "Geld， Geduld， Genie und Gl點k." The chances that a working man has of rising vary somewhat with the nature of the work， being greatest in those trades in which a careful attention to details counts for most， and a wide knowledge， whether of science or of the world movements of speculation， counts for least.Thus for instance "thrift and the knowledge of practical details" are the most important elements of success in the ordinary work of the pottery trade； and in consequence most of those who have done well in it "have risen from the bench like Josiah Wedgwood" (see G.Wedgwood's evidence before the Commission on Technical Education)； and a similar statement might be made about many of the Sheffield trades.But some of the working classes develop a great faculty for taking speculative risks； and if the knowledge of facts by which successful speculation must be guided， comes within their reach， they will often push their way through competitors who have started above them.Some of the most successful wholesale dealers in perishable commodities such as fish and fruit have begun life as market porters.
9.The danger of not being able to renew his borrowings just at the time when he wants them most， puts him at a disadvantage relatively to those who use only their own capital， much greater than is represented by the mere interest on his borrowings： and， when we come to that part of the doctrine of distribution which deals with earnings of management， we shall find that， for this among other reasons， profits are something more than interest in addition to net earnings of management， i.e.those earnings which are properly to be ascribed to the abilities of business men.
