212 HISTORY OF ECONOMIC INSTITUTIONS 



periences of past times for the present and naturally of the present 

 for the future. 



We accordingly reach the result that between political economy 

 and economic history there exists a fundamental difference, and that 

 the latter must take an independent position in its relation both to 

 history and to political economy. There can be just as little pos- 

 sibility that it should be merged in history as that it should furnish 

 political economy with its foundation. Economic history must be 

 classed as an independent science, while at the same time it should 

 render important aid to political economy. 'It is a pressing need of 

 the time to establish chairs for economic history and to provide 

 it with liberal means so that it may fulfill its high mission more 

 adequately than has hitherto been possible. It should be regarded 

 and treated, not as an appendage of political economy, finding only 

 incidental and subordinate application, but as an independent branch 

 of study and an end in itself. 



If we began with the division of scientific labor and its influence 

 upon the development of separate branches of study, we must now 

 point to the union of labor which appears a necessity even more in 

 science than in economic life, lest the higher aim, the fullest possible 

 knowledge of human nature and activity, suffer and the uniting 

 intellectual bond be lost. 



In conclusion, let us once more briefly summarize the chief result 

 of our discussion. 



History is the science of human development in all directions. It 

 commenced naturally with the organization of the state, that is, 

 with political events. As early as the Reformation period the devel- 

 opment of religious thought and legal institutions began not only to 

 be studied but to be brought into connection with political history. 

 In the second half of the eighteenth century were added the develop- 

 ment of art and science, the history of philosophy and of all literary 

 activity. Thus, more and more, was built up the general history 

 of civilization. Whether the starting-point should be the state or 

 society (as in sociology) we will not here discuss. Finally in recent 

 decades attention has also been directed to economic life, and it has 

 been recognized as a necessary supplement to history; for it has been 

 seen that the provision for material needs is not something unessen- 

 tial in human life, but that the problems thereby set mankind are 

 extremely complicated, requiring great ingenuity for their solution. 

 In recent times economic interests have acquired greater importance, 

 and begin more and more to dominate political life. Not without 

 justice has it been said that the wars of the future will be caused 

 by the conflict of economic interests, not as in earlier times by 

 questions of political power or by the ambitions of rulers. Economic 

 history must thus become a part of history itself, without, however, 



