one producing all for himself that he requires, most men 

 produce almost nothing directly for themselves. Each of 

 us does some one thing for a hundred or a thousand others, 

 perhaps, and exchanges that product of his labor for the 

 many things he deems essential to his existence, comfort 

 and happiness, for, in effect, we simply exchange com- 

 modities when we sell for money that which we do not 

 wish to use, and purchase with that money the things we 

 need. 



If I may be permitted to draw an illustration from my 

 own business, I think I can make clear the truth of my 

 statement that men do little directly for themselves. I 

 am a shoe manufacturer, but I do not make the shoes I 

 wear myself. The specialization in business which com- 

 petition has brought about has limited me to the pro- 

 duction of women's shoes only. 



Those of you who have long been familiar with the busi- 

 ness of Essex county will remember the time when George- 

 town, Danvers and some other towns were extensively 

 engaged in the manufacture of men's boots and shoes. 

 They are so no longer, and, with a few unimportant ex- 

 ceptions, all Essex county shoemakers are limited to the 

 production of women's goods or those kinds of men's goods 

 which are practically of the same character as those made 

 for women. Other counties, notably Plymouth, Norfolk 

 and Worcester are almost exclusively engaged in the pro- 

 duction of men's goods, so far as they follow the shoe 

 business, and these facts illustrate the tendency and the 

 latest developments in the division of labor. 



So, while I make shoes, I do not make my own, but 

 must buy them from some other manufacturer. In other 

 words, by the aid of modern business methods I exchange 



