the
commodities affected by the growth of 'synthetics'; the natural fibres
compete with man-made ones: plastics compete with ferrous metals and
timber: the dairying industry competes with the margarine industry and
the range of substitutes one for another in the production of edible
oils is very great. Aluminium competes with copper; coal competes with
oil, and both face competition with hydro-electric power and, now,
atomic energy; air travel, road transport and railways compete for
traffic; in fact, all over the field of production the degree of
substitutability is very great. The dynamic elements are the price
factor and the constant growth of experimentation in the applicability
of different products for particular uses. Nor can the 'final' consumer
and his desires be left out of account—in fact, the luxury motor-car
competes with diamonds and other jewels for the command of purchasing
power, in the same way as the 'live theatre' competes against
television and the radio. There is incessant change and, consequently,
incessant variation in supply and demand conditions. And because the
scale of investment is rising at the same time, the degree of financial
risk involved is not less, but greater than it was. These may be
commonplaces, but their significance, when the nature and quality of
business leadership are under discussion, is liable to be overlooked.
Moreover, increasingly in the modern world, the influences of
government and of politics have been making themselves felt. In one
respect, the situation may be said to have changed for the better, in
so far as the direct responsibility for the maintenance of 'law and
order' in the underdeveloped world has been taken off the shoulders of
the business leader. It was not always so: from the days of the old
Dutch and British East India Companies to the earher years of the
British South Africa Company enterprise has had, at times, to
administer and govern as well as get on with the task of economic
development. Such a dual role raised issues of conflicting interest:
and it meant that tasks were thrown upon the leaders of business for
which they were by no means always qualified. The assumption of the
task of government by properly constituted 'governments' enabled a more
clear-cut line to be drawn. It had, incidentally but not unimportantly,
the beneficial consequence that public odium could no longer attach to
the business leader on the ground that he shaped the course of events
in developing areas solely in his own interests because he and
government were one.
Nevertheless,
a great deal turns upon the nature of the government provided and upon
the principles by which policy is directed. In
