Industry and Humanity

In 1918 King wrote Industry and Humanity, in which he set out his ideas about labor and capitalism. These were much more liberal than his party's general views. The book advocated cooperation between the community, labor, and the owners of industry. It recommended a larger share for the state in the control of capital, and it represented a step toward a welfare state. The book was as close as King came to formulating a political creed, but it made little impression on his colleagues.

Industry

Industry, in a general sense, the production of goods and services in an economy. The term industry also refers to a group of enterprises (private businesses or government-operated corporations) that produce a specific type of good or service.

For example:
Beverage industry
Gold industry
Music industry

Industries produce physical goods:
Lumber
Steel
Textiles

Other industries:
Airline,
Railroad,
Trucking
Banking
Restaurant

The word industry comes from the Latin word industries, which means “diligence,” reflecting the highly disciplined way human energy, natural resources, and technology are combined to produce goods and services in a modern economy.

While societies have always produced goods and services, large-scale production did not occur until the Industrial Revolution, a period of mechanization that began in Britain during the 18th century. Large-scale production is driven by machinery, makes use of advancing technologies, and employs a sizeable workforce unconstrained by preindustrial relationships, such as those of slavery or feudalism.

The Industrial Revolution did not occur in the United States until the first half of the 19th century. Although many countries have since developed or are beginning to develop industries in the second half of the 20th century, most of the world’s poorest countries have yet to establish a solid industrial base.