Thelifeofmodernindustrybecomesaseriesofperiodsofmoderateactivity，prosperity，over—production，crisisandstagnation。Theuncertaintyandinstabilitytowhichmachinerysubjectstheemployment，andconsequentlytheconditionsofexistence，oftheoperativesbecomenormal，owingtotheseperiodicchangesoftheindustrialcycle。Exceptintheperiodsofprosperity，thereragesbetweenthecapitaliststhemostfuriouscombatfortheshareofeachinthemarkets。Thisshareisdirectlyproportionaltothecheapnessofthe。product。Besidestherivalrythatthisstrugglebegetsintheapplicationofimprovedmachineryforreplacinglabour—power，andofnewmethodsofproduction，therealsocomesatimeineveryindustrialcycle，whenaforciblereductionofwagesbeneaththevalueoflabour—power，isattemptedforthepurposeofcheapeningcommodities。[156]
Anecessarycondition，therefore，tothegrowthofthenumberoffactoryhands，isaproportionallymuchmorerapidgrowthoftheamountofcapitalinvestedinmills。Thisgrowth，however，isconditionedbytheebbandflowoftheindustrialcycle。Itis，besides，constantlyinterruptedbythetechnicalprogressthatatonetimevirtuallysuppliestheplaceofnewworkmen，atanother，actuallydisplacesoldones。Thisqualitativechangeinmechanicalindustrycontinuallydischargeshandsfromthefactory，orshutsitsdoorsagainstthefreshstreamofrecruits，whilethepurelyquantitativeextensionofthefactoriesabsorbsnotonlythementhrownoutofwork，butalsofreshcontingents。Theworkpeoplearethuscontinuallybothrepelledandattracted，hustledfrompillartopost，while，atthesametime，constantchangestakeplaceinthesex，age，andskillofthelevies。
ThelotofthefactoryoperativeswillbebestdepictedbytakingarapidsurveyofthecourseoftheEnglishcottonindustry。
From1770to1815thistradewasdepressedorstagnantfor5yearsonly。
Duringthisperiodof45yearstheEnglishmanufacturershadamonopolyofmachineryandofthemarketsoftheworld。From1815to1821depression;