Thesenegotiationsandmuchofthestrategythatleadsuptoabusinessconsolidationareofthenatureofderangementsofindustry，afterthemannerspokenofabove。Sothatbusinessinterestsandmanoeuvrescommonlydelayconsolidations，combinations，correlationsoftheseveralplantsandprocesses，forsomeappreciabletimeaftersuchmeasureshavebecomepatentlyadvisableonindustrialgrounds。Inthemeantimethenegotiatorsareworkingatcross-purposesandendeavoringtoputtheirrivalsinasdisadvantageousalightasmaybe，withtheresultthatthereischronicderangement，duplication，andmisdirectedgrowthoftheindustrialequipmentwhilethestrategyisgoingforward，andexpensivemaladjustmenttoheovercomewhenthenegotiationsarebroughttoaclose。11*
Serviceability，industrialadvisability，isnotthedecisivepoint。Thedecisivepointisbusinessexpediencyandbusinesspressure。Inthenormalcourseofbusinesstouchingthismatterofindustrialconsolidation，therefore，thecaptainofindustryworksagainst，aswellasfor，anewandmoreefficientorganization。Heinhibitsaswellasfurthersthehigherorganizationofindustry。12*Broadly，itmaybesaidthatindustrialconsolidationsandtheworkingarrangementsmadeforthemoreeconomicalutilizationofresourcesandmechanicalcontrivancesareallowedtogointoeffectonlyaftertheyarelongoverdue。
Incurrenteconomictheorythebusinessmanisspokenofunderthenameof“entrepreneur“or“undertaker，“andhisfunctionisheldtobethecoordinatingofindustrialprocesseswithaviewtoeconomicsofproductionandheightenedserviceability。Thesoundnessofthisviewneednotbequestioned。Ithasagreatsentimentalvalueandisusefulinmanyways。Thereisalsoamodicumoftruthinitasanaccountoffacts。Incommonwithothermen，thebusinessmanismovedbyidealsofserviceabilityandanaspirationtomakethewayoflifeeasierforhisfellows。Likeothermen，hehassomethingoftheinstinctofworkmanship。Nodoubtsuchaspirationsmovethegreatbusinessmanlessurgentlythanmanyothers，whoare，onthataccount，lesssuccessfulinbusinessaffairs。Motivesofthiskinddetractfrombusinessefficiency，andanundueyieldingtothemonthepartofbusinessmenistobedeprecatedasaninfirmity。Still，throughoutmen’sdealingwithoneanotherandwiththeinterestsofthecommunitythererunsasenseofequity，fairdealing，andworkmanlikeintegrity；andinanuncertaindegreethisbentdiscountenancesgainthatisgotatanunduecosttoothers，orwithoutrenderingsomecolorableequivalent。
Businessmenarealso，inameasure，guidedbytheambitiontoeffectacreditableimprovementintheindustrialprocesseswhichtheirbusinesstraffictouches。Thesesentimentalfactorsinbusinessexercisesomethingofaconstraint，varyinggreatlyfromonepersontoanother，butnotmeasurableinitsaggregateresults。Thecareersofmostoftheillustriousbusinessmenshowthepresenceofsomesalutaryconstraintofthiskind。Notinfrequentlyanexcessivesensitivenessofthiskindleadstoawithdrawalfrombusiness，orfromcertainformsofbusinesswhichmayappealtoavividfancyaspeculiarlydishonestorpeculiarlydetrimentaltothecommunity。13*Suchgroundsofaction，andperhapsothersequallygenialandequallyunbusinesslike，wouldprobablybediscoveredbyadetailedscrutinyofanylargebusinessdeal。Probablyinmanycasesthebusinessstrategist，infectedwiththishumaninfirmity，reachesanagreementwithhisrivalsandhisneighborsintheindustrialsystemwithoutexactingthelastconcessionthataruthlessbusinessstrategymightentitlehimto。Theresultis，probably，aspeedierconclusionandasmootherworkingofthelargecoalitionsthanwouldfollowfromtheunmitigatedswayofbusinessprinciples。14*
Butthesentimentwhichinthiswayactsinconstraintofbusinesstrafficproceedsonsuchgroundsofequityandfairdealingasareaffordedbycurrentbusinessethics；itactswithintherangeofbusinessprinciples，notincontraventionofthem；itactsasaconventionalrestraintuponpecuniaryadvantage，notinabrogationofit。Thiscodeofbusinessethicsconsists，afterall，ofmitigationsofthemaxim，Caveatemptor。