Thisvisibledifferencebetweentheoldorderandthenewiscloselydependentonthedifferencebetweenthepurposesthatguidetheolderschemeofeconomiclifeandthoseofthenew。
Undertheoldorder，industry，andevensuchtradeastherewas，wasaquestoflivelihood；undertheneworderindustryisdirectedbythequestofprofits。Formerly，therefore，timesweregoodorbadaccordingastheindustrialprocessesyieldedasufficientoraninsufficientoutputofthemeansoflife。
Latterlytimesaregoodorbadaccordingastheprocessofbusinessyieldsanadequateorinadequaterateofprofits。Thecontrollingendisdifferentinthepresent，andthequestionofwelfareturnsonthedegreeofsuccesswithwhichthisdifferentulteriorendisachieved。Prosperitynowmeans，primarily，businessprosperity；whereasitusedtomeanindustrialsufficiency。
Atheoryofwelfarewhichshallaccountforthephenomenaofprosperityandadversityunderthemoderneconomicordermust，accordingly，proceedonthecircumstanceswhichconditionthemodernsituation，andneednotgreatlyconcernitselfwiththerangeofcircumstancesthatmadeormarredthecommonwelfareundertheolderregime，beforetheageofmachineindustryandbusinessenterprise。1*Undertheoldorder，whenthoseinwhosehandslaythediscretionineconomicaffairslookedtoalivelihoodastheendoftheirendeavors，thewelfareofthecommunitywasregulated“bytheskill，dexterity，andjudgmentwithwhichitslaborwasgenerallyapplied。“2*WhatwouldmarthiscommonwelfarewastheoccasionallydisastrousactofGodinthewayofunpropitiousseasonsandthelike，ortheactofmaninthewayofwaranduntowardgovernmentalexactions。Pricevariations，exceptasconditionedbytheseuntowardintrusiveagencies，hadcommonlyneitherawidenoraprofoundeffectupontheevencourseofthecommunity’swelfare。Thisholdstrue，inageneralway，evenafterresorttothemarkethadcometobeafactofgreatimportanceinthelifeoflargeclasses，bothasanoutletfortheirproductsandasabaseofsuppliesofconsumablegoodsorofrawmaterials，-asinthebetterdaysofthehandicraftsystem。
Untilthemachineindustrycameforward，commercewithitshandmaiden，bankingwastheonlybranchofeconomicactivitythatwasinanysensibledegreeorganizedinacloseandcomprehensivesystemofbusinessrelations。“Business“wouldthenmean“commerce，“andlittleelse。Thiswastheonlyfieldinwhichmenhabituallytookaccountoftheirowneconomiccircumstancesintermsofpriceratherthanintermsoflivelihood。Pricedisturbances，evenwhentheywereofconsiderablemagnitude，seemtohavehadgraveconsequencesonlyincommerce，andtohavepassedoverwithoutbeingtransmittedmuchbeyondthecommercialhousesandthefringeofoccupationsimmediatelysubsidiarytocommercialbusiness。