Although the system of capitalism may be very old, the concept of such a system belongs almost wholly to the last hundred years. I shall deal with only five views, thereby leaving to others such additions as they think fit.

Professor Gras' paper is so full of new concepts and ideas that it is very difficult to make any useful comments in a few minutes. I shall, however, try to discuss a few points which appear to me worthy of special emphasis because they may require a revision of accepted interpretations.

I should like to emphasize three points dealing with the general subject of the significance of the administrator concept in the study of capitalism.

The object of this paper is to present for discussion the thesis that the managerial policy of individual entrepreneurs has been one of the principal factors determining the structure of American business.