Bauhaus-Universität Weimar

Dictionary of philosophy and psychology including many of the principal conceptions of ethics, logics, aesthetics ... and giving a terminology in English, French, German and Italian, vol. 2 [lead-zwing]
Baldwin, James Mark
prevents waste ; by placing them on the 
market when they are scarce he prevents 
famine. His personal profit represents but 
a small fraction of the gain to society. 
Similarly in the case of the speculator who 
buys labour, and sells the products of that 
If the speculator does not foresee the 
movements of the market, but takes random 
chances of gain or loss, speculation is pure 
gambling ; and if he attempts to manipulate 
demand instead of anticipating it, the case is 
still worse. (a.t.h.) 
A form of stock-gambling, which is also 
called speculation, is dealing in ‘margins’ : the 
buying and selling of goods beyond the buyer’s 
power to pay, without demanding the actual 
delivery of the goods (which indeed may 
not exist—as in the case of unripe crops), and 
with the expectation of selling the purchase 
at a higher price before the demand for pay¬ 
ment is made. The profit is the ‘ margin ’ 
between the buying and the selling price. 
(J.M.B., A.T.H.) 
Literature : Hadley, Economics, chap, iv ; 
see Economic Science. (a.t.h.) 
Speech (and its Defects) [AS. spcecanJ : 
Ger. {die verbale) Sprache; Fr. (la) parole; 
Ital. (la) parola. That exercise of the Lan¬ 
guage Function (q. v.) which employs the 
Vocal Organs (q. v. for their anatomy and 
physiology). (j.m.b.) 
I. The factors of speech. The processes con¬ 
cerned in normal speech are primarily of three 
types : (A) sensory, (B) motor, (C) intellectual 
or (mainly) associational. 
(A) Speech involves the use of a sensory 
organ, by the stimulation of which an impres¬ 
sion is carried to the mind of the person 
addressed. Normally, the eye and the ear are 
the senses thus used, but in blind deaf-mutes 
touch becomes the sole receptive speech pro¬ 
cess; while in the deaf the eye becomes the 
medium of other speech types than the usual 
ones of reading printed or written characters. 
The other senses do not present the easily 
recognizable variety of impressions, nor does 
our motor endowment contain the means of 
rapidly producing impressions capable of 
affecting them, both of which are requisite for 
a convenient mode of expression. While the 
mere existence of speech is conditioned upon 
the possibility of some form of sensory or 
receptive function, it involves as well a 
second element of interpretation : only when 
the sense impression which has first been 
seen or heard is interpreted, does it represent 
a complete receptive factor of speech. We 
hear the sounds of a strange language, we see 
the printed characters of a Chinese book ; but 
these sensory processes are not speech pro¬ 
cesses until we interpret what is spoken or 
(B) On the motor or expressive side speech 
again involves a double process: (i) the 
ability to contract in regular co-ordination 
certain groups of muscles, for (2) the pro¬ 
duction of significant sounds. 
[The nerve-fibre bundles pass down in 
the internal capsule from Broca’s centre to 
nuclei of origin in the medulla and spinal 
cord for the motor nei’ves of the tongue, 
larynx, jaws, and lips, and muscles of respira¬ 
tion. (c.f.h.)] 
The selection of the movements available 
for speech was determined by utility, i. e. 
variety, quickness and ease of production, 
and especially the readiness with which the 
resulting changes of position (articulation) 
may be perceived and distinguished, although 
these utilities are not consciously subserved 
in the evolution of speech. Among motor 
mechanisms the lips, tongue, and vocal cords 
are pre-eminent. In contrast with movements 
addressed to the eye, as in sign language, 
these are more fundamental and natural ; they 
are always available by day and night, and 
whether the communicants are within sight of 
one another or not ; the mechanism is capable 
of producing an endless variety of sounds, with 
which the analytic power of the ear keeps 
pace ; and sounds pass readily from an imme¬ 
diate natural to an indirect symbolical 
meaning. The correlation with a sensory 
function, which guides and directs the results 
of muscular co-ordinations, is of fundamental 
importance alike for the comprehension of the 
nature and growth of normal speech and for 
that of speech defects. 
(C) The importance of the associative 
factors arises primarily from the interpre¬ 
tative element in both receptive and expres¬ 
sive speech processes; but it acquires addi¬ 
tional complication from the existence of 
several forms of the language function—reading 
and understanding, speaking, and writing— 
and the consequent association of each with 
the others. We may write by dictation what 
is addressed to the ear, or read aloud from 
the page as well as repeat vocally what we 
hear, or reproduce manually a set copy. 
These processes proceed respectively from ear 
to hand, from eye to voice, from ear to voice, 
and from eye to hand. The latter pair are 


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