Any person who could devise measures by which the fluctuations in modern business could be eliminated, or materially reduced, would undoubtedly carve for himself a deep niche in the Hall of Fame. Both business men and observers of economic phenomena have noted that recurring crises seem almost as inevitable as the setting of the sun, if not so regular. If the severity of crises could be mitigated, solvent firms might not fail as often as they do, and the erratic economic course of man might not be subject to such violent ups and downs.

Someone may say that he has not yet learned what a business history is and therefore that he is in no position to consider the types of business history that may exist. Perhaps, however, it may help in grasping the essentials of business history if these types are set forth.

Right at the beginning of this effort we should note that we have in mind the history of a business unit — a business man, a firm, or a company. To be sure, there are other approaches to business history, namely, the history of a function, such as production or marketing, the history of a whole industry, such as meat-packing or cotton textiles, and, of course, the general history of business.