The Functions and Future of Retail Banking

At the turn of the century, one of the largest employers in America was the U.S. Ice Trust, which cut, stored, and delivered ice for people’s “iceboxes.” Today, that industry employs only a fraction of the workforce it once did. This happened not because people stopped consuming cool fresh food, but because the refrigerator-a product born of new technology-all but eliminated the need for ice blocks. In contrast, the Fisher Company, which produced carriages and buggies in the early years of the century, is still in the business of making automotive bodies.