In the last half of the nineteenth century “capital” and “labor” were enlarging and perfecting their rival organizations on modern lines. Many an old firm was replaced by a limited liability company with a bureaucracy of salaried managers. The change met the technical requirements of the new age by engaging a large professional element and prevented the decline in efficiency that so commonly spoiled the fortunes of family firms in the second and third generation after the energetic founders. It was moreover a step away from individual initiative, towards collectivism and municipal and state-owned business. The railway companies, though still private business managed for the benefit of shareholders, were very unlike old family business. At the same time the great municipalities went into business to supply lighting, trams and other services to the taxpayers.
- Capital：n 首都；资本资金 capital investment 资本投资；Venture capital（VC）风险投资
- 态度、路线。The line on sth. :对某事的态度；the party line: 党的路线；the official line:官方说法。搭配：Take a hard line on sth. 在某事上采取强硬的态度。造句：The department concerned should take a hard line on environmental pollution.方法、方式（文中的意思）造句：China's rapid economic development means it’s definitely on the right lines.
- 专业、行业：all lines of work (各行各业)造句：As competition in all lines of work grows increasingly fierce, we must defeat our rivals through powerful team work.（作文用）短语：In line with sth.(与某事物保持一致)
- Many a/an+单数名词=many +复数名词
- The limited liability company：有限责任公司
- Bureaucracy：官僚主义；行政系统 Materialism：唯物主义；物质主义（含贬义）
- Arts:文科； science :理科
- Moreover约等于besides / additionally （此外）
- Individual：作形容词时除了表示“个人的”，也可以表示“独特的”（distinctive）独特的个性：Individual personality
- initial：adj 开始的，最初的。 短语：Initial stage/period; initial reaction
- initiate: v 开始，发起
- initiative：n 积极性，创造力；倡议。 搭配：Take the initiative in doing sth. 在某方面采取主动
- shareholder：股东 share: n 股份 ; board: 董事会
- collect：v 聚集；集中；collective：集体的；共同的；collectivism:集体主义；公有制
The change（主语） met（谓语1） the technical requirements（ of the new age by（引导方式状语）engaging a large professional element修饰成分） and（并列连词） prevented（谓语2） the decline in efficiency （that so commonly spoiled the fortunes of family firms in the second and third generation after the energetic founders.定语从句）