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CHAPTER IV. Of the Tendency of Profits to a Minimum.

§ 1. Doctrine of Adam Smith on the competition of capital,
2. Doctrine of Mr. Wakefield respecting the field of employ-
ment,

-3. What determines the minimum rate of profit,

44. In opulent countries, profits habitually near to the minimum,
5.- prevented from reaching it by commercial revulsions,

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by improvements in production,

- by the importation of cheap necessaries and instruments,
- by the emigration of capital,

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§ 1. Abstraction of capital not necessarily a national loss,

2. In opulent countries, the extension of machinery not detri-
mental but beneficial to labourers,

327

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§ 1. The theory of dependence and protection no longer appli-
cable to the condition of modern society,.

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341

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2. The future well-being of the labouring classes principally
dependent on their own mental cultivation,

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3. Probable effects of improved intelligence in causing a better
adjustment of population-Would be promoted by the
social independence of women,

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4. Tendency of society towards the disuse of the relation of
hiring and service,

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5. Examples of the association of labourers with capitalists,
6. of the association of labourers among themselves,
7. Competition not pernicious, but useful and indispensable,

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CHAPTER IV. Of Taxes on Commodities.

1. A Tax on all Commodities would fall on profits,

2. Taxes on particular commodities fall on the consumer, .

-3. Peculiar effects of taxes on necessaries,

一4.

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- how modified by the tendency of profits to a minimum,

5. Effects of discriminating duties,

6. Effects produced on international exchange by duties on ex-
ports and on imports,

CHAPTER V. Of some other Taxes.

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§ 1. Arguments for and against direct taxation,
2. What forms of indirect taxation most eligible,
3. Practical rules for indirect taxation,


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but liable to large exceptions. Cases in which the con-
sumer is an incompetent judge of the commodity. Edu-
cation,

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9. Case of persons exercising power over others. Protection
of children and young persons; of the lower animals.
Case of women not analogous,

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10. Case of contracts in perpetuity,
11. Cases of delegated management, .
12. Cases in which public intervention may be necessary to
give effect to the wishes of the persons interested. Ex-
amples: hours of labour; disposal of colonial lands,

13. Case of acts done for the benefit of others than the persons
concerned. Poor Laws,.

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