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also, in every generation, better protected, either by insti-
tutions or by manners and opinion, against arbitrary exer-
cise of the power of government. Even in semi-barbarous
Russia, acts of spoliation directed against individuals, who
have not made themselves politically obnoxious, are not
supposed to be now so frequent as much to affect any per-
son's feelings of security. Taxation, in all European coun-
tries, grows less arbitrary and oppressive, both in itself and
in the manner of levying it. Wars, and the destruction
they cause, are now usually confined, in almost every
country, to those distant and outlying possessions at which
it comes into contact with savages, (Even the vicissitudes
of fortune which arise from inevitable natural calamities,
are more and more softened to those on whom they fall, by
the continual extension of the salutary practice of insur.
Of this increased security, one of the most unfailing
effects is a great increase both of production and of accumu-
lation. Industry and frugality cannot exist, where there is
not a preponderant probability that those who labour and
spare will be permitted to enjoy. And the nearer this
probability approaches to a certainty, the more do industry
and frugality become pervading qualities in a people. Ex-
perience has shown that a large proportion of the results of
labour and abstinence may be taken away by fixed taxa-
tion, without impairing, and sometimes even with the effect
of stimulating, the qualities from which a great production
and an abundant capital take their rise. But those
qualities are not proof against a high degree of uncertainty.
The government may carry off a part; but there must be
assurance that it will not interfere, nor suffer any one to
interfere, with the remainder. - or
One of the changes which most infallibly attend the prog-
ress of modern society, is an improvement in the business
capacities of the general mass of mankind. I do not mean
that the practical sagacity of an individual human being is
greater than formerly. I am inclined to believe that eco-

nomical progress has hitherto had even a contrary effect. A person of good natural endowments, in a rude state of society, can do a greater number of things tolerably well, has a greater power of adapting means to ends, is more capable of extricating himself and others from an unforeseen embarrassment, than ninety-nine in a hundred of those who have known only what is called the civilized form of life. How far these points of inferiority of faculties are compensated, and by what means they might be compensated still more completely, to the civilized man as an individual being, is a question belonging to a different inquiry from the present. But to civilized human beings collectively considered, the compensation is ample. What is lost in the separate efficiency of each, is far more than made up by the greater capacity of united action. In proportion as they put off the qualities of the savage, they become amenable to discipline; capable of adhering to plans concerted beforehand, and about which they may not have been consulted; of subordinating their individual caprice to a preconceived determination, and performing severally the parts allotted to them in a combined undertaking. Works of all sorts, impracticable to the savage or the half-civilized, are daily accomplished by civilized nations, not by any greatness of faculties in the actual agents, but through the fact that each is able to rely with certainty on the others for the portion of the work which they respectively undertake. The peculiar characteristic, in short, of civilized beings, is the capacity of co-operation; and this like other faculties, tends to improve by practice, and becomes capable of assuming a constantly wider sphere of action. Accordingly there is no more certain incident of the progressive change taking place in society, than the continual growth of the principle and practice of co-operation. Associations of individuals voluntarily combining their small contributions, now perform works, both of an industrial and of many other characters, which no one person or small number of persons are rich enough to accomplish, or for the performance of which the few persons capable of accom, plishing them were formerly enabled to exact the most inordinate remuneration. As wealth increases and business capacity improves, we may look forward to a great extension of establishments, both for industrial and other purposes, formed by the collective contributions of large numbers; establishments like those known by the technical name of joint-stock companies, or the associations less formally constituted, which are so numerous in England, to raise funds for public or philanthropic objects. The progress which is to be expected in the physical sciences and arts, combined with the greater security of property, and greater freedom in disposing of it, which are obvious features in the civilization of modern nations, and with the more extensive and more skilful employment of the joint-stock principle, afford space and scope for an indefinite increase of capital and production, and for the increase of population which is its ordinary accompaniment. That the growth of population will overpass the increase of production, there is not much reason to apprehend ; and that it should even keep pace with it, is inconsistent with the supposition of any real improvement in the poorest classes of the people, It is, however, quite possible that there might be a great progress in industrial improvement, and in the signs of what is commonly called national pros perity; a great increase of aggregate wealth, and even, in some respects, a better distribution of it; that not only the

rich might grow richer, but many of the poor might grow

rich, that the intermediate classes might become more numerous and powerful, and the means of enjoyable existence be more and more largely diffused, while yet the great class at the base of the whole might increase in numbers only, and not in comfort nor in cultivation. We must, therefore, in considering the effects of the progress of industry, admit as a supposition, however greatly we deprecate

as a fact, an increase of population as long-continued, as _

indefinite, and possibly even as rapid, as the increase of production and accumulation.

With these preliminary observations on the causes of change at work in a society which is in a state of economical progress, I proceed to a more detailed examination of the changes themselves.



§ 1. THE changes which the progress of industry causes or presupposes in the circumstances of production, are necessarily attended with changes in the values of commodities.

The permanent values of all things which are neither under a natural nor under an artificial monopoly, depend, as we have seen, on their cost of production. But the increasing power which mankind are constantly acquiring over nature, increases more and more the efficiency of human exertion, or in other words, diminishes cost of production. All inventions by which a greater quantity of any commodity can be produced with the same labour, or the same quantity with less labour, or which abridge the process, so that the capital employed needs not be advanced for so long a time, lessen the cost of production of the commodity. As, however, value is relative; if inventions and improvements in production were made in all commodities, and all in the same degree, there would be no alteration in values. Things would continue to exchange for each other at the same rates as before; and mankind would obtain a greater quantity of all things in return for their labour and abstinence, without having that greater abundance measured and declared (as it is when it affects only one thing) by the diminished exchange value of the commodity.

As for prices, in these circumstances they would be af.

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