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in the Clerk's Office of the District Court of the United States for the Eastern District of Pennsylvania.

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§ 1. Every act of consumption also an act of production—the one being, therefore, the measure of the other................................. ----------- --------- 32. Production consists in the direction of the forces of nature to the service of man. For obtaining command of nature, man must qualify himself by first obtaining command over his own latent powers. Identity of the physical and social laws ................................. ----------- -----------------------------

33. Man the ultimate object of all production. Demand, the cause of supply. The more numerous the men, and the greater the power of combination, the greater the demand....... ---------- --------- ---------- ----------------- ---------------------

34. Production grows as the power of the trader and transporter declines. That decline a consequence of diversification in the demand for human

35. Labor-power the most perishable of all commodities. Perishes, unless the demand follows instantly upon its production ...... ......... ---------------------- ---

36. Waste of labor one of the conditions of early society and scattered population. Errors of Mr. Malthus and his disciples

37. Wages and productive power of England, at various periods

38. Wages and production of the people of Scotland, of the past and present, 29. The more continuous and steady the societary motion, the more instant the demand for, and the economy of, labor. That continuity the test of real civilization. Diversity of employments indispensable to its existence. Waste of power in, and consequent poverty of, all purely agricultural countries..... 3.10. Continuity in the demand for labor, with growing commerce, to be found in those countries in which raw materials and finished commodities most approximate in prices........................................................................."

Wol. III. — 1 (i)

Page.

17

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2 11. The more that matter tends to take upon itself its highest form, the more continuous and steady must be the societary motion, and the greater the economy of force .................................................

ź 12. Errors of modern economists in regard to productive and unproductive labor. All labor productive which tends to enable man more thoroughly to direct the forces of nature to his service—wealth consisting in the existence of that power of direction. The greater the power of man over nature, the more rapid the progress of accumulation..............................................

C HAPTE R XXXIX.
OF ACCUMULATION.

3 1. Power of accumulation, in both the natural and social world, in the ratio of the circulation ...................................................

3 2. Capital, the instrument by means of which man is enabled to direct the natural forces to his service. Power of association grows, as he obtains increased command over the instrument. Declines, as it obtains command over him ......

ź 3. Movable capital declines in its proportions, as compared with that which is fixed — that decline being an evidence of advancing civilization. Commerce grows with this change of proportions .........................................

34. Centralization increases the proportion of movable capital—that change being an evidence of declining civilization. Historic illustrations. Increase of movable capital in all the present free-trade countries ........

35. Fixed capital increases in its proportions, as the prices of raw materials and finished commodities more and more approximate — declining as they recede from each other.................. -------- -------- -----------------------------------

? 6. Errors of modern economists in regarding saving as the cause of the growth of capital ...... ----------------------------------------------------------------------# 7. That growth due to the economy of human effort. That economy a consequence of diversification of employments, and consequent combination of action. Waste of human power in all the countries which follow in the train of Britain. Resistance to the British system, and its effects.....................

28. Errors of Adam Smith in regard to the origin of capital ..

% 9. Inconsistencies of British economists................................................

§ 10. Capital grows with the growth of local centres, with constant increase in the power of production, and in the rapidity of circulation. Summary of the definitions thus far given in the present work................

---------------

CHA PTE R XL.
or circulation.

3 1. Division of land a consequence of increase in the power of combination

among men .......................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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3 2. Little circulation of either land or man, in the earlier stages of society. Large proportion then borne by movable to fixed capital....... ------------------- 75

33. Circulation increases in its rapidity, in the direct ratio of the tendency of capital to become fixed and immovable. Historic illustrations...... ----------- . 78

34. The more rapid the circulation, the greater the tendency towards the creation of local centres, towards the development of individuality, and towards having society assume its natural form ............... ----------- ----------------------- 80

ź 5. Circulation diminishes in its rapidity as land becomes consolidated, and movable capital increases in its proportions. Phenomena presented for examination by Greece, Italy, and Spain.................................. --------- ....... 81

2 6. Circulation becomes more rapid as employments become diversified, and land becomes divided........ --------------"............. -------- ---------------------------- 8

37. The more perfect the security of property, the greater is the tendency towards having it become fixed, land then becoming divided. Social phenomena exhibited by France ................. ------------------ ------- -------------------- ... 84

28. Tendency of British policy to promote increase in the proportions of movable capital, at the expense of that which is fixed. Consequent sluggishness of circulation, in all the countries subject to it.......... ---------------- --------- .... 89

29. Circulation becomes more rapid in the ratio of the tendency towards approximation in the prices of rude products and finished commodities. That tendency grows in all the countries that follow in the lead of Colbert and of France, while declining in all of those that follow in the train of the RicardoMalthusian school.......................... -------------------------------------------------- 92 210. Tendency of the British colonial system to produce stoppage of the circulation. Its effects, as exhibited in the past and present of the United States ................. --------- ---------------- ----------- ----------------- ----------------- ..... 95 3 11. Increase in the proportion borne, in the United States, by movable capital, and consequent sluggishness of circulation. Their growing dependence on the movements of the trader...... -------------------- --------------------------- ..... 101 312. The more rapid the circulation, the greater the force exerted. Force increases in all the countries that follow in the train of Colbert, while declining in those which adopt the doctrines of the British school ........................... 102 3 13. Difference between Adam Smith and the modern British economists. The one regarded commerce as the handmaid of agriculture. The other looks to trade as master of the societary movement........ ---------- ------------ --------- 103 # 14. The more rapid the circulation, the more equitable the distribution. Identity of the physical and social laws................. --------------------------- ... 105

C HAPTE R XLI.
or Distribution.

3 1. Of wages, profits, and interest. Large proportion assigned to capital, in the early stages of society........ ------- ---------- --------- --------- ------------------- ... 109

22, Capitalist's proportion diminishes, as the cost of reproduction declines.... 110 & 3. General law of distribution. Laborer's share increases in both its proportion and amount. That of the capitalist increases in amount, while diminishing in its proportion. Tendency of this law to produce equality in the condition of mankind. Its harmony and beauty.................................... 111 u 34. Universal application of the law that is here propounded......... ............ 114

& 5. Labor's proportion increases, as the prices of rude products and those of finished commodities tend to approximate to each other........ ------------------- 116

36. That tendency found in all the countries in which employments become more diversified. The reverse of this found in all the countries that adopt

the doctrines of the British school ....................................................... 118 37. Capital accumulates most rapidly where the rate of profit is lowest. That rate declines as human effort is more and more economised........ -------------- 119

ź 8. Tendency of the law of distribution towards the production of harmony

and peace among the communities of the world.................. -------------------- 120 39. British economists hold that capital increases most rapidly when and where profits are highest................. ------------------------------------------------- ... 122 3.10. How the rate of interest is affected by increase in the quantity of money. Errors of Mr. Hume ............................................ ----------------------------- 125 3 11. Erroneous views of Adam Smith in regard to the natural law regulating the charge for the use of money.......................................................... 126

Ž 12. Absence of consistency in the doctrines of the Ricardo-Malthusian school, 128 3.13. The value of man rises as the rate of profit, interest, and rent declines, 129

CHAP T E R XLIII.
THE SAME subject continued.

3 1. Of the rent of land. Large proportion of the landlord in the days of early cultivation. That proportion diminishes as labor becomes more productive, but the amount of rent increases. The laborer's share increases in its proportion, with large increase in its amount—both thus profiting by increase in the power to command the services of nature................. -------------------- 131 32. Mr. Ricardo's theory of rent. Teaches the reverse of this, the landlord's proportion increasing as agricultural labor becomes less productive............ 134 33. That theory based upon the false assumption that cultivation commences on the rich soils, and that labor becomes less productive as men increase in number and in power. The reverse of this proved by all the facts of history, 136 34. Error of Mr. Ricardo in regard to the origin of rent. No such rent as that indicated by him has ever been, or can be, paid.................................... . 141 35. The ultimate slavery of man the natural tendency of the Ricardo-Malthusian theory—rent rising as labor becomes less productive. That theory and the facts compared.......................... ------------------------------------------------- 143 36. Simplicity, and universal truth, of natural laws. Complexity and error of Mr. Ricardo's theory................. .................................................... 150

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