Wages of Labour

Profit of Capital

[XV. 1.]
...."We are convinced... as are the commissioners appointed to look into the conditions of the handloom weavers, that the large industrial towns would quickly lose their population of workers if they did not all the time receive a continual stream of healthy people and fresh blood from the surrounding country areas."
[Eugene Buret, pp. 362]

[XVI. 1.]

[XV. 2.]
are generally in proportion to the extent of his stock, or to the number of people it can employ. The quantity of industry, therefore, not only increases in every country with the increase of the stock which employs it, but, in consequence of that increase, the same quantity of industry produces a much greater quantity of work."
[Smith, I, p. 242]

....Hence overproduction.
...."More extensive combinations of productive forces... in trade and industry through the unification of more numerous and more varied human and natural forces for undertakings on a larger scale. Also, there are already a number of cases of closer links among the main branches of production themselves. Thus, large manufacturers will try to acquire large estates in order to avoid depending on others for at least a part of the raw materials they need for their industry; or they will set up a trading concern linked to their industrial enterprises and not only sell their own products but buy up and retail other sorts of goods to their workers. In England, where there are some factory owners who employ between 10- and 12,000 workers... similar combinations of different branches of production under the control of one man, small states or provinces within a state, are not uncommon. For example, the mine-owners near Birmingham recently took over the entire process of iron production, which was previously in the hands of several different entrepreneurs and owners. See 'Der bergannische Distrikt bei Birmingham', Deutsche Vierteljahrsschrift, no.3, 1838. Finally, in the larger joint-stock companies, which have become so numerous, we find extensive combinations of the financial resources of many shareholders with the scientific and technical knowledge and skills of others to whom the execution of the work is entrusted. In this way, it is possible for many capitalists to apply their savings in a more diversified way and even invest them simultaneously in agricultural, industrial, and commercial production; as a result, their interests also become more diversified
[XVI. 2.]










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