« PreviousContinue »
The service which land renders to production-Circumstances
which increase the productiveness of land-Large and small
The service which labour renders to production - Productive
and unproductive labour-Division of labour-Co-operation
of labour-Simple and complex co-operation — Wakefield's
theory of colonization-Moral and material means of increas.
ing the productiveness of labour-Productive and unproductive
The service which capital renders to production—The wages-
fund—A demand for commodities not a demand for labour-
Capital in order to fulfil its functions must be consumed-
Fixed and circulating capital— Circumstances which favour the
SECTION II. The Exchange of Wcalth.
Exchange implies the existence of private property_Communism
-Its economic defects compared with the economic defects of
the present industrial organisation
Desinition of Value—Barter-Definition of Price_There can
never be a general rise in values; there may be a general rise
The functions of money–Various substances used as money,
Robert Owen's Labour Exchange—The qualities which the
substance selected as money should possess—Gold and Silver
combine all these qualities in a greater degree than any
other substances that have ever been used as money—A
CHAPTER III. The Value of Commodities.
The three classes into which commodities are divided in relation
to their values—Cost of production—The effect of demand
and supply on prices-Circumstances which determine the
price of an article the supply of which cannot be increased-
Every article which has an exchange value is characterised by
two qualities, viz. value in use and difficulty of attainment-
duce—The growth of population tends to increase the price of
agricultural produce — Circumstances which determine the
price of manufactured commodities—The elements of cost of
production-Cost of labour to the capitalist depends on its
efficiency, and does not always vary with the amount given
as wages—The relation between profits and prices—A sum-
mary of the effect of demand and supply on prices.
CHAPTER IV. On the Value of Money.
The value of money is regulated by the same laws as those
which determine the value of other mineral produce—The
recent depreciation of silver-Circumstances which influence
the demand for gold and silver—The effect of the gold dis-
Wealth is divided into rent, wages and profits — In different
countries these different portions are owned by different com-
A definition of Rent-Rent as regulated by competition-Ri.
cardo's theory of Rent—The margin of cultivation—The effect
of increased population on the position in the scale of pro-
ductiveness of the margin of cultivation-Population not a
measure of national prosperity—Rent does not increase the
price of agricultural produce-Rent as regulated by custom-
Metayers—The Ulster tenant-right—The Irish Land Act of
CHAPTER II. The Wages of Lalour.
Wages as regulated by competition-The influence of popula-
tion on wages-Malthus on Population-Emigration an insuf-
ficient remedy for over-population—The effect on wages of a
local decline in profits—The effect on wages of increased
efficiency of labour-High prices do not produce high wages
—The effect of free competition on wages—Charitable dona-
tions and poor-law relief frequently check the operation of
competition-Competition is almost inoperative among agri-
cultural labourers-Adam Smith's five causes which produce
different rates of wages in different employments.
CHAPTER III. On the Profits of Capital.
The profits of capital are necessary and justifiable—Profits con-
sist of three elements, viz. interest on capital, compensation
for risk, and wages of superintendence—The rate of interest
the same in all trades in the same country and at the same
time-The rate of interest declines with the increase of popu-
lation-High prices do not always denote large profits—Pro-
fits mainly depend on share of the total wealth jointly produced
by capital and labour, which is apportioned to labour-Cost
of labour to the capitalist a function of three variables-
Workmen do not benefit by a rise in wages which causes their
employers' profits to sink below the ordinary rate—The export
CHAPTER IV. On Trades' Unions, Strikes, and Co-operative
The functions of Trades' Unions-Strikes—Combinations of em-
ployers—Locks-out-Strikes are caused by hostility between
employers and employed-Co-operation and copartnership
remove this hostility and therefore prevent strikes—Boards of
arbitration-Co-operative stores .......
CHAPTER 1. On Foreign Commerce,
Foreign commerce is a development of the principle of division
of labour-Protection is disastrous to the general interests of
the community—The effect of protection on wages—The
French and English sugar refiners - The Candlemakers'
petition-Foreign trade advantageous to both countries only
when the relative value of the commodities exchanged is
different in each country—The terms of the exchange are
regulated by an equalisation of demand and supply-Reci-
procity-When there is an exchange between two countries,
the profit of each country is in inverse ratio with its demand
for the imported goods-Protection in America—Exports and
imports tend to an equality—“Balance of trade”-“Unfa-
CHAPTER II. Credit and its Influence on Prices.
Definition of Credit— The meaning of the expressions “good or
bad credit”—Credit is not capital—The manner in which
- Bills of exchange perform many of the functions of money,
Bank notes-Cheques—The Clearing-house-Book credits-
Credit influences prices, not the particular form which credit
assumes—The purchasing power conferred by credit-Credit
produces the greatest effect on the prices of those commodi.
ties whose supply is limited-Commercial panics—The Bank
Charter Act of 1844–Convertible and inconvertible paper cur-
rency—The Gold Ring of New York-The influence of credit
on general prices is beneficial—The direct economy of a paper