"And yet," said the teacher, "the only real fault of these so-called
books on Political Economy consists in the absurdity of the title.
Correct that, and their value as documents of the times at once becomes
evident. For example, we might call them 'Examinations into the Economic
and Social Consequences of trying to get along without any Political
Economy.' A title scarcely less fit would perhaps be 'Studies into the
Natural Course of Economic Affairs when left to Anarchy by the Lack of
any Regulation in the General Interest.' It is, when regarded in this
light, as painstaking and conclusive expositions of the ruinous effects
of private capitalism upon the welfare of communities, that we perceive
the true use and value of these works. Taking up in detail the various
phenomena of the industrial and commercial world of that day, with their
reactions upon the social status, their authors show how the results
could not have been other than they were, owing to the laws of private
capitalism, and that it was nothing but weak sentimentalism to suppose
that while those laws continued in operation any different results could
be obtained, however good men's intentions. Although somewhat heavy in
style for popular reading, I have often thought that during the
revolutionary period no documents could have been better calculated to
convince rational men who could be induced to read them, that it was
absolutely necessary to put an end to private capitalism if humanity were
ever to get forward.
"The fatal and quite incomprehensible mistake of their authors was that
they did not themselves see this, conclusion and preach it. Instead of
that they committed the incredible blunder of accepting a set of
conditions that were manifestly mere barbaric survivals as the basis of a
social science when they ought easily to have seen that the very idea of
a scientific social order suggested the abolition of those conditions as
the first step toward its realization.
"Meanwhile, as to the present lesson, there are two or three points to
clear up before leaving it. We have been talking altogether of profit
taking, but this was only one of the three main methods by which the
capitalists collected the tribute from the toiling world by which their
power was acquired and maintained. What were the other two?"
"Rent and interest."
"What was rent?"
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