Labour and the Popular WelfareMallock, W. H. (William Hurrell)
General
Labour and the Popular Welfare
Mallock, W. H. (William Hurrell)
Labor; Labor movement; Socialism; Working class
I have spoken thus far as though in creating Capital a man’s motive
were the hope of enjoying the interest of it himself. ◆¹ But there is
another motive almost equally powerful—in some cases more powerful—and
that is the hope of transferring or transmitting it to his family or to
his children. ◆² Now four-fifths of the Capital of the United Kingdom
has been created within the last eighty years. The total Capital in
1812 amounted to about _two thousand millions_; now it amounts to
almost _ten thousand millions_. Therefore _eight thousand millions_
of the Capital of this country has been created by the Ability of
the parents and of the grandparents of those who now possess it,
supplemented by the Ability of many who now possess it themselves. The
most rapid increase in it took place between 1840 and 1875. ◆³ If we
regard men of fifty as representing the present generation of those
actively engaged in business, we may say that their grandfathers made
_two thousand millions_ of our existing Capital, their parents _four
thousand millions_, and themselves _two thousand millions_. It will
thus be easily realised how those persons who own Capital which they
leave others to employ, and which personally they have had no hand in
making, are for the most part relatives or representatives of the very
persons who made it, and who made it actuated by the hope that their
relations or representatives should succeed to it. ◆⁴ All history shows
us that one of the most important and unalterable factors in human
action is a certain solidarity of interest between men—even selfish
men—and those nearly connected with them; and just as parents are, by
an almost universal instinct, prompted to rear their children, so are
they prompted to bequeath to them—or, at all events, to one of them—the
greater part of their possessions. We might as well try to legislate
against the instincts of maternity, as against the instinct of bequest.
Therefore, that the ownership of much of the Capital of the country
should be separated from the actual employment of it, is a necessary
result of the forces by which it was called into existence; and in
proportion as such a result was made impossible in the future, the
continued operation of these forces would be checked.
[Sidenote ◆1 Further, it is impossible to prevent interest being
both offered and taken for the use of Capital.]
Public-domain text, read in full here on John Shaqi.
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