Rent the Product of Land 93 The Accepted Theory of Rent illustrated by an Example 94 The Product of Agricultural Labour 96 The Product of Land 97 Maximum Produce of Labour 98 Surplus produced by Land 99 Land a Producing Agent as distinct from Labour 100 The Existence of Rent not affected by Socialism 102 Rent necessarily the Property of whoever owns the Land 104 The Argument of this Volume embodied in the case of Rent 106 III. Of the Products of Machinery or Fixed Capital, as distinguished from the Products of Human Exertion— Capital of Two Kinds 108 The part of the Product produced by Machinery or Fixed Capital 110 Example of Product of Machinery as distinct from that of Labour 112 The Products of a Machine necessarily the Property of Owner 114 The Cotton Industry in the Last Century 116 Arkwright’s Machinery 118 The Iron Industry of Great Britain 119 Machinery and Production of Iron 120 Machinery and Wage Capital 121 IV. Of the Products of Circulating Capital, or Wage Capital, as distinguished from the Products of Human Exertion— Simplest Function of Wage Capital 122 Distinguishing Function of Modern Wage Capital 124 Wage Capital mainly productive as a means of directing Labour 126 Slaves and Free Labourers 128 Wage Capital and Progress 129 Wage Capital as related to the production of New Inventions 130 Capital the Tool of Knowledge 132 Wage Capital and Arkwright 133 Wage Capital as Potential Machinery 134 How to discriminate the amount produced by Wage Capital 136 V. That the Chief Productive Agent in the modern world is not Labour, but Ability, or the Faculty which directs Labour—