Principles of Political Economy, Vol. 2Roscher, Wilhelm
General
Principles of Political Economy, Vol. 2
Roscher, Wilhelm
Economics
at bottom, only a complaint that capital is not inexhaustible; and even
those workmen who are obliged to pay most to capital would be much worse
off without it.
[Footnote 189-1: The Greeks very appropriately call interest
τόκος, i. e., that which is born. In the loaning of capital
productively invested, the creditor, in the interest
received, consumes the real produce of his property. If the
debtor has consumed the property unproductively, the
creditor indeed lives on the debtor's other returns or
supplies; which, however, without his intervention would
probably have been consumed by their owner.]
[Footnote 189-2: We here, for the time being, make
abstraction of all entangling surrounding circumstances.
However, _Diodor._, III, 15 ff., and _Strabo_, XVI, 773,
describe a very similar condition of things among the
Ichthyographs; also _Hildebrand_, Reise, um die Erde, III,
2, in China. In the Sudan, whole generations fetch water
every day from a distant town, instead of working for a few
weeks to dig a deep well nearer home. (_Barth_, Afr. Reise,
III, 297.)]
[Footnote 189-3: The most recent relapse into the old error
of the unproductiveness of capital, viz.: that of _Karl
Marx_ (Das Kapital; Kritik der polit. Oekonomie, I, 167) is a
turning round and round of the author in the vicious circle
of his demonstration. If the value of every commodity
depends simply on the labor necessary to bring it into
existence, or on the time of labor required to produce it,
it is self-evident that the value of the capital consumed
for the purpose of its production, can at most be only
preserved in the new product, and that all the additional
value (_Mehrwerth_) of the latter should be ascribed to
labor. (172, and passim.) Hence, strictly speaking, the
capitalist who advances capital to workmen, is still bound
in duty to be grateful to the latter when the value of his
advance is preserved to him undiminished, (§ 173) and all
interest levied by him should be considered as a payment
towards the extinguishment of the capital [debt] itself.
(556.) Relying on such theories, many socialists admit
private property and even the right of inheritance to means
of enjoyment and use capital (_Gebrauchskapitalien_)
provided only that land and productive capital should pass
over into the "collective property" of society, with
compensation, however, to their former owners. Considering
the short duration of most goods used in enjoyment or
consumed, the evil consequences of a community of goods
mentioned in § 81, could not be avoided to any extent by
this means.
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