Capitalism; Imperialism; Saving and investment; Socialism
This mirror, held up to capitalist society almost a century before the
time of writing, is clear and comprehensive enough in all conscience.
Sismondi put his finger on every one of the sore spots of bourgeois
economics: the ruin of small enterprise; the drift from the country; the
proletarisation of the middle classes; the impoverishment of the
workers; the displacement of the worker by the machine; unemployment;
the dangers of the credit system; social antagonisms; the insecurity of
existence; crises and anarchy. His harsh, emphatic scepticism struck a
specially shrill discord with the complacent optimism, the idle worship
of harmony as preached by vulgar economics which, in the person of
MacCulloch in England and of Say in France, was becoming the fashion in
both countries. It is easy to imagine what a deep and painful impression
remarks like the following were bound to make:
'There can only be luxury if it is bought with another's labour; only
those will work hard and untiringly who have to do so in order to get
not the frills but the very necessities of life.'[151]
'Although the invention of the machine which increases man's capacity,
is a blessing for mankind, it is made into a scourge for the poor by the
unjust distribution we make of its benefits.'[152]
'The gain of an employer of labour is sometimes nothing if not
despoiling the worker he employs; he does not benefit because his
enterprise produces much more than it costs, but because he does not pay
all the costs, because he does not accord the labourer a remuneration
equal to his work. Such an industry is a social evil, for it reduces
those who perform the work to utmost poverty, assuring to those who
direct it but the ordinary profits on capital.'[153]
'Amongst those who share in the national income, one group acquires new
rights each year by new labours, the other have previously acquired
permanent rights by reason of a primary effort which makes a year's
labour more advantageous.'[154]
'Nothing can prevent that every new discovery in applied mechanics
should diminish the working population by that much. To this danger it
is constantly exposed, and society provides no remedy for it.'[155]
'A time will come, no doubt, when our descendants will condemn us as
barbarians because we have left the working classes without security,
just as we already condemn, as they also will, as barbarian the nations
who reduced those same classes to slavery.'[156]
Sismondi's criticism thus goes right to the root of the matter; for him
there can be no compromise or evasion which might try to gloss over the
dark aspects of capitalist enrichment he exposed, as merely temporary
shortcomings of a transition period. He concludes his investigation with
the following rejoinder to Say:
Public-domain text, read in full here on John Shaqi.
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