Capitalism; Imperialism; Saving and investment; Socialism
[181] Incidentally, Sismondi's Leipsic Book Fair, as a microcosm of the
capitalist world, has staged a come-back after 55 years--in Eugen
Duehring's 'system'. Engels, in his devastating criticism of that
unfortunate 'universal genius' adduces this idea as proof that Duehring,
by attempting to elucidate a real industrial crisis by means of an
imaginary one on the Leipsic Book Fair, a storm at sea by a storm in a
teacup, has shown himself a 'real German _literatus_'. But, as in many
other instances exposed by Engels, the great thinker has simply borrowed
here from someone else on the sly.
[182] Sismondi, op. cit., vol. ii, pp. 381-2.
[183] MacCulloch, loc. cit., p. 470.
[184] Sismondi, op. cit, vol. ii, p. 384.
[185] MacCulloch, loc. cit., p. 471.
[186] Sismondi, op. cit., vol. ii, pp. 394-5.
[187] Ibid., pp. 396-7.
[188] Ibid., pp. 397-8.
[189] MacCulloch, loc. cit., pp. 471-2.
[190] Sismondi, op. cit., vol. ii, pp. 400-1.
[191] Sismondi, op. cit., vol. ii, p. 401.
[192] Ibid., pp. 405-6.
_CHAPTER XII_
RICARDO _v._ SISMONDI
MacCulloch's reply to Sismondi's theoretical objections evidently did
not settle the matter to Ricardo's own satisfaction. Unlike that shrewd
'Scottish arch-humbug', as Marx calls him, Ricardo really wanted to
discover the truth and throughout retained the genuine modesty of a
great mind.[193] That Sismondi's polemics against him and his pupil had
made a deep impression is proved by Ricardo's revised approach to the
question of the effects of the machine, that being the point on which
Sismondi, to his eternal credit, had confronted the classical school of
harmony with the sinister aspects of capitalism. Ricardo's followers had
enlarged upon the doctrine that the machine can always create as many or
even more opportunities for the wage labourers as it takes away by
displacing living labour. This so-called theory of compensation was
subjected to a stern attack by Sismondi in the chapter 'On the Division
of Labour and Machinery'[194] and in another chapter significantly
entitled: 'Machinery Creates a Surplus Population',[195] both published
in the _Nouveaux Principes_ of 1819, two years later than Ricardo's main
work. In 1821, after the MacCulloch-Sismondi controversy, Ricardo
inserted a new chapter in the third edition of his _Principles_, where
he frankly confesses to his error and says in the strain of Sismondi:
'That the opinion entertained by the labouring classes, that the
employment of machinery is frequently detrimental to their interests,
is not founded on prejudice and error, but is conformable to the correct
principles of political economy.'[196]
Public-domain text, read in full here on John Shaqi.
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