Capitalism; Imperialism; Saving and investment; Socialism
A little further on, Say concedes this point but alleges that his
opponent has made a new mistake: 'It is not consumers, then, in which
the nation is lacking,' he says, 'but purchasing power. Sismondi
believes that this will be more extensive, when the products are rare,
when consequently they are dearer and their production procures ampler
pay for the workers.'[214]
That is how Say attempts to degrade, in his own trite method of thought,
or better, method of canting, Sismondi's theory which attacked the very
foundations of capitalist organisation and its mode of distribution. He
burlesques the _Nouveaux Principes_, turning them into a plea for 'rare'
goods and high prices, and holds up to them the mirror of an artfully
flattered capitalist accumulation at its peak. If production becomes
more vigorous, he argues, labour grows in numbers and the volume of
production expands, the nations will be better and more universally
provided for, and he extols the conditions in countries where industrial
development is at its highest, as against the misery of the Middle Ages.
Sismondi's maxims he declares subversive to capitalist society: 'Why
does he call for an inquiry into the laws which might oblige the
entrepreneur to guarantee a living for the worker he employs? Such an
inquiry would paralyse the spirit of enterprise. Merely the fear that
the authorities might interfere with private contracts is a scourge and
harmful to the wealth of a nation.'[215]
Not to be diverted from his purpose by this indiscriminate apologia of
Say's, Sismondi once more turns the discussion on the fundamental issue:
'Surely I have never denied that since the time of Louis XIV France has
been able to double her population and to quadruple her consumption, as
he contends. I have only claimed that the increase of products is a good
if it is desired, paid for and consumed; that, on the other hand, it is
an evil if, there being no demand, the only hope of the producer is to
entice the consumers of a rival industry's products. I have tried to
show that the natural course of the nations is progressive increase of
their property, an increase consequent upon their demand for new
products and their means to pay for them, but that in consequence of our
institutions, of our legislation having robbed the working class of all
property and every security, they have also been spurred to a disorderly
labour quite out of touch with the demand and with purchasing power,
which accordingly only aggravates poverty.'[216]
And he winds up the debate by inviting the preacher of harmony to
reflect upon the circumstance that, though a nation may be rich, public
misery no less than material wealth is constantly on the increase, the
class which produces everything being daily brought nearer to a position
where it may consume nothing. On this shrill discordant note of
capitalist contradictions closes the first clash about the problem of
accumulation.
Public-domain text, read in full here on John Shaqi.
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