Collectivism; Economic history; Great Britain -- Economic policy; Industrial policy; Social history; Socialism
Man proceeds to create wealth by ingenious methods of varying and often
increasing complexity, and aids himself by the construction of
_implements_. These soon become in each new department of the production as
truly necessary to that production as _labour_ and _land_. Further, any
process of production takes a certain time; during that time the producer
must be fed, and clothed, and housed, and the rest of it. There must
therefore be an _accumulation of wealth_ created in the past, and reserved
with the object of maintaining labour during its effort to produce for the
future.
Whether it be the making of an instrument or tool, or the setting aside of
a store of provisions, _labour_ applied to _land_ for either purpose is not
producing wealth for immediate consumption. It is setting aside and
reserving somewhat, and that _somewhat_ is always necessary in varying
proportions according to the simplicity or complexity of the economic
society to the production of wealth.
To such wealth reserved and set aside for the purposes of future
production, and not for immediate consumption, whether it be in the form of
instruments and tools, or in the form of stores for the maintenance of
labour during the process of production, we give the name of _Capital_.
There are thus three factors in the production of all human wealth, which
we may conventionally term _Land_, _Capital_, and _Labour_.
When we talk of the _Means of Production_ we signify land and capital
combined. Thus, when we say that a man is "dispossessed of the means of
production," or cannot produce wealth save by the leave of another who
"possesses the means of production," we mean that he is the master only of
his labour and has no control, in any useful amount, over either capital,
or land, or both combined.
A man politically free, that is, one who enjoys the right before the law to
exercise his energies when he pleases (or not at all if he does not so
please), but not possessed by legal right of control over any useful amount
of the means of production, we call _proletarian_, and any considerable
class composed of such men we call a _proletariat_.
Public-domain text, read in full here on John Shaqi.
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