The World's Greatest Books — Volume 14 — Philosophy and Economics
Philosophy
The World's Greatest Books — Volume 14 — Philosophy and Economics
Economics; Philosophy
From a social point of view, the working-class is just as much an
appendage of capital as the ordinary instruments of labour. The
appearance of independence is kept up by means of a constant change of
employers, and by the legal fiction of a contract. In former times
capital legislatively enforced its proprietary rights over the free
labourer.
Capitalist production reproduces and perpetuates the condition for
exploiting the labourer. The economical bondage of the labourer is both
caused and hidden by the periodic sale of himself to changing masters.
Capitalist production, under its aspect of a continuous connected
process, produces not only commodities, not only surplus value, but it
also produces and reproduces the capitalist relation; on the one side
the capitalist, on the other the wage-labourer.
Capital pre-supposes wage-labour, and wage-labour pre-supposes capital.
One is a necessary condition to the existence of the other. The two
mutually call each other into existence. Does an operative in a
cotton-factory produce nothing but cotton goods? No, he produces
capital. He produces values that give fresh command over his labour, and
that, by means of such command, create fresh values.
Every individual capital is a larger or smaller concentration of means
of production, with a corresponding command over a larger or smaller
labour-army. Every accumulation becomes the means of new accumulation.
The growth of social capital is affected by the growth of many
individual capitals.
With the accumulation of capital, therefore, the number of capitalists
grows to a greater or less extent. Two points characterise this kind of
concentration which grows directly out of, or rather is identical with,
accumulation. First, the increasing concentration of the social means of
production in the hands of individual capitalists is, other things
remaining equal, limited by the degree of increase of social wealth.
Secondly, the part of social capital domiciled in each particular sphere
of production is divided among many capitalists who face one another as
independent commodity-producers competing with each other.
Accumulation and the concentration accompanying it are, therefore, not
only scattered, but the increase of each functioning capital is thwarted
by the formation of new and the subdivision of old capitals.
Accumulation, therefore, presents itself on the one hand as increasing
concentration of the means of production and of the command over labour;
on the other, as repulsion of many individual capitalists one from
another.
JOHN STUART MILL
Principles of Political Economy
Public-domain text, read in full here on John Shaqi.
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