Money, but often confounded with it. § 5. The Rate of Interest determines the price of land and of Securities. Chapter XX. Of The Competition Of Different Countries In The Same Market. § 1. Causes which enable one Country to undersell another. § 2. High wages do not prevent one Country from underselling another. § 3. Low wages enable a Country to undersell another, when Peculiar to certain branches of Industry. § 4. —But not when common to All. § 5. Low profits as affecting the carrying Trade. Chapter XXI. Of Distribution, As Affected By Exchange. § 1. Exchange and money make no Difference in the law of Wages. § 2. In the law of Rent. § 3. —Nor in the law of Profits. Book IV. Influence Of The Progress Of Society On Production And Distribution. Chapter I. Influence Of The Progress Of Industry And Population On Values And Prices. § 1. Tendency of the progress of society toward increased Command over the powers of Nature; increased Security, and increased Capacity of Co-Operation. § 2. Tendency to a Decline of the Value and Cost of Production of all Commodities. § 3. —except the products of Agriculture and Mining, which have a tendency to Rise. § 4. —that tendency from time to time Counteracted by Improvements in Production. § 5. Effect of the Progress of Society in moderating fluctuations of Value. Chapter II. Influence Of The Progress Of Industry And Population On Rents, Profits, And Wages. § 1. Characteristic features of industrial Progress. § 2. First two cases, Population and Capital increasing, the arts of production stationary. § 3. The arts of production advancing, capital and population stationary. § 4. Theoretical results, if all three Elements progressive. § 5. Practical Results. Chapter III. Of The Tendency Of Profits To A Minimum. § 1. Different Theories as to the fall of Profits. § 2. What determines the minimum rate of Profit? § 3. In old and opulent countries, profits habitually near to the minimum. § 4. —prevented from reaching it by commercial revulsions. § 5. —by improvements in Production. § 6. —by the importation of cheap Necessaries and Implements. § 7. —by the emigration of Capital. Chapter IV. Consequences Of The Tendency Of Profits To A Minimum, And The Stationary State. § 1. Abstraction of Capital not necessarily a national loss. § 2. In opulent countries, the extension of machinery not detrimental but beneficial to Laborers. § 3. Stationary state of wealth and population dreaded by some writers, but not in itself undesirable. Chapter V. On The Possible Futurity Of The Laboring-Classes. § 1. The possibility of improvement while Laborers remain merely receivers of Wages.