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 But the progress of capitalist production not only creates a world of delights; it lays open, in speculation and the credit system, a thousand sources of sudden enrichment. When a certain stage of development has been reached, a conventional degree of prodigality, which is also an exhibition of wealth, and consequently a source of credit, becomes a business necessity to the “unfortunate” capitalist. Luxury enters into capital’s expenses of representation. Moreover, the capitalist gets rich, not like the miser, in proportion to his personal labour and restricted consumption, but at the same rate as he squeezes out the labour-power of others, and enforces on the labourer abstinence from all life’s enjoyments. Although, therefore, the prodigality of the capitalist never possesses the bona-fide character of the open-handed feudal lord’s prodigality, but, on the contrary, has always lurking behind it the moat sordid avarice and the most anxious calculation, yet his expenditure grows with his accumulation, without the one necessarily restricting the other. But along with this growth, there is at the same time developed in his breast, a Faustian conflict between the passion for accumulation, and the desire for enjoyment.

Dr. Aikin says in a work published in 1795: “The trade of Manchester may be divided into four periods. First, when manufacturers were obliged to work hard for their livelihood.” They enriched themselves chiefly by robbing the parents, whose children were bound as apprentices to them: the parents paid a high premium, while the apprentices were starved. On the other hand, the average profits were low, and to accumulate, extreme parsimony was requisite. They lived like misers, and were far from consuming even the interest on their capital. “The second period, when they had begun to acquire little fortunes, but worked as hard as before,”—for direct exploitation of labour costs labour, as every slave-driver knows—“and lived in as plain a manner as before.… The third, when luxury began, and the trade was pushed by sending out riders for orders into every market town in the Kingdom.… It is probable that few or no capitals of £3000 to £4000 acquired by trade existed here before 1690.