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 it from many individual hands. Centralisation in a certain line of industry would have reached its extreme limit, if all the individual capitals invested in it would have been amalgamated into one single capital.

This limit would not be reached in any particular society until the entire social capital would be united, either in the hands of one single capitalist, or in those of one single corporation.

Centralisation supplements the work of accumulation, by enabling the industrial capitalists to expand the scale of their operations. The economic result remains the same, whether this consummation is brought about by accumulation or centralisation, whether centralisation is accomplished by the violent means of annexation, by which some capitals become such overwhelming centers of gravitation for others as to break their individual cohesion and attracting the scattered fragments, or whether the amalgamation of a number of capitals, which already exist or are in process of formation, proceeds by the smoother road of forming stock companies. The increased volume of industrial establishments forms everywhere the point of departure for a more comprehensive organisation of the co-operative labor of many, for a wider development of their material powers, that is, for the progressive transformation of isolated processes of production carried on in accustomed ways into socially combined and scientifically managed processes of production.

It is evident, however, that accumulation, the gradual propagation of capital by a reproduction passing from a circular into a spiral form, is a very slow process as compared with centralisation, which needs but to alter the quantitative grouping of the integral parts of social capital. The world would still be without railroads, if it had been obliged to wait until accumulation should have enabled a few individual capitals to undertake the construction of a railroad. Centralisation, on the other hand, accomplished this by a turn of the