Page:Karl Kautsky - The Class Struggle (Erfurt Program) - tr. William Edward Bohn (1910).djvu/73

 This is shown clearly by the increase of stock companies, in which even the dullest intellect can see that the person of the capitalist cuts no figure, and the only thing of importance is his capital.

Some have imagined that they saw in the rise of stock companies a means whereby to render accessible to the small holders the benefits of large production. But the stock company, like credit, of which it is only a special form, is rather a means to place at the disposal of the large capitalist the property of the small holders.

Just as soon as a branch of industry can dispense with the person of the capitalist, everyone can engage in it, whether or not he knows anything of the business, provided only he possesses the necessary funds to buy stock. Owing to this fact a capitalist is able to unite in his own hands industries that are wholly disconnected. Stock companies are easily acquired by a large capitalist; all he needs to do is to secure possession of the majority of the stock, and the concern becomes dependent upon him and subject to his interests.

Finally, it must be observed that large masses of capital grow faster than the small ones, for the larger the capital, the larger, also, other things being equal, will be the profits, the smaller proportionately will be the quantity which the capitalist will consume personally, and the larger the portion which he can add to his previous investments as fresh capital. The capitalist whose business yields him a yearly income of $10,000 will be able to live but modestly according to