Page:Manual of Political Economy.djvu/27

Rh xvi Contents, first motive operates with regard to the bulk of the capital accuma- lated ; but upon the second motive depend the fluctuations in the amount of this capital — In Political Economy, as in Mathematics, the causes which produce fluctuations and disturbances often create phenomena which are independent of causes more constant in their effects — Each class of society has a recognised standard of living ; if, therefore, the commodities of ordinary use are cheapened, a greater amount of capital will be saved — A large portion of the capital saved in England is invested in foreign countries ; consequently, by check- ing the amount sent abroad, an amount which is practically unlimited may be obtained for any eli|;ible home investment — Different conse- quences produced by the raising of loans in countries which do not export capital — This illustrated by the effect produced in France by the loans raised in France in consequence of the Franco-German war — The economical condition of England and India contrasted ; the former requires cheap food ; the latter, capital— How India may be economically benefited by England's rule — The West Indies neither want land nor capital^ but are deficient in labour — The objection to the Coolie traffic — The striking feature of America's economical con- dition is the comparative dearness of labour, and the comparative cheapness of land — Why high farming is not remunerative in America — Commerce between Englimd and America must be especially beneficial to both countries pages 85 — 97 BOOK 11. . DISTRIBUTION. Chapter I. Private Property and Socialism, The distribution of wealth implies the existence of rights of property, and the rights of property cannot be maintained without law — Property has not the same rights in one age or country as in another ; for instance, the privilege of entailing property may exist in one age» but not in another — Men may determine according to what laws wealth should be distributed, but from any particular method of distribution certain consequences must inevitably follow, and it per- tains to Political Economy to investigate these consequences in each particular case — If private property is permitted, there must ensue great inequalities in wealth ; this fact has suggested socialism — Socialism, therefore, as far as possible, limits the rights of private property — The impracticability of socialism in the present state of mankind explained — The two schemes of socialism which have received the greatest attention are those of St. Simon and Fourier — These two schemes explained, and their impracticability pointed out —The scheme of Fourier is the most skilfully designed — The schemes of Fourier, St. Simon, and Robert Owen were voluntary in their character— Cooperation is one of the most favourable results of these schemes —The influence of the State is sometimes used to enforce a form of socialism upon the country, e.g, the Poor Law — Compulsory socialism is open to objections that do not apply to voluntary socialism— Free education and the nationalisation of the land would be cases of compulsory socialism loi — ill Digitized by Google