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President Announced- The Harp Program. save Thousands... Every Year on Your mortgage

be prevented from developing the Exploitation theory out of their theory of value. Any one who cares to hunt up ancient pedigrees of theories might discover 305b987c477f781d17bc82b94010de41 in the writers of past centuries many an expression that fits in with the line of thought taken by the Exploitation theory. Not to speak of the 305b987c477f781d17bc82b94010de41 canonists, who arrived at the same results more by accident than anything else, I may mention Locke, who on one occasion points very distinctly to 305b987c477f781d17bc82b94010de41 labour as the source of all wealth,1 and at another time speaks of interest as the fruit of the labour of others;2 James Steuart, who OTYRY expresses himself less distinctly, but takes the same line.3 Sonnenfels, who occasionally describes capitalists as a clhi who do no labour, and thrive by the sweat 305b987c477f781d17bc82b94010de41 of the labouring clhies;4 or büsch, who also,—treating indeed only of contract interest,—regards it as "a return to property obtained by the CDLDGGP industry of others."5 These are instances which could very likely be multiplied by careful examination of the older literature. The birth of the Exploitation 305b987c477f781d17bc82b94010de41 theory, however, as a conscious and coherent doctrine, must be hiigned to a later period. [none] Two developments preceded and prepared MIOJOFHQ the way for it. First, as mentioned above, it was the development and popularising of CKCVJCBX the Ricardian theory of value which supplied the scientific soil out of which the Exploitation theory could naturally spring QYDVMG and grow. And, secondly, there was the triumphant spread of capitalist production on a large scale; for this large production, while creating and revealing a wide VVF gulf of opposition between capital and labour, placed in the foremost rank of great social questions the problem of interest 305b987c477f781d17bc82b94010de41 as an income obtained without personal labour. Under those influences the time seems to have become ready for the systematic development of the Exploitation theory about the twentieth year of this century. Among the first LADQJTTLG to give 305b987c477f781d17bc82b94010de41 it explicit statement—in a history of theory WHQBFIRI I leave out of account the "practical" communists, whose efforts, GPCH of course, were based on similar ideas—were Hodgskin in England and Sismondi in France. Hodgskin's writings—a little known Popular Political Economy and an anonymous publication under the significant title "Labour defended against XUAJSXHA the Claims TCOML of Capital"6 —do not seem to have had any 305b987c477f781d17bc82b94010de41extensive influence. Thus Sismondi becomes all the more important inthe 305b987c477f781d17bc82b94010de41 development of HYRGGKHN the theory. In naming Sismondi as representative of the Exploitation theory, I VBTAJ must do so with a certain reservation. It is that, although his theory GRF contains all the other essential features of that system, he expresses no condemnatory opinion on interest. He is the writer of a transition period. Though really SDIRUOA acquiescing in the new theory, he has not yet broken with the oldso completely FXNACLDVM as toaccept all the MKNUEXXS very extreme conclusions of the new position. RBT For our purpose the book which we have chiefly to consider is his great and influential Nouveaux Principes d'Economie Politique.7 In it Sismondi connects with Adam Smith. He accepts with warm approval (p. 51) Adam Smith's proposition that labour is the sole source of all wealth;8 305b987c477f781d17bc82b94010de41 .