Sketches of Political Economy (Paperback)

This historic book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1864. Not illustrated. Excerpt: ... A General combination among capitalists to keep down wages is a monstrosity no less gigantic in its dimensions than a general combination to keep up wages. If a general combination of capitalists meant a general destruction of capital, wages, of course, would disappear. If it meant a partial destruction of capital, wages would fall. The attempt to give form and substance to such a spectral illusion as a general combination, so as to be able to grapple with it, proves it to be a mere creature of the imagination. A combination of capitalists shrinking from the destruction of their own capitals is impotent to reduce wages; and capitalists combining to destroy their capitals may be talked and written and dreamed of, but have never been met with. If we turn from a general to a partial combination of capitalists in some one department of industry, and suppose them to be successful for awhile in keeping down the wages of the labourers in their employment, two influences would be at work to break up the combination--the flow of more capital into that department of industry, attracted by the higher rate of profit, and the departure of some of the labourers in search of better wages in other quarters. So long as combinations retain the passive form, whether they be of labourers to procure a higher rate of wages, or of capitalists to establish a lower rate of wages, they are a waste of the time and labour applied to organise them, and utterly powerless to accomplish the purpose desired. When anger and disappointed hopes rouse them into activity, we have strikes and lockouts. As a strike means a refusal to work except for wages which employers either will not or cannot give, a general strike must mean an entire cessation from labour by those who are compelled to se...