Socialism，which，likethegodVishnu，everdyingandeverreturningtolife，hasexperiencedwithinascoreofyearsitsten-thousandthincarnationinthepersonsoffiveorsixrevelators，——socialismaffirmstheirregularityofthepresentconstitutionofsociety，and，consequently，ofallitspreviousforms。Itasserts，andproves，thattheorderofcivilizationisartificial，contradictory，inadequate；thatitengendersoppression，misery，andcrime；
　　itdenounces，nottosaycalumniates，thewholepastofsociallife，andpushesonwithallitsmighttoareformationofmoralsandinstitutions。
　　Socialismconcludesbydeclaringpoliticaleconomyafalseandsophisticalhypothesis，devisedtoenablethefewtoexploitthemany；andapplyingthemaximAfructibuscognoscetis，itendswithademonstrationoftheimpotenceandemptinessofpoliticaleconomybythelistofhumancalamitiesforwhichitmakesitresponsible。
　　Butifpoliticaleconomyisfalse，jurisprudence，whichinallcountriesisthescienceoflawandcustom，isfalsealso；since，foundedonthedistinctionofthineandmine，itsupposesthelegitimacyofthefactsdescribedandclassifiedbypoliticaleconomy。Thetheoriesofpublicandinternationallaw，withallthevarietiesofrepresentativegovernment，arealsofalse，sincetheyrestontheprincipleofindividualappropriationandtheabsolutesovereigntyofwills。
　　Alltheseconsequencessocialismaccepts。Toit，politicaleconomy，regardedbymanyasthephysiologyofwealth，isbuttheorganizationofrobberyandpoverty；justasjurisprudence，honoredbylegistswiththenameofwrittenreason，is，initseyes，butacompilationoftherubricsoflegalandofficialspoliation，——inaword，ofproperty。Consideredintheirrelations，thesetwopretendedsciences，politicaleconomyandlaw，form，intheopinionofsocialism，thecompletetheoryofiniquityanddiscord。Passingthenfromnegationtoaffirmation，socialismopposestheprincipleofpropertywiththatofassociation，andmakesvigorouseffortstoreconstructsocialeconomyfromtoptobottom；thatis，toestablishanewcode，anewpoliticalsystem，withinstitutionsandmoralsdiametricallyopposedtotheancientforms。
　　Thusthelineofdemarcationbetweensocialismandpoliticaleconomyisfixed，andthehostilityflagrant。
　　Politicaleconomytendstowardtheglorificationofselfishness；socialismfavorstheexaltationofcommunism。
　　Theeconomists，savingafewviolationsoftheirprinciples，forwhichtheydeemittheirdutytoblamegovernments，areoptimistswithregardtoaccomplishedfacts；thesocialists，withregardtofactstobeaccomplished。
　　Thefirstaffirmthatthatwhichoughttobeis；thesecond，thatthatwhichoughttobeisnot。Consequently，whilethefirstaredefendersofreligion，authority，andtheotherprinciplescontemporarywith，andconservativeof，property，——althoughtheircriticism，basedsolelyonreason，dealsfrequentblowsattheirownprejudices，——thesecondrejectauthorityandfaith，andappealexclusivelytoscience，——althoughacertainreligiosity，utterlyilliberal，andanunscientificdisdainforfacts，arealwaysthemostobviouscharacteristicsoftheirdoctrines。
　　Fortherest，neitherpartyeverceasestoaccusetheotherofincapacityandsterility。
　　Thesocialistsasktheiropponentstoaccountfortheinequalityofconditions，forthosecommercialdebaucheriesinwhichmonopolyandcompetition，inmonstrousunion，perpetuallygivebirthtoluxuryandmisery；theyreproacheconomictheories，alwaysmodeledafterthepast，withleavingthefuturehopeless；inshort，theypointtotheregimeofpropertyasahorriblehallucination，againstwhichhumanityhasprotestedandstruggledforfourthousandyears。
　　Theeconomists，ontheirside，defysocialiststoproduceasysteminwhichproperty，competition，andpoliticalorganizationcanbedispensedwith；theyprove，withdocumentsinhand，thatallreformatoryprojectshaveeverbeennothingbutrhapsodiesoffragmentsborrowedfromtheverysystemthatsocialismsneersat，——plagiarisms，inaword，ofpoliticaleconomy，outsideofwhichsocialismisincapableofconceivingandformulatinganidea。
　　Everydayseestheproofsinthisgravesuitaccumulating，andthequestionbecomingconfused。
　　Whilesocietyhastraveledandstumbled，sufferedandthrived，inpursuingtheeconomicroutine，thesocialists，sincePythagoras，Orpheus，andtheunfathomableHermes，havelaboredtoestablishtheirdogmainoppositiontopoliticaleconomy。Afewattemptsatassociationinaccordancewiththeirviewshaveevenbeenmadehereandthere：butasyettheseexceptionalundertakings，lostintheoceanofproperty，havebeenwithoutresult；
　　and，asifdestinyhadresolvedtoexhausttheeconomichypothesisbeforeattackingthesocialisticutopia，thereformatorypartyisobligedtocontentitselfwithpocketingthesarcasmsofitsadversarieswhilewaitingforitsownturntocome。
　　This，then，isthestateofthecause：socialismincessantlydenouncesthecrimesofcivilization，verifiesdailythepowerlessnessofpoliticaleconomytosatisfytheharmonicattractionsofman，andpresentspetitionafterpetition；politicaleconomyfillsitsbriefwithsocialisticsystems，allofwhich，oneafteranother，passawayanddie，despisedbycommonsense。Thepersistenceofevilnourishesthecomplaintoftheone，whiletheconstantsuccessionofreformatorychecksfeedsthemaliciousironyoftheother。Whenwilljudgmentbegiven？Thetribunalisdeserted；meanwhile，politicaleconomyimprovesitsopportunities，and，withoutfurnishingbail，continuestolorditovertheworld；possideoquiapossideo。
　　Ifwedescendfromthesphereofideastotherealitiesoftheworld，theantagonismwillappearstillmoregraveandthreatening。
　　When，intheserecentyears，socialism，instigatedbyprolongedconvulsions，madeitsfantasticappearanceinourmidst，menwhomallcontroversyhadfounduntilthenindifferentandlukewarmwentbackinfrighttomonarchicalandreligiousideas；democracy，whichwaschargedwithbeingdevelopedatlasttoitsultimate，wascursedanddrivenback。Thisaccusationoftheconservativesagainstthedemocratswasalibel。Democracyisbynatureashostiletothesocialisticideaasincapableoffillingtheplaceofroyalty，againstwhichitisitsdestinyendlesslytoconspire。Thissoonbecameevident，andwearewitnessesofitdailyintheprofessionsofChristianandproprietaryfaithbydemocraticpublicists，whoseabandonmentbythepeoplebeganatthatmoment。
　　Ontheotherhand，philosophyprovesnolessdistinctfromsocialism，nolesshostiletoit，thanpoliticsandreligion。
　　Forjustasinpoliticstheprincipleofdemocracyisthesovereigntyofnumbers，andthatofmonarchythesovereigntyoftheprince；justaslikewiseinaffairsofconsciencereligionisnothingbutsubmissiontoamysticalbeing，calledGod，andtothepriestswhorepresenthim；justasfinallyintheeconomicworldproperty——thatis，exclusivecontrolbytheindividualoftheinstrumentsoflabor——isthepointofdepartureofeverytheory，——sophilosophy，inbasingitselfupontheaprioriassumptionsofreason，isinevitablyledtoattributetothemealonethegenerationandautocracyofideas，andtodenythemetaphysicalvalueofexperience；
　　thatis，universallytosubstitute，fortheobjectivelaw，absolutism，despotism。
　　Now，adoctrinewhich，springingupsuddenlyintheheartofsociety，withoutantecedentsandwithoutancestors，rejectedfromeverydepartmentofconscienceandsocietythearbitraryprinciple，inordertosubstituteassoletruththerelationoffacts；whichbrokewithtradition，andconsentedtomakeuseofthepastonlyasapointfromwhichtolaunchforthintothefuture，——suchadoctrinecouldnotfailtostirupagainstittheestablishedAUTHORITIES；andwecanseetodayhow，inspiteoftheirinternaldiscords，thesaidAUTHORITIES，whicharebutone，combinetofightthemonsterthatisreadytoswallowthem。
　　Totheworkingmenwhocomplainoftheinsufficiencyofwagesandtheuncertaintyoflabor，politicaleconomyopposesthelibertyofcommerce；
　　tothecitizenswhoareseekingfortheconditionsoflibertyandorder，theideologistsrespondwithrepresentativesystems；tothetendersoulswho，havinglosttheirancientfaith，askthereasonandendoftheirexistence，religionproposestheunfathomablesecretsofProvidence，andphilosophyholdsdoubtinreserve。Subterfugesalways；completeideas，inwhichheartandmindfindrest，never！Socialismcriesthatitistimetosetsailforthemainland，andtoenterport：but，saytheantisocialists，thereisnoport；humanitysailsonwardinGod”scare，underthecommandofpriests，philosophers，orators，economists，andourcircumnavigationiseternal。
　　Thussocietyfindsitself，atitsorigin，dividedintotwogreatparties：
　　theonetraditionalandessentiallyhierarchical，which，accordingtotheobjectitisconsidering，callsitselfbyturnsroyaltyordemocracy，philosophyorreligion，inshort，property；theothersocialism，which，comingtolifeateverycrisisofcivilization，proclaimsitselfpreeminentlyanarchicalandatheistic；thatis，rebelliousagainstallauthority，humananddivine。
　　Now，moderncivilizationhasdemonstratedthatinaconflictofthisnaturethetruthisfound，notintheexclusionofoneoftheopposites，butwhollyandsolelyinthereconciliationofthetwo；itis，Isay，afactofsciencethateveryantagonism，whetherinNatureorinideas，isresolvableinamoregeneralfactorinacomplexformula，whichharmonizestheopposingfactorsbyabsorbingthem，sotospeak，ineachother。Canwenot，then，menofcommonsense，whileawaitingthesolutionwhichthefuturewillundoubtedlybringforth，prepareourselvesforthisgreattransitionbyananalysisofthestrugglingpowers，aswellastheirpositiveandnegativequalities？Suchawork，performedwithaccuracyandconscientiousness，eventhoughitshouldnotleadusdirectlytothesolution，wouldhaveatleasttheinestimableadvantageofrevealingtoustheconditionsoftheproblem，andtherebyputtingusonourguardagainsteveryformofutopia。
　　Whatisthere，then，inpoliticaleconomythatisnecessaryandtrue；
　　whitherdoesittend；whatareitspowers；whatareitswishes？ItisthiswhichIproposetodetermineinthiswork。Whatisthevalueofsocialism？
　　Thesameinvestigationwillanswerthisquestionalso。
　　Forsince，afterall，socialismandpoliticaleconomypursuethesameend，——namely，liberty，order，andwell-beingamongmen，——itisevidentthattheconditionstobefulfilled——inotherwords，thedifficultiestobeovercome——toattainthisend，arealsothesameforboth，andthatitremainsonlytoexaminethemethodsattemptedorproposedbyeitherparty。Butsince，moreover，ithasbeengiventhusfartopoliticaleconomyalonetotranslateitsideasintoacts，whilesocialismhasscarcelydonemorethanindulgeinperpetualsatire，itisnolessclearthat，injudgingtheworksofeconomyaccordingtotheirmerit，weatthesametimeshallreducetoitsjustvaluetheinvectiveofthesocialists：sothatourcriticism，thoughapparentlyspecial，willleadtoabsoluteanddefinitiveconclusions。
　　Thisitisnecessarytomakeclearerbyafewexamples，beforeenteringfullyupontheexaminationofpoliticaleconomy。
　　2——Inadequacyoftheoriesandcriticisms。
　　Wewillrecordfirstanimportantobservation：thecontendingpartiesagreeinacknowledgingacommonauthority，whosesupporteachclaims，-SCIENCE。
　　Plato，autopian，organizedhisidealrepublicinthenameofscience，which，throughmodestyandeuphemism，hecalledphilosophy。Aristotle，apracticalman，refutedthePlatonicutopiainthenameofthesamephilosophy。
　　ThusthesocialwarhascontinuedsincePlatoandAristotle。Themodernsocialistsreferallthingstoscienceoneandindivisible，butwithoutpowertoagreeeitherastoitscontent，itslimits，oritsmethod；theeconomists，ontheirside，affirmthatsocialscienceinnowisediffersfrompoliticaleconomy。
　　Itisourfirstbusiness，then，toascertainwhatascienceofsocietymustbe。
　　Science，ingeneral，isthelogicallyarrangedandsystematicknowledgeofthatwhichIS。
　　Applyingthisideatosociety，wewillsay：Socialscienceisthelogicallyarrangedandsystematicknowledge，notofthatwhichsocietyhasbeen，norofthatwhichitwillbe，butofthatwhichitISinitswholelife；
　　thatis，inthesumtotalofitssuccessivemanifestations：fortherealonecanithavereasonandsystem。Socialsciencemustincludehumanorder，notaloneinsuchorsuchaperiodofduration，norinafewofitselements；
　　butinallitsprinciplesandinthetotalityofitsexistence：asifsocialevolution，spreadthroughouttimeandspace，shouldfinditselfsuddenlygatheredandfixedinapicturewhich，exhibitingtheseriesoftheagesandthesequenceofphenomena，revealedtheirconnectionandunity。Suchmustbethescienceofeverylivingandprogressivereality；suchsocialscienceindisputablyis。
　　Itmaybe，then，thatpoliticaleconomy，inspiteofitsindividualistictendencyanditsexclusiveaffirmations，isaconstituentpartofsocialscience，inwhichthephenomenathatitdescribesarelikethestarting-
　　pointsofavasttriangulationandtheelementsofanorganicandcomplexwhole。Fromthispointofview，theprogressofhumanity，proceedingfromthesimpletothecomplex，wouldbeentirelyinharmonywiththeprogressofscience；andtheconflictingandsooftendesolatingfacts，whicharetodaythebasisandobjectofpoliticaleconomy，wouldhavetobeconsideredbyusassomanyspecialhypotheses，successivelyrealizedbyhumanityinviewofasuperiorhypothesis，whoserealizationwouldsolvealldifficulties，andsatisfysocialismwithoutdestroyingpoliticaleconomy。For，asIsaidinmyintroduction，innocasecanweadmitthathumanity，howeveritexpressesitself，ismistaken。
　　Letusnowmakethisclearerbyfacts。
　　Thequestionnowmostdisputedisunquestionablythatoftheorganizationoflabor。
　　AsJohntheBaptistpreachedinthedesert，Repentyesothesocialistsgoaboutproclaimingeverywherethisnoveltyoldastheworld，Organizelabor，thoughneverabletotellwhat，intheiropinion，thisorganizationshouldbe。Howeverthatmaybe，theeconomistshaveseenthatthissocialisticclamorwasdamagingtheirtheories：itwas，indeed，arebuketothemforignoringthatwhichtheyoughtfirsttorecognize，——labor。Theyhavereplied，therefore，totheattackoftheiradversaries，firstbymaintainingthatlaborisorganized，thatthereisnootherorganizationoflaborthanlibertytoproduceandexchange，eitheronone”sownpersonalaccount，orinassociationwithothers，——inwhichcasethecoursetobepursuedhasbeenprescribedbythecivilandcommercialcodes。Then，asthisargumentservedonlytomakethemthelaughing-stockoftheirantagonists，theyassumedtheoffensive；and，showingthatthesocialistsunderstoodnothingatallthemselvesofthisorganizationthattheyheldupasascarecrow，theyendedbysayingthatitwasbutanewsocialisticchimera，awordwithoutsense，——anabsurdity。Thelatestwritingsoftheeconomistsarefullofthesepitilessconclusions。
　　Nevertheless，itiscertainthatthephraseorganizationoflaborcontainsasclearandrationalameaningasthesethatfollow：organizationoftheworkshop，organizationofthearmy，organizationofpolice，organizationofcharity，organizationofwar。Inthisrespect，theargumentoftheeconomistsisdeplorablyirrational。Nolesscertainisitthattheorganizationoflaborcannotbeautopiaandchimera；foratthemomentthatlabor，thesupremeconditionofcivilization，beginstoexist，itfollowsthatitisalreadysubmittedtoanorganization，suchasitis，whichsatisfiestheeconomists，butwhichthesocialiststhinkdetestable。
　　Thereremains，then，relativelytotheproposaltoorganizelaborformulatedbysocialism，thisobjection，——thatlaborisorganized。Now，thisisutterlyuntenable，sinceitisnotoriousthatinlabor，supply，demand，division，quantity，proportion，price，andsecurity，nothing，absolutelynothingisregulated；onthecontrary，everythingisgivenuptothecapricesoffree-will；thatis，tochance。
　　Asforus，guidedbytheideathatwehaveformedofsocialscience，weshallaffirm，againstthesocialistsandagainsttheeconomists，notthatlabormustheorganized，northatitisorganizedbutthatitisbeingorganized。
　　Labor，wesay，isbeingorganized：thatis，theprocessoforganizationhasbeengoingonfromthebeginningoftheworld，andwillcontinuetilltheend。Politicaleconomyteachesustheprimaryelementsofthisorganization；
　　butsocialismisrightinassertingthat，initspresentform，theorganizationisinadequateandtransitory；andthewholemissionofscienceiscontinuallytoascertain，inviewoftheresultsobtainedandthephenomenaincourseofdevelopment，whatinnovationscanbeimmediatelyeffected。
　　Socialismandpoliticaleconomy，then，whilewagingaburlesquewar，pursueinrealitythesameidea，——theorganizationoflabor。
　　Butbothareguiltyofdisloyaltytoscienceandofmutualcalumny，whenontheonehandpoliticaleconomy，mistakingforscienceitsscrapsoftheory，deniesthepossibilityoffurtherprogress；andwhensocialism，abandoningtradition，aimsatreestablishingsocietyonundiscoverablebases。
　　Thussocialismisnothingbutaprofoundcriticismandcontinualdevelopmentofpoliticaleconomy；and，toapplyherethecelebratedaphorismoftheschool，Nihilestinintellectu，quodnonpriusfueritinsensu，thereisnothinginthesocialistichypotheseswhichisnotduplicatedineconomicpractice。Ontheotherhand，politicaleconomyisbutanimpertinentrhapsody，solongasitaffirmsasabsolutelyvalidthefactscollectedbyAdamSmithandJ。B。Say。
　　Anotherquestion，nolessdisputedthantheprecedingone，isthatofusury，orlendingatinterest。
　　Usury，orinotherwordsthepriceofuse，istheemolument，ofwhatevernature，whichtheproprietorderivesfromtheloanofhisproperty。Quidquidsortiaccrescitusuraest，saythetheologians。Usury，thefoundationofcredit，wasoneofthefirstofthemeanswhichsocialspontaneityemployedinitsworkoforganization，andwhoseanalysisdisclosestheprofoundlawsofcivilization。TheancientphilosophersandtheFathersoftheChurch，whomustberegardedhereastherepresentativesofsocialismintheearlycenturiesoftheChristianera，byasingularfallacy，——whicharosehoweverfromthepaucityofeconomicknowledgeintheirday，——allowedfarm-rentandcondemnedinterestonmoney，because，astheybelieved，moneywasunproductive。
　　Theydistinguishedconsequentlybetweentheloanofthingswhichareconsumedbyuse——amongwhichtheyincludedmoney——andtheloanofthingswhich，withoutbeingconsumed，yieldaproducttotheuser。
　　Theeconomistshadnodifficultyinshowing，bygeneralizingtheideaofrent，thatintheeconomyofsocietytheactionofcapital，oritsproductivity，wasthesamewhetheritwasconsumedinwagesorretainedthecharacterofaninstrument；that，consequently，itwasnecessaryeithertoprohibittherentoflandortoallowinterestonmoney，sincebothwerebythesametitlepaymentforprivilege，indemnityforloan。Itrequiredmorethanfifteencenturiestogetthisideaaccepted，andtoreassuretheconsciencesthathadbeenterrifiedbytheanathemaspronouncedbyCatholicismagainstusury。Butfinallytheweightofevidenceandthegeneraldesirefavoredtheusurers：theywonthebattleagainstsocialism；andfromthislegitimationofusurysocietygainedsomeimmenseandunquestionableadvantages。Underthesecircumstancessocialism，whichhadtriedtogeneralizethelawenactedbyMosesfortheIsraelitesalone，Nonfoeneraberisproximotuo，sedalieno，wasbeatenbyanideawhichithadacceptedfromtheeconomicroutine，——namely，farm-rent，——elevatedintothetheoryoftheproductivityofcapital。
　　Buttheeconomistsintheirturnwerelessfortunate，whentheywereafterwardscalledupontojustifyfarm-rentinitself，andtoestablishthistheoryoftheproductofcapital。Itmaybesaidthat，onthispoint，theyhavelostalltheadvantagetheyhadatfirstgainedagainstsocialism。
　　Undoubtedly——andIamthefirsttorecognizeit——therentofland，likethatofmoneyandallpersonalandrealproperty，isaspontaneousanduniversalfact，whichhasitssourceinthedepthsofournature，andwhichsoonbecomes，byitsnaturaldevelopment，oneofthemostpotentmeansoforganization。Ishallproveeventhatinterestoncapitalisbutthematerializationoftheapllorism，Alllaborshouldleaveanexcess。
　　Butinthefaceofthistheory，orratherthisfiction，oftheproductivityofcapital，arisesanotherthesisnolesscertain，whichintheselatterdayshasstrucktheablesteconomists：itisthatallvalueisbornoflabor，andiscomposedessentiallyofwages；inotherwords，thatnowealthhasitsorigininprivilege，oracquiresanyvalueexceptthroughwork；
　　andthat，consequently，laboraloneisthesourceofrevenueamongmen。
　　How，then，reconcilethetheoryoffarm-rentorproductivityofcapital——atheoryconfirmedbyuniversalcustom，whichconservativepoliticaleconomyisforcedtoacceptbutcannotjustify——withthisothertheorywhichshowsthatvalueisnormallycomposedofwages，andwhichinevitablyends，asweshalldemonstrate，inanequalityinsocietybetweennetproductandrawproduct？
　　Thesocialistshavenotwastedtheopportunity。Startingwiththeprinciplethatlaboristhesourceofallincome，theybegantocalltheholdersofcapitaltoaccountfortheirfarm-rentsandemoluments；and，astheeconomistswonthefirstvictorybygeneralizingunderacommonexpressionfarm-rentandusury，sothesocialistshavetakentheirrevengebycausingtheseignorialrightsofcapitaltovanishbeforethestillmoregeneralprincipleoflabor。Propertyhasbeendemolishedfromtoptobottom：theeconomistscouldonlykeepsilent；but，powerlesstoarrestitselfinthisnewdescent，socialismhasslippedcleartothefarthestboundariesofcommunisticutopia，and，forwantofapracticalsolution，societyisreducedtoapositionwhereitcanneitherjustifyitstradition，norcommititselftoexperimentsinwhichtheleastmistakewoulddriveitbackwardseveralthousandyears。
　　Insuchasituationwhatisthemandateofscience？
　　Certainlynottohaltinanarbitrary，inconceivable，andimpossiblejustemilieu；itistogeneralizefurther，anddiscoverathirdprinciple，afact，asuperiorlaw，whichshallexplainthefictionofcapitalandthemythofproperty，andreconcilethemwiththetheorywhichmakeslabortheoriginofallwealth。Thisiswhatsocialism，ifitwishestoproceedlogically，mustundertake。Infact，thetheoryoftherealproductivityoflabor，andthatofthefictitiousproductivityofcapital，arebothessentiallyeconomical：socialismhasendeavoredonlytoshowthecontradictionbetweenthem，withoutregardtoexperienceorlogic；foritappearstobeasdestituteoftheoneasoftheother。Now，inlaw，thelitigantwhoacceptstheauthorityofatitleinoneparticularmustacceptitinall；
　　itisnotallowabletodividethedocumentsandproofs。Hadsocialismtherighttodeclinetheauthorityofpoliticaleconomyinrelationtousury，whenitappealedforsupporttothissameauthorityinrelationtotheanalysisofvalue？Bynomeans。Allthatsocialismcoulddemandinsuchacasewas，eitherthatpoliticaleconomyshouldbedirectedtoreconcileitstheories，orthatitmightbeitselfintrustedwiththisdifficulttask。
　　Themorecloselyweexaminethesesolemndiscussions，themoreclearlyweseethatthewholetroubleisduetothefactthatoneofthepartiesdoesnotwishtosee，whiletheotherrefusestoadvance。
　　Itisaprincipleofourlawthatnoonecanbedeprivedofhispropertyexceptforthesakeofgeneralutility，andinconsiderationofafairindemnitypayableinadvance。
　　Thisprincipleiseminentlyaneconomicone；for，ontheonehand，itassumestherightofeminentdomainofthecitizenexpropriated，whoseconsent，accordingtothedemocraticspiritofthesocialcompact，isnecessarilypresupposed。Ontheotherhand，theindemnity，orthepriceofthearticletaken，isfixed，notbytheintrinsicvalueofthearticle，butbythegenerallawofcommerce，——supplyanddemand；inaword，byopinion。Expropriationinthenameofsocietymaybelikenedtoacontractofconvenience，agreedtobyeachwithall；notonlythenmustthepricebepaid，buttheconveniencealsomustbepaidfor：anditisthus，inreality，thattheindemnityisestimated。IftheRomanlegistshadseenthisanalogy，theyundoubtedlywouldhavehesitatedlessoverthequestionofexpropriationforthesakeofpublicutility。
　　Such，then，isthesanctionofthesocialrightofexpropriation：indemnity。
　　Now，practically，notonlyistheprincipleofindemnitynotappliedinallcaseswhereitoughttobe，butitisimpossiblethatitshouldbesoapplied。Thus，thelawwhichestablishedrailwaysprovidedindemnityforthelandstobeoccupiedbytherails；itdidnothingforthemultitudeofindustriesdependentuponthepreviousmethodofconveyance，whoselossesfarexceededthevalueofthelandswhoseownersreceivedcompensation。
　　Similarly，whenthequestionofindemnifyingthemanufacturersofbeet-rootsugarwasunderconsideration，itoccurredtonoonethattheStateoughttoindemnifyalsothelargenumberoflaborersandemployeeswhoearnedtheirlivelihoodinthebeet-rootindustry，andwhowere，perhaps，tobereducedtowant。Nevertheless，itiscertain，accordingtotheideaofcapitalandthetheoryofproduction，thatasthepossessorofland，whosemeansoflaboristakenfromhimbytherailroad，hasarighttobeindemnified，soalsothemanufacturer，whosecapitalisrenderedunproductivebythesamerailroad，isentitledtoindemnification。Why，then，ishenotindemnified？
　　Alas！becausetoindemnifyhimisimpossible。Withsuchasystemofjusticeandimpartialitysocietywouldbe，asageneralthing，unabletoact，andwouldreturntothefixednessofRomanjustice。Theremustbevictims。
　　Theprincipleofindemnityisconsequentlyabandoned；tooneormoreclassesofcitizenstheStateisinevitablybankrupt。
　　Atthispointthesocialistsappear。Theychargethatthesoleobjectofpoliticaleconomyistosacrificetheinterestsofthemassesandcreateprivileges；then，findinginthelawofexpropriationtherudimentofanagrarianlaw，theysuddenlyadvocateuniversalexpropriation；thatis，productionandconsumptionincommon。
　　Butheresocialismrelapsesfromcriticismintoutopia，anditsincapacitybecomesfreshlyapparentinitscontradictions。Iftheprincipleofexpropriationforthesakeofpublicutility，carriedtoitslogicalconclusion，leadstoacompletereorganizationofsociety，beforecommencingtheworkthecharacterofthisneworganizationmustbeunderstood；now，socialism，Irepeat，hasnosciencesaveafewbitsofphysiologyandpoliticaleconomy。
　　Further，itisnecessaryinaccordancewiththeprincipleofindemnity，ifnottocompensatecitizens，atleasttoguaranteetothemthevalueswhichtheypartwith；itisnecessary，inshort，toinsurethemagainstloss。Now，outsideofthepublicfortune，themanagementofwhichitdemands，wherewillsocialismfindsecurityforthissamefortune？
　　Itisimpossible，insoundandhonestlogic，toescapethiscircle。
　　Consequentlythecommunists，moreopenintheirdealingsthancertainothersectariansofflowingandpacificideas，decidethedifficulty；andpromise，thepoweronceintheirhands，toexpropriateallandindemnifyandguaranteenone。Atbottom，thatwouldbeneitherunjustnordisloyal。Unfortunately，toburnisnottoreply，astheinterestingDesmoulinssaidtoRobespierre；andsuchadiscussionendsalwaysinfireandtheguillotine。Here，aseverywhere，tworights，equallysacred，standinthepresenceofeachother，therightofthecitizenandtherightoftheState；itisenoughtosaythatthereisasuperiorformulawhichreconcilesthesocialisticutopiasandthemutilatedtheoriesofpoliticaleconomy，andthattheproblemistodiscoverit。Inthisemergencywhatarethecontendingpartiesdoing？Nothing。Wemightsayratherthattheyraisequestionsonlytogetanopportunitytoredressinjuries。WhatdoIsay？Thequestionsarenotevenunderstoodbythem；and，whilethepublicisconsideringthesublimeproblemsofsocietyandhumandestiny，theprofessorsofsocialscience，orthodoxandheretics，donotagreeonprinciples。Witnessthequestionwhichoccasionedtheseinquiries，andwhichitsauthorscertainlyunderstandnobetterthanitsdisparagers，——therelationofprofitsandwages。
　　What！anAcademyofeconomistshasofferedforcompetitionaquestionthetermsofwhichitdoesnotunderstand！How，then，couldithaveconceivedtheidea？
　　Well！Iknowthatmystatementisastonishingandincredible；butitistrue。Likethetheologians，whoanswermetaphysicalproblemsonlybymythsandallegories，whichalwaysreproducetheproblemsbutneversolvethem，theeconomistsreplytothequestionswhichtheyaskonlybyrelatinghowtheywereledtoaskthem：shouldtheyconceivethatitwaspossibletogofurther，theywouldceasetobeeconomists。
　　Forexample，whatisprofit？Thatwhichremainsforthemanagerafterhehaspaidalltheexpenses。Now，theexpensesconsistofthelaborperformedandthematerialsconsumed；or，infine，wages。What，then，isthewagesofaworkingman？Theleastthatcanbegivenhim；thatis，wedonotknow。
　　Whatshouldbethepriceofthemerchandiseputuponthemarketbythemanager？Thehighestthathecanobtain；thatis，again，wedonotknow。
　　Politicaleconomyprohibitsthesuppositionthatthepricesofmerchandiseandlaborcanbefixed，althoughitadmitsthattheycanbeestimated；
　　andthatforthereason，saytheeconomists，thatestimationisessentiallyanarbitraryoperation，whichnevercanleadtosureandcertainconclusions。
　　How，then，shallwefindtherelationbetweentwounknownswhich，accordingtopoliticaleconomy，cannotbedetermined？Thuspoliticaleconomyproposesinsolvableproblems；andyetweshallsoonseethatitmustproposethem，andthatourcenturymustsolvethem。ThatiswhyIsaidthattheAcademyofMoralSciences，inofferingforcompetitionthequestionoftherelationofprofitsandwages，spokeunconsciously，spokeprophetically。
　　Butitwillbesaid，Isitnottruethat，iflaborisingreatdemandandlaborersarescarce，wageswillrise，whileprofitsontheotherhandwilldecrease；thatif，inthepressofcompetition，thereisanexcessofproduction，therewillbeastoppageandforcedsales，consequentlynoprofitforthemanagerandadangerofidlenessforthelaborer；thatthenthelatterwillofferhislaboratareducedprice；that，ifamachineisinvented，itwillfirstextinguishthefiresofitsrivals；then，amonopolyestablished，andthelaborermadedependentontheemployer，profitsandwageswillbeinverselyproportional？Cannotallthesecauses，andothersbesides，bestudied，ascertained，counterbalanced，etc。？
　　Oh，monographs，histories！——wehavebeensaturatedwiththemsincethedaysofAdamSmithandJ。B。Say，andtheyarescarcelymorethanvariationsoftheseauthors”words。
　　Butitisnotthusthatthequestionshouldbeunderstood，althoughtheAcademyhasgivenitnoothermeaning。Therelationofprofitsendwagesshouldbeconsideredinanabsolutesense，andnotfromtheinconclusivepointofviewoftheaccidentsofcommerceandthedivisionofinterests：
　　twothingswhichmustultimatelyreceivetheirinterpretation。Letmeexplainmyself。
　　Consideringproducerandconsumerasasingleindividual，whoserecompenseisnaturallyequaltohisproduct；thendividingthisproductintotwoparts，onewhichrewardstheproducerforhisoutlay，anotherwhichrepresentshisprofit，accordingtotheaxiomthatalllaborshouldleaveanexcess，-wehavetodeterminetherelationofoneofthesepartstotheother。
　　Thisdone，itwillbeeasytodeducetheratioofthefortunesofthesetwoclassesofmen，employersandwage-laborers，aswellasaccountforallcommercialoscillations。Thiswillbeaseriesofcorollariestoaddtothedemonstration。
　　Now，thatsucharelationmayexistandbeestimated，theremustnecessarilybealaw，internalorexternal，whichgovernswagesandprices；andsince，inthepresentstateofthings，wagesandpricesvaryandoscillatecontinually，wemustaskwhatarethegeneralfacts，thecauses，whichmakevaluevaryandoscillate，andwithinwhatlimitsthisoscillationtakesplace。
　　Butthisveryquestioniscontrarytotheacceptedprinciples；forwhoeversaysoscillationnecessarilysupposesameandirectiontowardwhichvalue”scentreofgravitycontinuallytends；andwhentheAcademyasksthatwedeterminetheoscillationsofprofitandwages，itaskstherebythatwedeterminevalue。NowthatispreciselywhatthegentlemenoftheAcademydeny：theyareunwillingtoadmitthat，ifvalueisvariable，itisforthatveryreasondeterminable；thatvariabilityisthesignandconditionofdeterminability。Theypretendthatvalue，evervarying，canneverbedetermined。Thisislikemaintainingthat，giventhenumberofoscillationsofapendulumpersecond，theiramplitude，andthelatitudeandelevationofthespotwheretheexperimentisperformed，thelengthofthependulumcannotbedeterminedbecausethependulumisinmotion。Suchispoliticaleconomy”sfirstarticleoffaith。
　　Asforsocialism，itdoesnotappeartohaveunderstoodthequestion，ortobeconcernedaboutit。Amongitsmanyorgans，somesimplyandmerelyputasidetheproblembysubstitutingdivisionfordistribution，——thatis，bybanishingnumberandmeasurefromthesocialorganism：othersrelievethemselvesoftheembarrassmentbyapplyinguniversalsuffragetothewagesquestion。Itisneedlesstosaythattheseplatitudesfinddupesbythousandsandhundredsofthousands。
　　ThecondemnationofpoliticaleconomyhasbeenformulatedbyMalthusinthisfamouspassage：——
　　Amanwhoisbornintoaworldalreadyoccupied，hisfamilyunabletosupporthim，andsocietynotrequiringhislabor，——suchaman，Isay，hasnottheleastrighttoclaimanynourishmentwhatever：heisreallyonetoomanyontheearth。AtthegreatbanquetofNaturethereisnoplatelaidforhim。Naturecommandshimtotakehimselfaway，andshewillnotbeslowtoputherorderintoexecution。1*
　　Thisthenisthenecessary，thefatal，conclusionofpoliticaleconomy，——aconclusionwhichIshalldemonstratebyevidencehithertounknowninthisfieldofinquiry，——Deathtohimwhodoesnotpossess！
　　InorderbettertograspthethoughtofMalthus，letustranslateitintophilosophicalpropositionsbystrippingitofitsrhetoricalgloss：——
　　“Individualliberty，andproperty，whichisitsexpression，areeconomicaldata；equalityandsolidarityarenot。
　　“Underthissystem，eachonebyhimself，eachoneforhimself：labor，likeallmerchandise，issubjecttofluctuation：hencetherisksoftheproletariat。
　　“Whoeverhasneitherincomenorwageshasnorighttodemandanythingofothers：hismisfortunefallsonhisownhead；inthegameoffortune，luckhasbeenagainsthim。”
　　Fromthepointofviewofpoliticaleconomythesepropositionsareirrefutable；
　　andMalthus，whohasformulatedthemwithsuchalarmingexactness，issecureagainstallreproach。Fromthepointofviewoftheconditionsofsocialscience，thesesamepropositionsareradicallyfalse，andevencontradictory。
　　TheerrorofMalthus，orratherofpoliticaleconomy，doesnotconsistinsayingthatamanwhohasnothingtoeatmustdie；orinmaintainingthat，underthesystemofindividualappropriation，thereisnocourseforhimwhohasneitherlabornorincomebuttowithdrawfromlifebysuicide，unlesshepreferstobedrivenfromitbystarvation：suchis，ontheonehand，thelawofourexistence；suchis，ontheother，theconsequenceofproperty；andM。RossihastakenaltogethertoomuchtroubletojustifythegoodsenseofMalthusonthispoint。Isuspect，indeed，thatM。Rossi，inmakingsolengthyandlovinganapologyforMalthus，intendedtorecommendpoliticaleconomyinthesamewaythathisfellow-countrymanMachiavel，inhisbookentitled“ThePrince，“recommendeddespotismtotheadmirationoftheworld。Inpointingoutmiseryasthenecessaryconditionofindustrialandcommercialabsolutism，M。Rossiseemstosaytous：Thereisyourlaw，yourjustice，yourpoliticaleconomy；thereisproperty。
　　ButGallicsimplicitydoesnotunderstandartifice；anditwouldhavebeenbettertohavesaidtoFrance，inherimmaculatetongue：TheerrorofMalthus，theradicalviceofpoliticaleconomy，consists，ingeneralterms，inaffirmingasadefinitivestateatransitorycondition，——namely，thedivisionofsocietyintopatriciansandproletaires；and，particularly，insayingthatinanorganized，andconsequentlysolidaire，society，theremaybesomewhopossess，labor，andconsume，whileothershaveneitherpossession，norlabor，norbread。FinallyMalthus，orpoliticaleconomy，reasonserroneouslywhenseeinginthefacultyofindefinitereproduction——whichthehumanraceenjoysinneithergreaternorlessdegreethanallanimalandvegetablespecies——apermanentdangeroffamine；whereasitisonlynecessarytoshowthenecessity，andconsequentlytheexistence，ofalawofequilibriumbetweenpopulationandproduction。
　　Inshort，thetheoryofMalthus——andhereinliesthegreatmeritofthiswriter，ameritwhichnoneofhiscolleagueshasdreamedofattributingtohim——isareductioadabsurdumofallpoliticaleconomy。
　　Asforsocialism，thatwassummeduplongsincebyPlatoandThomasMoreinasingleword，UTOPIA，——thatis，no-place，achimera。
　　Nevertheless，forthehonorofthehumanmindandthatjusticemaybedonetoall，thismustbesaid：neithercouldeconomicandlegislativesciencehavehadanyotherbeginningthantheydidhave，norcansocietyremaininthisoriginalposition。
　　Everysciencemustfirstdefineitsdomain，produceandcollectitsmaterials：beforesystem，facts；beforetheageofart，theageoflearning。
　　Theeconomicscience，subjectlikeeveryothertothelawoftimeandtheconditionsofexperience，beforeseekingtoascertainhowthingsoughttotakeplaceinsociety，hadtotellushowthingsdotakeplace；andalltheseprocesseswhichtheauthorsspeakofsopompouslyintheirbooksaslaws，principles，andtheories，inspiteoftheirincoherenceandinconsistency，hadtobegatheredupwithscrupulousdiligence，anddescribedwithstrictimpartiality。Thefulfilmentofthistaskcalledformoregeniusperhaps，certainlyformoreself-sacrifice，thanwillbedemandedbythefutureprogressofthescience。
　　If，then，socialeconomyisevenyetratheranaspirationtowardsthefuturethanaknowledgeofreality，itmustbeadmittedthattheelementsofthisstudyareallincludedinpoliticaleconomy；andIbelievethatIexpressthegeneralsentimentinsayingthatthisopinionhasbecomethatofthevastmajorityofminds。Thepresentfindsfewdefenders，itistrue；butthedisgustwithutopiaisnolessuniversal：andeverybodyunderstandsthatthetruthliesinaformulawhichshallreconcilethesetwoterms：CONSERVATIONandMOTION。
　　Thus，thankstoAdamSmith，J。B。Say，Ricardo，andMalthus，aswellastheirrashopponents，themysteriesoffortune，atriaDitis，areuncovered；
　　thepowerofcapital，theoppressionofthelaborer，themachinationsofmonopoly，illuminedatallpoints，shunthepublicgaze。Concerningthefactsobservedanddescribedbytheeconomists，wereasonandconjecture：
　　abusivelaws，iniquitouscustoms，respectedsolongastheobscuritywhichsustainedtheirlifelasted，withdifficultydraggedtothedaylight，areexpiringbeneaththegeneralreprobation；itissuspectedthatthegovernmentofsocietymustbelearnednolongerfromanemptyideology，afterthefashionoftheContratsocial，but，asMontesquieuforesaw，fromtherelationofthings；andalreadyaLeftofeminentlysocialistictendencies，composedofsavants，magistrates，legists，professors，andevencapitalistsandmanufacturers，——allbornrepresentativesanddefendersofprivilege，——andofamillionofadepts，isforminginthenationaboveandoutsideofparliamentaryopinions，andseeking，byananalysisofeconomicfacts，tocapturethesecretsofthelifeofsocieties。
　　Letusrepresentpoliticaleconomy，then，asanimmenseplain，strewnwithmaterialspreparedforanedifice。Thelaborersawaitthesignal，fullofardor，andburningtocommencethework：butthearchitecthasdisappearedwithoutleavingtheplan。Theeconomistshavestoredtheirmemorieswithmanythings：unhappilytheyhavenottheshadowofanestimate。
　　Theyknowtheoriginandhistoryofeachpiece；whatitcosttomakeit；
　　whatwoodmakesthebestjoists，andwhatclaythebestbricks；whathasbeenexpendedintoolsandcarts；howmuchthecarpentersearned，andhowmuchthestone-cutters：theydonotknowthedestinationandtheplaceofanything。Theeconomistscannotdenythattheyhavebeforethemthefragments，scatteredpell-mell，ofachef-d”oeuvre，disjectimembrapoetae；
　　butithasbeenimpossibleforthemasyettorecoverthegeneraldesign，and，whenevertheyhaveattemptedanycomparisons，theyhavemetonlywithincoherence。Driventodespairatlastbytheirfruitlesscombinations，theyhaveerectedasadogmathearchitecturalincongruityofthescience，or，astheysay，theinconveniencesofitsprinciples；inaword，theyhavedeniedthescience。2*
　　Thusthedivisionoflabor，withoutwhichproductionwouldbealmostnothing，issubjecttoathousandinconveniences，theworstofwhichisthedemoralizationofthelaborer；machinerycauses，notonlycheapness，butobstructionofthemarketandstoppageofbusiness；competitionendsinoppression；taxation，thematerialbondofsociety，isgenerallyascourgedreadedequallywithfireandhail；creditisnecessarilyaccompaniedbybankruptcy；propertyisaswarmofabuses；commercedegeneratesintoagameofchance，inwhichitissometimesallowableeventocheat：inshort，disorderexistingeverywheretoanequalextentwithorder，andnooneknowinghowthelatteristobanishtheformer，taxisataxiendiokein，theeconomistshavedecidedthatallisforthebest，andregardeveryreformatorypropositionashostiletopoliticaleconomy。
　　Thesocialedifice，then，hasbeenabandoned；thecrowdhasburstintothewood-yard；columns，capitals，andplinths，wood，stone，andmetal，havebeendistributedinportionsanddrawnbylot：and，ofallthesematerialscollectedforamagnificenttemple，property，ignorantandbarbarous，hasbuilthuts。Theworkbeforeus，then，isnotonlytorecovertheplanoftheedifice，buttodislodgetheoccupants，whomaintainthattheircityissuperb，and，attheverymentionofrestoration，appearinbattle-arrayattheirgates。SuchconfusionwasnotseenofoldatBabel：happilywespeakFrench，andaremorecourageousthanthecompanionsofNimrod。
　　Butenoughofallegory：thehistoricalanddescriptivemethod，successfullyemployedsolongastheworkwasoneofexaminationonly，ishenceforthuseless：afterthousandsofmonographsandtables，wearenofurtheradvancedthanintheageofXenophonandHesiod。ThePhenicians，theGreeks，theItalians，laboredintheirdayaswedoinours：theyinvestedtheirmoney，paidtheirlaborers，extendedtheirdomains，madetheirexpeditionsandrecoveries，kepttheirbooks，speculated，dabbledinstocks，andruinedthemselvesaccordingtoalltherulesofeconomicart；knowingaswellasourselveshowtogainmonopoliesandfleecetheconsumerandlaborer。
　　Ofallthisaccountsareonlytoonumerous；and，thoughweshouldrehearseforeverourstatisticsandourfigures，weshouldalwayshavebeforeoureyesonlychaos，——chaosconstantanduniform。
　　Itisthought，indeed，thatfromtheeraofmythologytothepresentyear57ofourgreatrevolution，thegeneralwelfarehasimproved：Christianityhaslongbeenregardedasthechiefcauseofthisamelioration，butnowtheeconomistsclaimallthehonorfortheirownprinciples。Forafterall，theysay，whathasbeentheinfluenceofChristianityuponsociety？
　　Thoroughlyutopianatitsbirth，ithasbeenabletomaintainandextenditselfonlybygraduallyadoptingalltheeconomiccategories，——labor，capital，farm-rent，usury，traffic，property；inshort，byconsecratingtheRomanlaw，thehighestexpressionofpoliticaleconomy。
　　Christianity，astrangerinitstheologicalaspecttothetheoriesofproductionandconsumption，hasbeentoEuropeancivilizationwhatthetrades-unionsandfree-masonswerenotlongsincetoitinerantworkmen，——asortofinsurancecompanyandmutualaidsociety；inthisrespect，itowesnothingtopoliticaleconomy，andthegoodwhichithasdonecannotbeinvokedbythelatterinitsownsupport。Theeffectsofcharityandself-sacrificeareoutsideofthedomainofeconomy，whichmustbringaboutsocialhappinessthroughjusticeandtheorganizationoflabor。Fortherest，Iamreadytoadmitthebeneficialeffectsofthesystemofproperty；
　　butIobservethattheseeffectsareentirelybalancedbythemiserywhichitisthenatureofthissystemtoproduce；sothat，asanillustriousministerrecentlyconfessedbeforetheEnglishParliament，andasweshallsoonshow，theincreaseofmiseryinthepresentstateofsocietyisparallelandequaltotheincreaseofwealth，——whichcompletelyannulsthemeritsofpoliticaleconomy。
　　Thuspoliticaleconomyisjustifiedneitherbyitsmaximsnorbyitsworks；and，asforsocialism，itswholevalueconsistsinhavingestablishedthisfact。Weareforced，then，toresumetheexaminationofpoliticaleconomy，sinceitalonecontains，atleastinpart，thematerialsofsocialscience；andtoascertainwhetheritstheoriesdonotconcealsomeerror，thecorrectionofwhichwouldreconcilefactandright，revealtheorganiclawofhumanity，andgivethepositiveconceptionoforder。
　　NOTES：
　　1。ThepassagequotedmaynotbegivenintheexactwordsusedbyMalthus，ithavingreacheditspresentshapethroughthemediumofaFrenchrendering——Translator。
　　2。“Theprinciplewhichgovernsthelifeofnationsisnotpurescience：
　　itisthetotalofthecomplexdatawhichdependonthestateofenlightenment，onneedsandinterests。”Thusexpresseditself，inDecember，1844，oneoftheclearestmindsthatFrancecontained，M。LeonFaucher。Explain，ifyoucan，howamanofthisstampwasledbyhiseconomicconvictionstodeclarethatthecomplexdataofsocietyareopposedtopurescience。
　　chapter02
　　CHAPTERII。OFVALUE。
　　1——OppositionofvalueinUSEandvalueinEXCHANGE。
　　Valueisthecorner-stoneoftheeconomicedifice。Thedivineartistwhohasintrusteduswiththecontinuationofhisworkhasexplainedhimselfonthispointtonoone；butthefewindicationsgivenmayserveasabasisofconjecture。Value，infact，presentstwofaces：one，whichtheeconomistscallvalueinuse，orintrinsicvalue；another，valueinexchange，orofopinion。Theeffectswhichareproducedbyvalueunderthisdoubleaspect，andwhichareveryirregularsolongasitisnotestablished，——or，touseamorephilosophicalexpression，solongasitisnotconstituted，-arechangedtotallybythisconstitution。
　　Now，inwhatconsiststhecorrelationbetweenusefulvalueandvalueinexchange？Whatismeantbyconstitutedvalue，andbywhatsuddenchangeisthisconstitutioneffected？Toanswerthesequestionsistheobjectandendofpoliticaleconomy。Ibegthereadertogivehiswholeattentiontowhatistofollow，thischapterbeingtheonlyoneintheworkwhichwilltaxhispatience。Formypart，Iwillendeavortobemoreandmoresimpleandclear。
　　Everythingwhichcanbeofanyservicetomeisofvaluetome，andthemoreabundanttheusefulthingisthericherIam：sofarthereisnodifficulty。Milkandflesh，fruitsandgrains，wool，sugar，cotton，wine，metals，marble；infact，land，water，air，fire，andsunlight，——
　　are，relativelytome，valuesofuse，valuesbynatureandfunction。Ifallthethingswhichservetosustainmylifewereasabundantascertainofthemare，lightforinstance，——inotherwords，ifthequantityofeveryvaluablethingwasinexhaustible，——mywelfarewouldbeforeverassured：Ishouldnothavetolabor；Ishouldnoteventhink。Insuchastate，thingswouldalwaysbeuseful，butitwouldbenolongertruetosaythattheyAREVALUABLE；forvalue，asweshallsoonsee，indicatesanessentiallysocialrelation；anditissolelythroughexchange，revertingasitwerefromsocietytoNature，thatwehaveacquiredtheideaofutility。
　　Thewholedevelopmentofcivilizationoriginates，then，inthenecessitywhichthehumanraceisunderofcontinuallycausingthecreationofnewvalues；justastheevilsofsocietyareprimarilycausedbytheperpetualstrugglewhichwemaintainagainstourowninertia。Takeawayfrommanthatdesirewhichleadshimtothinkandfitshimforalifeofcontemplation，andthelordofcreationstandsonalevelwiththehighestofthebeasts。
　　Buthowdoesvalueinusebecomevalueinexchange？Foritshouldbenoticedthatthetwokindsofvalue，althoughcoexistinginthoughtsincetheformerbecomesapparentonlyinthepresenceofthelatter，neverthelessmaintainarelationofsuccession：exchangeablevalueisasortofreflexofusefulvalue；justasthetheologiansteachthatintheTrinitytheFather，contemplatinghimselfthroughalleternity，begetstheSon。Thisgenerationoftheideaofvaluehasnotbeennotedbytheeconomistswithsufficientcare：itisimportantthatweshouldtarryoverit。
　　Since，then，oftheobjectswhichIneed，averylargenumberexistinNatureonlyinmoderatequantities，orevennotatall，IamforcedtoassistintheproductionofthatwhichIlack；and，asIcannotturnmyhandtosomanythings，Iproposetoothermen，mycollaboratorsinvariousfunctions，toyieldmeaportionoftheirproductsinexchangeformine。IshallthenalwayshaveinmypossessionmoreofmyownspecialproductthanIconsume；justasmyfellowswillalwayshaveintheirpossessionmoreoftheirrespectiveproductsthantheyuse。Thistacitagreementisfulfilledbycommerce。Herewemayobservethatthelogicalsuccessionofthetwokindsofvalueisevenmoreapparentinhistorythanintheory，menhavingspentthousandsofyearsindisputingovernaturalwealththisbeingwhatiscalledprimitivecommunismbeforetheirindustryaffordedopportunityforexchange。
　　Now，thecapacitypossessedbyallproducts，whethernaturalortheresultoflabor，ofservingtomaintainman，iscalleddistinctivelyvalueinuse；theircapacityofpurchasingeachother，valueinexchange。Atbottomthisisthesamething，sincethesecondcaseonlyaddstothefirsttheideaofsubstitution，whichmayseemanidlesubtlety；practically，theconsequencesaresurprising，andbeneficialorfatalbyturns。
　　Consequently，thedistinctionestablishedinvalueisbasedonfacts，andisnotatallarbitrary：itisforman，insubmittingtothislaw，touseittoincreasehiswelfareandliberty。Labor，asanauthorM。
　　Walrashasbeautifullyexpressedit，isawardeclaredagainsttheparsimonyofNature；byitwealthandsocietyaresimultaneouslycreated。NotonlydoeslaborproduceincomparablymorewealththanNaturegivesus，——forinstance，ithasbeenremarkedthattheshoemakersaloneinFranceproducetentimesmorethantheminesofPeru，Brazil，andMexicocombined，——
　　but，laborinfinitelyextendingandmultiplyingitsrightsbythechangeswhichitmakesinnaturalvalues，itgraduallycomesaboutthatallwealth，inrunningthegauntletoflabor，fallswhollyintothehandsofhimwhocreatesit，andthatnothing，oralmostnothing，isleftforthepossessoroftheoriginalmaterial。
　　Such，then，isthepathofeconomicprogress：atfirst，appropriationofthelandandnaturalvalues；then，associationanddistributionthroughlaboruntilcompleteequalityisattained。Chasmsarescatteredalongourroad，theswordissuspendedoverourheads；but，toavertalldangers，wehavereason，andreasonisomnipotence。
　　Itresultsfromtherelationofusefulvaluetoexchangeablevaluethatif，byaccidentorfrommalice，exchangeshouldbeforbiddentoasingleproducer，oriftheutilityofhisproductshouldsuddenlycease，thoughhisstorehouseswerefull，hewouldpossessnothing。Themoresacrificeshehadmadeandthemorecouragehehaddisplayedinproducing，thegreaterwouldbehismisery。Iftheutilityoftheproduct，insteadofwhollydisappearing，shouldonlydiminish，——athingwhichmayhappeninahundredways，——
　　thelaborer，insteadofbeingstruckdownandruinedbyasuddencatastrophe，wouldbeimpoverishedonly；obligedtogivealargequantityofhisownvalueforasmallquantityofthevaluesofothers，hismeansofsubsistencewouldbereducedbyanamountequaltothedeficitinhissale：whichwouldleadbydegreesfromcompetencytowant。If，finally，theutilityoftheproductshouldincrease，orelseifitsproductionshouldbecomelesscostly，thebalanceofexchangewouldturntotheadvantageoftheproducer，whoseconditionwouldthusberaisedfromfatiguingmediocritytoidleopulence。
　　Thisphenomenonofdepreciationandenrichmentismanifestedunderathousandformsandbyathousandcombinations；itistheessenceofthepassionalandintriguinggameofcommerceandindustry。Andthisisthelottery，fulloftraps，whichtheeconomiststhinkoughttolastforever，andwhosesuppressiontheAcademyofMoralandPoliticalSciencesunwittinglydemands，when，underthenamesofprofitandwages，itasksustoreconcilevalueinuseandvalueinexchange；thatis，tofindthemethodofrenderingallusefulvaluesequallyexchangeable，and，viceversa，allexchangeablevaluesequallyuseful。
　　Theeconomistshaveveryclearlyshownthedoublecharacterofvalue，butwhattheyhavenotmadeequallyplainisitscontradictorynature。
　　Herebeginsourcriticism。
　　Utilityisthenecessaryconditionofexchange；buttakeawayexchange，andutilityvanishes：thesetwothingsareindissolublyconnected。Where，then，isthecontradiction？
　　Sinceallofusliveonlybylaborandexchange，andgrowricherasproductionandexchangeincrease，eachofusproducesasmuchusefulvalueaspossible，inordertoincreasebythatamounthisexchanges，andconsequentlyhisenjoyments。Well，thefirsteffect，theinevitableeffect，ofthemultiplicationofvaluesistoLOWERthem：themoreabundantisanarticleofmerchandise，themoreitlosesinexchangeanddepreciatescommercially。Isitnottruethatthereisacontradictionbetweenthenecessityoflaboranditsresults？
　　Iadjurethereader，beforerushingaheadfortheexplanation，toarresthisattentionuponthefact。
　　Apeasantwhohasharvestedtwentysacksofwheat，whichhewithhisfamilyproposestoconsume，deemshimselftwiceasrichasifhehadharvestedonlyten；likewiseahousewifewhohasspunfiftyyardsoflinenbelievesthatsheistwiceasrichasifshehadspunbuttwenty-five。Relativelytothehousehold，bothareright；lookedatintheirexternalrelations，theymaybeutterlymistaken。Ifthecropofwheatisdoublethroughoutthewholecountry，twentysackswillsellforlessthantenwouldhavesoldforifithadbeenbuthalfasgreat；so，undersimilarcircumstances，fiftyyardsoflinenwillbeworthlessthantwenty-five：sothatvaluedecreasesastheproductionofutilityincreases，andaproducermayarriveatpovertybycontinuallyenrichinghimself。Andthisseemsunalterable，inasmuchasthereisnowayofescapeexceptalltheproductsofindustrybecomeinfiniteinquantity，likeairandlight，whichisabsurd。Godofmyreason！JeanJacqueswouldhavesaid：itisnottheeconomistswhoareirrational；itispoliticaleconomyitselfwhichisfalsetoitsdefinitions。
　　Mentitaestiniquitassibi。
　　Intheprecedingexamplestheusefulvalueexceedstheexchangeablevalue：inothercasesitisless。Thenthesamephenomenonisproduced，butintheoppositedirection：thebalanceisinfavoroftheproducer，whiletheconsumersuffers。Thisisnotablythecaseinseasonsofscarcity，whenthehighpriceofprovisionsisalwaysmoreorlessfactitious。Therearealsoprofessionswhosewholeartconsistsingivingtoanarticleofminorusefulness，whichcouldeasilybedispensedwith，anexaggeratedvalueofopinion：such，ingeneral，aretheartsofluxury。Man，throughhisaestheticpassion，iseagerforthetriflesthepossessionofwhichwouldhighlysatisfyhisvanity，hisinnatedesireforluxury，andhismorenobleandmorerespectableloveofthebeautiful：uponthisthedealersinthisclassofarticlesspeculate。Totaxfancyandeleganceisnolessodiousorabsurdthantotaxcirculation：butsuchataxiscollectedbyafewfashionablemerchants，whomgeneralinfatuationprotects，andwhosewholemeritgenerallyconsistsinwarpingtasteandgeneratingfickleness。
　　Hencenoonecomplains；andallthemaledictionsofopinionarereservedforthemonopolistswho，throughgenius，succeedinraisingbyafewcentsthepriceoflinenandbread。
　　Itislittletohavepointedoutthisastonishingcontrastbetweenusefulvalueandexchangeablevalue，whichtheeconomistshavebeeninthehabitofregardingasverysimple：itmustbeshownthatthispretendedsimplicityconcealsaprofoundmystery，whichitisourdutytofathom。
　　Isummon，therefore，everyseriouseconomisttotellme，otherwisethanbytransformingorrepeatingthequestion，forwhatreasonvaluedecreasesinproportionasproductionaugments，andreciprocallywhatcausesthissamevaluetoincreaseinproportionasproductiondiminishes。Intechnicalterms，usefulvalueandexchangeablevalue，necessarytoeachother，areinverselyproportionaltoeachother；Iask，then，whyscarcity，insteadofutility，issynonymouswithdearness。For——markitwell——thepriceofmerchandiseisindependentoftheamountoflaborexpendedinproduction；
　　anditsgreaterorlesscostdoesnotserveatalltoexplainthevariationsinitsprice。Valueiscapricious，likeliberty：itconsidersneitherutilitynorlabor；onthecontrary，itseemsthat，intheordinarycourseofaffairs，andexceptionalderangementsaside，themostusefulobjectsarethosewhicharesoldatthelowestprice；inotherwords，thatitisjustthatthemenwhoperformthemostattractivelaborshouldbethebestrewarded，whilethosewhosetasksdemandthemostexertionarepaidtheleast。Sothat，infollowingtheprincipletoitsultimateconsequences，wereachthemostlogicalofconclusions：thatthingswhoseuseisnecessaryandquantityinfinitemustbegratuitous，whilethosewhicharewithoututilityandextremelyscarcemustbearaninestimableprice。But，tocompletetheembarrassment，theseextremesdonotoccurinpractice：ontheonehand，nohumanproductcaneverbecomeinfiniteinquantity；ontheother，therarestthingsmustbeinsomedegreeuseful，elsetheywouldnotbesusceptibleofvalue。Usefulvalueandexchangeablevalueremain，then，ininevitableattachment，althoughitistheirnaturecontinuallytotendtowardsmutualexclusion。
　　Ishallnotfatiguethereaderwitharefutationofthelogomachieswhichmightbeofferedinexplanationofthissubject：ofthecontradictioninherentintheideaofvaluethereisnoassignablecause，nopossibleexplanation。ThefactofwhichIspeakisoneofthosecalledprimitive，——thatis，oneofthosewhichmayservetoexplainothers，butwhichinthemselves，likethebodiescalledsimple，areinexplicable。Suchisthedualismofspiritandmatter。Spiritandmatteraretwotermseachofwhich，takenseparately，indicatesaspecialaspectofspirit，butcorrespondstonoreality。So，givenman”sneedsofagreatvarietyofproductstogetherwiththeobligationofprocuringthembyhislabor，theoppositionofusefulvaluetoexchangeablevaluenecessarilyresults；andfromthisoppositionacontradictionontheverythresholdofpoliticaleconomy。Nointelligence，nowill，divineorhuman，canpreventit。