CHAPTER II

THE THEORY OF MARX AND THE EARLIER SOCIALISTS SUMMARISED

The doctrine of Marx that all wealth is produced by labour.

His recognition that the possibilities of distribution rest on
the facts of production.

His theory of labour as the sole producer of wealth avowedly
derived from Ricardo's theory of value.

His theory of capital as consisting of implements of production,
which are embodiments of past labour, and his theory of modern
capitalism as representing nothing but a gradual abstraction by
a wholly unproductive class, of these implements from the men
who made them, and who alone contribute anything to their
present productive use.

His theory that wages could never rise, but must, under
capitalism, sink all over the world to the amount which would
just keep the labourers from starvation, when, driven by
necessity, they will rebel, and, repossessing themselves of
their own implements, will be rich forever afterwards by using
them for their own benefit.


CHAPTER III