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|1| Buch II.) Circulationsprozeß des Kapitals.
Verschiedner Umschlag des Kapitals. Sismondi. (p. 8, Beiheft C.) Storch (p. 56, 57. Beiheft G.)
*Die Abkürzung der Circulationszeit etc durch commerce vermindert den perte, kein produit réel (Quesnay. p. 29, Beiheft C.)*
Commercants nur moyens d'échange. (Le Trosne. p. 13, 14 Beiheft E.) (Mercier de la Rivière. p. 116, 117. Beiheft E.)
In der Circulation als Reproductionsprozeß giebt Einer dem Andren das circulirende Geld zurück. Die wahre Circulation (cercle) ist also „celui de la dépense, suivie de la reproduction, et de la reproduction suivie de la dépense; cercle qui est parcouru par la circulation de l'argent qui mesure la dépense et la reproduction“. (209. Quesnay. Beiheft C. p. 30, 31.)
Production Totale ou Reproduction. Baudeau. (p. 37 Beiheft C.)
Periodische Reparatur der avances primitives. (38, Baudeau, Beiheft C.) (entretien, réparations, rénovations successives kosten 1 Jahr ums andre 1/10 des Werths der avances primitives. l. c.)
Wichtigkeit der Durchschnittszahl. (Baudeau. p. 38, Beiheft C.) «Le commerce extérieur … ne dérange rien du tout à notre objet actuel. Par ce commerce, la nation échange seulement les denrées ou marchandises de son territoires pour d'autres denrées ou marchandises d'un autre territoire; c. à. d., que les productions nationales sortent de la masse générale des consommations que nous devons faire; et que les productions étrangères y entrent à leur place.» (856. Baudeau. Explic. du Tableau Économique.) |
|2| Geldcirculation im Reproductionsprozeß.
«C'est donc la classe productive (die fermiers) qu'il faut considérer comme première distributive de tout l'argent circulant, qui forme actuellement le pécule national.» (Baudeau. Expl. du T. Écon. p. 857) («C'est la circulation de l'argent ou du pécule national entre les trois classes de la société, qui doit être peinte dans le Tableau Écon.» l. c. p. 863.)
«La classe productive voit donc ce même argent lui rentrer par ses ventes, elle l'emploie de nouveau à continuer ses payements et ses achats, et ainsi de même jusqu'à ce que tout le revenu soit payé, et que les 3/5 de la reproduction qui doivent passer aux deux autres classes leur soient distribués. Alors le cercle de la révolution est achevé, et amène une nouvelle récolte qui fournit à une nouvelle circulation. C'est ainsi que la société se perpétue par ce cercle non interrompu de reproduction et de consommation.» (Le Trosne. p. 923, 924 Beiheft E. p. 9)
«C'est cette avance et cette rentrée continuelle des capitaux qui constituent ce qu'on doit appeler la circulation d'argent, cette circulation utile et féconde qui anime tous les travaux de la société, qui entretient le mouvement et la vie dans le corps politique et qu'on a grande raison de comparer à la circulation du sang dans le corps animal.» (Turgot. Réflexions etc. p. 45)
«Différence entre la circulation d'argent et celle des productions … l'argent circule et ne se consomme pas; il ne fait que changer de main pour faciliter les payments et les échanges … les productions se consomment … Mais … elles se renouvellent tous les ans par le bienfait de la nature; et elles ne se renouvellent qu'autant qu'elles sont consommées.» (Le Trosne. p. 924, 925)
Cyclus von good u. bad years. “the medium of 7 years, or rather of so many years as makes up the cycle within which Dearths and Plenties make their Revolution, doth give the ordinary Rent of the Land in Corn.” (24. Petty: A Treatise on Taxes and Contributions. Lond. 1667.)
Return of Capital. “All necessary means should be used, to make as large a consumption of all kinds of goods, as the nature of things is well capable of … this should also be done, for the sake of returning the capital employed in trade, as frequently as possible; since the quicker the returns are made, the cheaper will the goods come to the consumer; and the slower the returns are made, so much larger should the profits always be, that is, so much dearer ought the goods to be sold to the consumer.” (Vanderlint, p. 146) |
|3| Geldcirculation u. Revenuen. bei Cantillon.
«C'est une idée commune en Angleterre qu'un Fermier doit faire 3 rentes:
La rente principale et véritable qu'il paye au propriétaire, qu'on suppose égale en valeur au produit du tiers de sa ferme; ⦗ 1/3 du produit agricole.⦘
Une seconde rente pour son entretien et celui des hommes et des chevaux dont il se sert pour cultiver sa ferme; et 3) enfin une 3ème rente qui doit lui demeurer pour faire profiter son entreprise.» (Cantillon. p. 255.)
Prinzip der Circulation der Production u. Prinzip der Production der Agrikultur, deren Agens der fermier. (agricultural Capitalist): «toutes les denrées de l'état sortent, directement ou indirectement des mains des fermiers, aussi-bien que tous les matériaux dont on fait de la marchandise … C'est la terre qui produit toute chose … Il faut donc considérer les trois rentes du fermier comme les principales sources, ou, pour ainsi dire, le premier mobile de la circulation dans l'état.» (p. 256)
Le première rente doit être payée au propriétaire, en argent comptant: pour la seconde et 3ème il faut de l'argent comptant pour le fer, l'étaim le cuivre, le sel, le sucre, les draps, et généralement pour toutes les marchandises de la ville (also Productionsinstrumente eingerechnet) qui sont consommées à la campagne; = 1/6 des 3 rentes, du total. (256, 257) Grosser Theil von nourriture, vêtement u. logement … zahlt sich en troc in der campagne, ohne argent comptant. (257, 258) Geld für 1/3 des Products (= Rente der Propriétaires) u. für die marchandises de ville consommées à la campagne = about 1/6 des Product de la terre; zusammen = * 3/6, = 1/2 du produit.* (258) Dieß Geld circulirt nun «en ce que les propriétaires dépensent en détail, dans la ville, les rentes que les fermiers ont payé en gros articles, u. die entrepreneurs des villes, comme les bouchers etc ramassent peu-à-peu ce même argent, pour acheter des fermiers, en gros articles, les boeufs, le blé etc. Ainsi toutes les grosses sommes d'argent sont distribuées par petites sommes, et toutes les petites sommes sont ensuite ramassées pour faire des payements de gros-ses sommes aux fermiers, directement ou indirectement, et cet argent passe toujours en gage tant en gros qu'en détail.» (259)
Capital Fixe (Anlagekapital?) Capital Circulant (Betriebskapital?)
“Fixed capital … that portion of stock employed with a view to profit which yields such profit while it remains in the possession of the owner.
Circulating Capital that which does not yield such profit till it is parted with.” (237,8. Malthus: Defin. in Pol. Econ. Lond. 1827) |
|4| Das circulirende Geld = Circulationskost. “The money circulating in a country is a certain portion of the capital of the country, absolutely withdrawn from productive purposes, in order to facilitate or increase the productiveness of the remainder. A certain amount of wealth is, therefore, as necessary, in order to adopt gold as a circulating medium, as it is to make a machine, in order to facilitate any other production.” (Economist. vol. V, p. 520.)
Dormant Capital. Savings etc. Blake. Heft VII. (Gebundnes) p. 28. Stets grosser Theil des Kapitals eines Landes dormant. (J. St. Mill. Essays. p. 36 Kleinheft 2, 37 Heftseite a.) Ebenso unbeschäftigte Maschinerie, implements, buildings etc od. halbbeschäftigt. Eben so der stock in trade, den jeder dealer hält. Dieß a drawback der kapitalistischen Circulation. (37 l. c. a. b.) (Calling into activity a portion of the national capital, which, had it not been for the exchange, would, for some longer time, have remained unemployed. l. c. p. 37. b. Dieß gilt von Producenten u. dealers. p. 37, b. l. c.) (p. 38, a.) Brisk demand u. stagnation of trade. Die erstre, wenn Güter so schnell verkauft sind als sie producirt werden können, slackness im Gegentheil u. Stagnation, wenn Güter, die producirt sind, lange Zeit unverkauft bleiben. Im ersten Fall, das in der Production aufgehäufte Kapital sobald disengagirt als vollendet; u. kann unmittelbar in fernrer Production verwandt werden. Im leztren, liegt „a large portion of productive capital of the country intemporary inactivity.“ (l. c. p. 38 b.)
Metamorphose des Kapitals. Kerls verwechseln grossentheils die changes im Productionsprozeß mit den changes im Circulationsprozeß od. in der Circulationssphäre des Reproductionsprozesses.
“Transformations to which capital is subjected in the work of production. Capital, to become productive, must be consumed.” (p. 80. S. P. Newman. Elements of Pol. Econ. Andover u. New York. 1835) “ Economic Cycle … the whole course of production, from the time that outlays are made, till returns are received. In Agriculture, seedtime is its commencement, and harvesting its ending.” (81) Der Unterschied zwischen fixed u. circulating Kapital beruht darauf, that during every economic cycle, a part is partially, and another part totally consumed. (l. c.)
Wichtigkeit der Verwandlung in Geld. Abgeschmacktheit der ökon. Illustrationen. (Malthus. Großheft VII, p. 118) So lange das Kapital in der Form des Waarenkapitals existirt, bringt es bestimmt fast keinen Profit. (Mill. Essays on some Unsett. Quest. p. 36 Kleinheft 2 b.)
Commerce. “When manufacturers get together in bodies, they depend not directly upon consumers, but upon merchants.” (Steuart. vol. I, p. 153. Dublin edit.) (cf. the same: Groß Heft VII p. 26.) |
|5| “Productive Capital is that, which being in any manner united with industry, is in the process of augmentation.
Unproductive Capital is that, which not being united with industry, remains, at the end of the year, just the same as it was at the beginning.” (p. 35 F. Wayland. The Elements of Polit. Econ. Bost. 1843.)
Einfluß von Kapital fixe in verschiedner Umschlagszeit auf Werthbildung. H. XI. p. 536.
Circulating Capital, Fixed Capital. “The capital from which the owner derives profit only by exchanging its form or place, is circulating capital … Instruments etc fixed Capital. culating Capital Annual Produce, Fixed is not etc … Tendency in the nature of things to convert circulating into fixed capital etc.” (Wayland – Groß Heft VII, p. 78) „Der Unterschied zwischen fixem u. circulirendem Kapital ist mehr scheinbar als reell, z. B. Gold fixes Kapital, floating nur soweit es consumirt wird for gilding etc. Schiffe sind fixes Kapital, although literally floating. Foreign railway shares are articles of commerce in our markets; so may our railways be in the markets of the world; and so far they are floating capital, on a par with gold.“ (p. 4. A. Anderson: „The Recent commercial distress or the Panic analysed. Lond. 1847.“) Economist. Heft VI. p. 1. Sinking of Capital. Condy Raguet. Heft VII. p. 11. “Circulating Capital, in its normal idea, means any agent whatever used productively which perishes ⦗d. h. seine alte Form⦘ in the very act of being used … Fixed … dient die Sache wiederholt immer wieder zu denselben Operationen, u. by how much larger has been the range of these iterations, by so much the more intensely is the tool, engine, or machinery, entitled to the denomination of fixed.“ (Th. de Quincey. The Logic of Pol. Ec. Edinburgh, 1845. p. 114.) „Der Unterschied zwischen fixed u. circulating capital beruht darauf, that during every economic cycle, a part is partially, and another part totally consumed.“ (S. P. Newman, Elem. of Pol. Ec. Andower and Newyork. 1835. p. 81.)
Ein Theil des jährlichen Products bestimmt für die Reproduction. (Beccaria. Heft VII. p. 94.)
Ricardo. H. XI. p. 529‒ (Sieh speziell nach p. 530 unten) p. 542) Unterschied in der Reproductionszeit u. Unterschied von fixed u. circulating Capital (p. 539)
Dormant Capital.
Wirkung des Kapitals (productive) nicht fix. Einflüsse der Circulation darauf. (Bailey. Heft V, p. 26, 27) (28, 29)
Weder the whole capital of the country fully employed, noch is there immediate employment for successive accumulations of capital as it accrues from saving etc Blake. Heft IX. p. 68. „Dieß Kapital exists in a dormant state u. fähig ist of being called into increased activity by the application des geeigneten Stimulus, zweifelsohne. Bei der Entdeckung oder Oeffnung jeden neuen Markts sie glutted with Engl. goods, ohne any diminution in der supply des home market.“ (Blake. p. 70 Heft IX.) ||6| Ein Grund für die Confusion zwischen Variablem u. Circulirendem Kapital.
“Except in the time during which they remain unconsumed in the employer's hands, there is no real distinction between the 2 classes of capital (circulating and fixed) … The capital laid out by a manufacturer, farmer, or tradesman in the payment of his labourer's wages, circulatesmost rapidly, being turned, perhaps once a week, if his men are paid weekly, by the weekly receipts on his bill or sales. That invested in his materials and stock in hand circulates less quickly, being turned perhaps twice, perhaps four times in the year, according to the time consumed between his purchases of the one and sales of the other, supposing him to buy and sell on equal credits. The capital invested in his implements or machinery circulates still more slowly, being turned, that is, consumed and renewed, on the average, perhaps, but once in 5 or 10 years, though there are many tools worn out in one set of operations. The capital embarked in buildings, or wills, shops, warehouses, barns, in roads, irrigation etc, may appear scarcely to circulate at all. But, in truth, these things are, to the full, as much as those we have enumerated, consumed in contributing to production, and must be reproduced in order to enable the producer to continue his operations; with this only difference, that they are consumed and reproduced by slower degrees than the rest. The continual repairs they require attest their consumption and reproduction; and the capital invested in them may be turned perhaps every 20 or 50 years. If, then, the terms fixed and circulating capital, are to be retained, I would confine the latter to such portions of capital as are renewed or repurchased, or consumed or parted with within a year; that of fixed capital to such as remain more than a year with the person who employs them for profit.” (Scrope (sc. ed. Potter) New York 1841. p. 141, 42. VII Großheft, p. 109, 110.) cf. Heft IX. Scrope p. 62.
Umschlag. “In some trades the whole capital (d. i. value of thecapital od. capital value) embarked is turned or circulated several times within the year. In others a part is turned oftener then once a year, another part less often. It is the average period which his entire capital takes in passing through his hands, or making one revolution from which a capitalist must calculate his profits.” (p. 142 sq. Scrope. Großheft VII, p. 110. Die daselbst gegebnen Beispiele Scrope's zu benutzen, obgleich wir mit dem Profit Nichts zu thun haben.) |
|7| Die Schranke der Vermehrung des Auxiliary Capital (capital not advanced in the payment of wages) is “some invention by which it may be possible, through the use of such capital, that the productive powers of labour may be increased; and increased to such an extent, which will make it, in addition to the wealth before produced, reproduce the additional auxiliary capital used, as fast as it is destroyed, and also some profit on it … Such employment is only practicable if the means discovered increase the power of labour sufficiently to reproduce the additional capital in the time it wastes away. If this be not the case, the capitalist must lose his wealth.” (R. Jones: Textbook of Lectures on the Polit. Econ. of Nations. Hertford. 1852, p. 37–41) (passim)
Maaß des Umschlags: das Jahr.
“We might say, that wealth was the periodical produce of land and labour, as well as that it was the ‘annual’, which is Smith's word. A regular continual increase is the object, measured at any equal intervals you please. Were it not that the time for receiving the returns from land is, by the laws of nature, in most instances once a year: a year, or some multiple of a year, therefore, must be the period.” (“An Inquiry into those Principles etc” p. 2, 3.)
Vorrathbildung. “There will, indeed, where production and consumption are comparatively great, naturally be, at any given moment, a comparatively great surplus in the intermediate state, in the market, on its way from having been produced to the hands of the consumer; unless, indeed the quickness with which things are sold off should have increased so as to counteract what would have been the consequence of the increased production.” (An Inq. into those Princ. etc p. 6, 7)
Nimmt ab mit Umfang u. Geschwindigkeit der Production. Lalor. Großheft VII. p. 167. Vorrath. Circulationsreservoirs. (Heft XV, p. 872– 874.) |
|8| Capital als processirender u. mit sich identisch bleibender Werth im Circulationsprozeß.
“Value is a relation between contemporary commodities, because such only admit of being exchanged with each other; and if we compare the value of a commodity at one time with its value at another, it is only the comparison of a relation in which it stood at these different times to some other commodity.” (p. 72. S. Bailey: A Crit. Diss. on the Nature, Measure, and Causes of Value etc. Lond. 1825) Dieß sagt er gegen „comparing commodities at different periods“! Und der Umschlag des Capitals! H. XIII, p. 706.
Fixed Capital: settles the labouring population. Vgl. Asia, wo der labourer nicht durch Kapital, sondern durch Revenue paid. (R. Jones. Groß Heft VII p. 152.)
Reproduction u. Circulation. Es handelt sich nicht nur um Ersetzen von Product durch Product bei der Reproduction, sondern auch von Werth durch Werth. Es hängt davon [ab], ob der Kapitalist mit demselben functionirenden Kapitalwerth auf derselben od. grössren Stufenleiter, bei dem Ersatz seines Products durch dessen Productionselemente, fortproduciren kann. (H. X p. 469, 470) Ueberproduction. Zu viel gesellschaftliche Arbeitszeit auf Einen besondren Artikel verwandt. (Proportionalität.) (H. IX p. 379, 380.) Austausch consommabler Waaren gegeneinander, od. von Revenu gegen Revenu. (p. 380, 381) Lohnarbeiter Agent von Production für andre, daher relative Ueberproduction. Ebenso der industrielle Kapitalist, weil Production um der Production willen. Er ist also ebenfalls ein Agent der Ueberproduction. Dieser Ueberproduction auf der einen Seite muß die Ueberconsumtion auf der andren, der Production um der Production wegen die Consumtion der Consumtion wegen entgegentreten etc. l. c. p. 407, 408. H. XIII p. 705 sqq. Ricardo. Say. Plethora of Capital u. Ueberproduction. (p. 705–709.) Apologetik. Festhalten der Einheit gegen den Unterschied. (p. 709–724.) Ueberproduction von Kapital. (725, 726.) (770) Widerspruch zwischen dem bornirten Charakter der kapitalistischen Production u. ihrer Tendenz zur Production quand même. H. XIV. (p. 790) Mill's Decken der Nachfrage u. Zufuhr. (l. c. p. 800, 802) Krisen. (H. XIV, 771a, 861a.) |
|9| Werthcirculation (Ersatz).
A. Smith sagt: “The value of the goods circulated between the different dealers with one another never can exceed the value of those circulated between the dealers and the consumers, whatever is bought by the dealers (worunter er auch alle industriellen Kapitalisten, etc versteht) being ultimately destined to be sold to the consumers.” Tooke acceptirt dieß. “All the transactions between dealers and dealers, by which are to be understood all sales from the producer or importer, through all the stages of intermediate processes of manufacture or otherwise to the retail dealer or the exporting merchant, are resolvable into movements or transfers of capital … And there is the further important consideration, that the total amount of the transactions between dealers and dealers must, in the last resort, be determined and limited by the amount of those between dealers and consumers.” (Th. Tooke: “An Inquiry into the Currency Principle.” Lond. 1844. p. 35, 36)
Money Capital. “Of the aggregate stock of money (gold, notes, and transferable bank credit), a portion is always in the hands of those who intend to use it as income, another portion with those who use it as capital. In the latter case it is money capital.” (p. 7, 8. John Lalor. Money and Morals. Lond. 1852)
Out- u. Ingoings verschiedner Capitale. “The outgoing capital in one department always presenting itself as return in one or more others.” (J. Lalor. p. 48.) |
|10| Economic Cycle.
“The world of trade may be conceived to revolve in what we shall call an economic cycle, which accomplishes one revolution by business coming round again, through its successive transactions, to the point from which it set out. Its commencement may be dated from the point at which the capitalist has obtained those returns, by which his capital is returned to him: whence he proceeds anew to engage his workmen; to distribute among them, in wages, their maintenance, or rather, the power of lifting it, to obtain from them in finished work, the articles in which he specially deals; to bring these articles to market, and there terminate the orbit of one set of movements, by effecting a sale, and receiving, in its proceeds, a return from the whole outlays of the capital.” (p. 85.) (Th. Chalmers. (Prof. of Divinity.) On Pol. Econ. 2nd ed. Lond. 1832.) “If in excess, then it (the capital) overproduces u. durch das Medium folgender low prices, the excess is lopped off in one revolution of the economic cycle. If in defect, then it underproduces, u. durch das Medium der folgenden hohen Preisse the deficiency is repaired in one revolution of the economic cycle. So, von Jahr zu Jahr, the capital may oscillate on each side of the returning power … The capital, ever adjusting itself to the likely returns, is just the supply ever adjusting itself to the effective demand. Sei dieser demand nur für immediate labor, od. das product of antecedent labour, sie wird, according to its relative magnitude, act at one time as a check, and at another, as an encouragement, on population, or on capital, or on both.” (Th. Chalmers. p. 114.)
“Economic cycle … expresses the whole course of production, from the time that outlays are made, till returns are received. In agriculture, seedtime is its commencement, and harvesting its ending.” (p. 81. Samuel P. Newman. Elements of Polit. Economy. Newyork. 1835.)
Die Circulation G–W–G′. “The real metallic money for which a merchant has any use, does not amount to more than a small fraction of his capital, even of his monied capital; all of which, though estimated in money, can be made, on the strength of written contracts, to describe its orbit, and be effective for all its purposes with the aid of coin … amounting to an insignificant fraction of the whole. The great object of the monied capitalist, in fact, is to add to the nominal amount of his fortune. It is that, if expressed pecuniarily this year by 20,000 £ z. B., it should be expressed pecuniarily next year by 24,000 £. To advance his capital, as estimated in money, is the only way in which he can advance his interest as a merchant. Die importance dieses objects wird nicht für ihn afficirt durch fluctuations in the currency or by a change in the real value of money. Z. B. in einem Jahr komme er von 20 auf 24,000 l., durch einen Fall im Werth des Geldes mag er nicht have increased his command über die comforts etc. Dennoch eben so sehr sein Interesse als wenn das Geld nicht gefallen wäre; denn sonst, his monied fortune would have remained stationary u. sein real wealth would have declined in the proportion of 24 to 20 … commodities also nicht das terminating object of the trading capitalist, ausser im Verausgaben seiner Revenue in Ausgaben für die sake of consumption. In the outlay of his capital, and when he purchases for the sake of production, money is his terminating object.” (Chalmers. p. 164-66.) |
|11| Capital u. Revenu.
Storch gegen Say «Il est clair que la valeur du produit annuel se distribue partie en capitaux et partie en profits, et que chacune de ces portions de la valeur du produit annuel va régulièrement acheter les produits dont la nation a besoin, tant pour entretenir son capital que pour renouveler son fonds consommable.» (p. 134, 135. Storch t. V. Considérations sur la nature du revenu national. Paris 1824.) „Man frage sich, ob die Revenu einer Familie qui suffit par son propre travail à tous ses besoins, wovon viele Beispiele in Rußland – ob die Revenu einer solchen Familie = ist dem produit brut résultant de ses terres, de son capital et de son industrie? Peut-elle habiter ses granges ou ses étables, manger ses semailles et fourrages, s'habiller de ses bestiaux de labour, se divertir de ses instruments aratoires? D'après la thèse de M. Say il faudrait affirmer toutes ces questions.“ (p. 135, 136.) „Say betrachtet das produit brut als die Revenu der Gesellschaft, schließt daher, daß die Gesellschaft consummiren kann einen Werth = diesem Product.“ (p. 145.) «Le revenu (net) d'une nation n'est pas l'excédant des valeurs produites sur la totalité des valeurs consommées, wie Say es vorstellt, sondern nur sur les valeurs consommées pour produire. Also si une nation consomme dans une année tout cet excédant, elle consomme tout son revenue (net).» p. 146. «Si l'on admet que le revenu d'une nation est égale à son produit brut, c. à. d. qu'il n'y a point de capital à en déduire, il faut aussi admettre qu'elle peut dépenser improductivement la valeur entière de son produit annuel sans faire le moindre tort à son revenu futur.» p. 147. «Les produits qui constituent le capital d'une nation ne sont point consommables.» (p. 150) |
|12| Accumulation.
“Accumulations unimportant compared with Productive Power.” (W. Thompson: An Inquiry into the Principles of the Distribution of Wealth. Lond. 1824. p. 588 sqq.) „Mit den accumulirten Massen, besonders wenn in den Händen weniger gehalten, wird das gewöhnliche Auge stets geschlagen. Die jährlich producirten u. consummirten Massen gleich den ewigen u. unberechenbaren Wellen eines mächtigen Stroms, rollen fort u. verlieren sich im vergeßnen Ocean der Consumtion.“ (p. 589)
Factitious Accumulation. „Von dem, was accumulirter Reichthum genannt wird, ist bei weitem der grössre Theil nur nominell, bestehend nicht aus irgend wie realen Dingen, Schiffen, Häusern, cottons, improvements on land, sondern aus mere demands auf die künftigen jährlichen Productivkräfte der Gesellschaft, erzeugt u. verewigt durch expedients od. institutions of insecurity.“ (p. 598.)
Fortdauer von Productionsprozessen innerhalb des Circulationsprozesses. H. XV p. 957 Circulations- u. Consumtionskosten. l. c. p. 958, 959. Investment of capital in transporting, dividing, and warehousing. p. 959, 960. |
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