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The Economic and Philosophical Manuscripts phần 2

được trù định để duy trì nó, phát triển mỗi ngày lớn hơn và lớn hơn. Người lao động dễ dàng tìm được việc làm, nhưng các chủ sở hữu của thủ đô cảm thấy khó khăn để có được người lao động để sử dụng. Cạnh tranh của họ làm tăng tiền lương của lao động và chìm lợi nhuận của chứng khoán "[Smith p. 316] | which are destined for maintaining it grows every day greater and greater. Laborers easily find employment but the owners of capitals find it difficult to get laborers to employ. Their competition raises the wages of labor and sinks the profits of stock. Smith p. 316 The small capitalist therefore has two choices he can either consume his capital since he can no longer live on the interest -- i.e. cease to be a capitalist or he can himself set up a business sell his goods at a lower price and buy them at a dearer price than the richer capitalist and pay higher wages which means that he would go bankrupt -- since the market price is already very low as a result of the intense competition we presupposed. If on the other hand the big capitalist wants to squeeze out the smaller one he has all the same advantages over him as the capitalist has over the worker. He is compensated for the smaller profits by the larger size of his capital and he can even put up with short-term losses until the smaller capitalist is ruined and he is freed of this competition. In this way he accumulates the profits of the small capitalist. Furthermore the big capitalist always buys more cheaply than the small capitalist because he buys in larger quantities. He can therefore afford to sell at a lower price. But if a fall in the rate of interest turns the middle capitalists from rentiers into businessmen conversely the increase in business capitals and the resulting lower rate of profit produce a fall in the rate of interest. But when the profits which can be made by use of a capital are diminished. the price which can be paid for the use of it. must necessarily be diminished with them. Smith p. 316 As riches improvement and population have increased interest has declined and consequently the profits of stock .after these are diminished stock may not only continue to increase but to increase much faster than before.A great stock though with small profits generally increases faster than a small