list2-第23章
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appearance of the American people； are hence partly explained。
Chapter 19
The Manufacturing Power and the Instrumental Powers （Material
Capital） Of the Nation
The nation derives its productive power from the mental and
physical powers of the individuals； from their social； municipal；
and political conditions and institutions； from the natural
resources placed at its disposal； or from the instruments it
possesses as the material products of former mental and bodily
exertions （material； agricultural； manufacturing； and commercial
capital）。 In the last two chapters we have dealt with the influence
of manufactures on the three first…named sources of the national
productive powers； the present and the following chapter are
devoted to the demonstration of its influence on the one last
named。
That which we understand by the term 'instrumental powers' is
called 'capital' by the school。 It matters but little by what word
an object is signified； but it matters very much （especially with
regard to scientific investigations） that the word selected should
always indicate one and the same object； and never more or less。 As
often； therefore； as different branches of a matter are discussed；
the necessity for a distinction arises。 The school now understands
by the term 'capital' not merely the material； but also all mental
and social means of and aids to production。 It clearly ought；
therefore； to specify wherever it speaks of capital； whether the
material capital； the material instruments of production； or the
mental capital； the moral and physical powers which are inherent in
individuals； or which individuals derive from social； municipal；
and political conditions； are meant。 The omission of this
distinction； where it ought to be drawn； must necessarily lead to
false reasoning； or else serve to conceal false reasoning。
Meanwhile； however； as it is not so much our business to found a
new nomenclature as to expose the errors committed under the cover
of an inexact and inadequate nomenclature； we will adopt the term
'capital；' but distinguish between mental and material capital；
between material； agricultural； manufacturing； and commercial
capital； between private and national capital。
Adam Smith （by means of the common expression； capital） urges
the following argument against the protective commercial policy
which is adopted to the present day by all his followers： 'A
country can indeed by means of such （protective） regulations
produce a special description of manufactures sooner than without
them； and this special kind of manufactures will be able to yield
after some time as cheap or still cheaper productions than the
foreign country。 But although in this manner we can succeed in
directing national industry sooner into those channels into which
it would later have flowed of its own accord； it does not in the
least follow that the total amount of industry or of the incomes of
the community can be increased by means of such measures。 The
industry of the community can only be augmented in proportion as
its capital increases； and the capital of the community can only
increase in accordance with the savings which it gradually makes
from its income。 Now； the immediate effect of these measures is to
decrease the income of the community。 But it is certain that that
which decreases that income cannot increase the capital more
quickly than it would have been increased by itself； if it； as well
as industry； had been left free。'（1*）
As a proof of this argument； the founder of the school adduces
the well…known example； refuted by us in the previous chapter； how
foolish it would be to plant the vine in Scotland。
In the same chapter he states； the annual income of the
community is nothing else but the value in exchange of those
objects which the national industry produces annually。
In the above…named argument lies the chief proof of the school
against the protective commercial policy。 It admits that by
measures of protection manufactories can be established and enabled
to produce manufactured goods as cheap or even cheaper than they
can be obtained from abroad； but it maintains that the immediate
effect of these measures is to decrease the income of the community
（the value in exchange of those things which the national industry
produces annually）。 It thereby weakens its power of acquiring
capital； for capital is formed by the savings which the nation
makes out of its annual income； the total of the capital； however；
determines the total of the national industry； and the latter can
only increase in proportion to the former。 It therefore weakens its
industry by means of those measures by producing an industry
which； in the nature of things； if they had been left to their own
free course would have originated of its own accord。
It is firstly to be remarked in opposition to this reasoning；
that Adam Smith has merely taken the word capital in that sense in
which it is necessarily taken by rentiers or merchants in their
book…keeping and their balance…sheets； namely； as the grand total
of their values of exchange in contradistinction to the income
accruing therefrom。
He has forgotten that he himself includes （in his definition of
capital） the mental and bodily abilities of the producers under
this term。
He wrongly maintains that the revenues of the nation are
dependent only on the sum of its material capital。 His own work； on
the contrary contains a thousand proofs that these revenues are
chiefly conditional on the sum of its mental and bodily powers； and
on the degree to which they are perfected； in social and political
respects （especially by means of more perfect division of labour
and confederation of the national productive powers）； and that
although measures of protection require sacrifices of material
goods for a time； these sacrifices are made good a hundred…fold in
powers； in the ability to acquire values of exchange； and are
consequently merely reproductive outlay by the nation。
He has forgotten that the ability of the whole nation to
increase the sum of its material capital consists mainly in the
possibility of converting unused natural powers into material
capital； into valuable and income…producing instruments； and that
in the case of the merely agricultural nation a mass of natural
powers lies idle or dead which can bequickened into activity only
by manufactures。 He has not considered the influence of
manufactures on the internal and external commerce； on the
civilisation and power of the nation； and on the maintenance of its
independence； as well as on the capability arising from these of
gaining material wealth。
He has e。g。 not taken into consideration what a mass of capital
the English have obtained by means of colonisation （Martin
estimates the amount of this at more than two and a half milliards
of pounds sterling）。
He； who nevertheless elsewhere proves so clearly that the
capital employed in intermediate commerce is not to be regarded as
belonging to any given nation； so long as it is not equally
embodied in that nation's land； has here not duly considered that
the nationalisation of such capital is most effectually realised by
favouring the nation's inland manufactures。
He has not taken into account； that by the policy of favouring
native manufacture a mass of foreign capital； mental as well as
material； is attracted into the country。
He falsely maintains that these manufactures have originated in
the natural course of things and of their own accord；
notwithstanding that in every nation the political power interferes
to give to this so…called natural course an artificial direction
for the nation's own special advantage。
He has illustrated his argument； founded on an ambiguous
expression and consequently fundamentally wrong； by a fundamentally
wrong example； in seeking to prove that because it would be foolish
to produce wine in Scotland by artificial methods； therefore it
would be foolish to establish manufactures by artificial methods。
He reduces the process of the formation of capital in the
nation to the operation of a private rentier； whose income is
determined by the value of his material capital； and who can only
increase his income by savings which he again turns into capital。
He does not consider that this theory of savings； which in the
merchant's office is quite correct； if followed by a whole nation
must lead to poverty； barbarism； powerlessness； and decay of
national progress。 Where everyone saves and economises as much as
he possibly can； no motive can exist for production。 Where everyone
merely takes thought for the accumulation of values of exchange；
the mental power required for production vanishes。 A nation
consisting of such insane misers would give up the defence of the
nation from fear of the expenses of war； and would only learn the
truth after all its property had been sacrificed to foreign
extortion； that the wealth of nations is to be attained in a manner
different to that of the private rentier。
The private rentier himself； as the father of a family； must
follow a totally different theory to the shopkeeper theory of the
material values of exchange which is here set up。 He must at least
expend on the education of his heirs as much value of exchange as
will enable them to administer the property which is some day to
fall to their lot。
The building up of the material national capital takes place in
quite another manner than by mere saving as in the case of the
rentier； namely； in the same manner as the building up of the
productive powers； chiefly by means of the reciprocal action
between the mental and material national capital； and between the
agricultural； manufacturing； and commercial capital。
The augmentation of the national material capital is dependent
on the augmentation of the national mental capital； and vice vers狻�
The formation of the material agricultural capital is dependent
on the formation of the material manufacturing capital； and vice
vers狻�
The material commercial capital acts everywhere as an
intermediary； helping and compensating between both。
In the un
