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Updated: June 26, 2025
Now, the reader must observe that, in indicating the nature of the function in question namely, that of providing a means by which the process of direction may be accomplished and in showing how under the existing system wage-capital is what actually performs it, I never for a moment implied that wage-capital was the only means by which the same result might be accomplished.
Further, if the invention in question turns out to be successful here is another point which has already been explained and emphasised the wage-capital which has been consumed by the labourers is replaced by some productive implement, which is more than the equivalent of the labour force spent in constructing it.
I showed, as I have shown here, that, the amount of labour being given, the quantity and quality of wealth that will result from its exercise depend on the ability with which by means of wage-capital this labour is directed.
The machine is new, and it is an addition to the wealth-producing powers of the world, not because it embodies so much labour, but because it embodies so much labour directed in a new way; and it is only by means of the conditions which the possession of wage-capital enables the inventor or his partners to impose upon every one of the labourers that the machine, as a practical implement, comes into existence at all.
Modern capital, then, I repeat, is primarily wage-capital, such capital as modern machinery being the direct result of its application; and wage-capital is productive, not in virtue of any quality inherent in itself, but merely because as a fact, under the modern system, it constitutes the reins by which the exceptional ability of a few guides the labour, skilled or unskilled, of the many.
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