American Political Economy

American Political Economy

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1870 edition. Excerpt: ...railroads, and all other income-yielding works and improvements; but includes these or any other goods so far only as they are actually put into the market at ordinary rates, and not reserved for the owner's private use, occupation, 'or enjoyment, or for sale at some future day. It is the accumulated, surplus product of the national industry which remains after each producer or owner has taken out of his share of it what he needs for his own maintenance and consumption, and what he holds over for future use or sale. It exists in myriad forms, so as to satisfy all tastes and provide for all wants and emergencies; and the greater part of it is in constant use as a means of helping industry and thereby increasing thef annual product. It is the great national "stock in trade," perpetually changing ownership as well as form, and perpetually offered for sale, loan, and payment. The incessant transfer of portions of it from one person to another, --portions always definite in respect to the amount of value transferred, but usually left wholly indeterminate in respect to the particular articles in which that value is embodied, --is the operation in which all debt originates, and through which that debt is finally paid. Indeed, most of the Floating Capital of every country is constantly subject to indebtedness, because the nominal owners of the larger portion of it are not its real owners, but have borrowed from others the whole or a part of its value. Moreover, since the merchandise often changes hands more frequently than the debts mature which are created at each transfer, the aggregate of debt often largely exceeds the amount of property which is its source and representative. Thus, a merchant, A, may sell 100 bales of cotton to B more

Product details

  • Paperback | 194 pages
  • 189 x 246 x 10mm | 354g
  • United States
  • English
  • black & white illustrations
  • 123697641X
  • 9781236976413