,! ,ECONOMICS ( ,LIB]TY 

#aiaf 

,PEOPLE 3 

,AU?OR 3 ,JOHN ,BEV]LEY ,ROB9SON 

,TEXT 3 

,?IS BOOK IS 9T5D$ TO BE A BRIEF & CLE> /ATEM5T ( ! SY/EM ( SOCIAL ORGANIZATION FIR/ 5UNCIAT$ BY ! ILLU/RI\S ,PR\DHON A C5TURY AGO4 

,HIS WORKS1 AL?\< ( UNP>ALLEL$ BRILLIANCE1 >E SO VOLUM9\S ?AT IT IS (T5 DIFFICULT TO EXTRACT HIS MEAN+ FROM ! MASS ( CONTROV]SY ?AT 5VELOPES ! FUNDAM5TAL ?\<TS4 

,IF ANY >E P]SUAD$ BY !SE PAGES ( ! EFFICACY ( LIB]TY TO ACCOMPLI% SOCIAL ORD]1 JU/ICE & PROSP]ITY1 IT WILL SUFFICI5TLY GRATIFY 

,! ,AU?OR4 

,S,O,C,I,E,T,Y 

,:,A,T IS ,SOCIETY8 

,EV]YBODY N[ADAYS IS TALK+ OR WRIT+ AB\T ,SOCIETY -- SOCIETY 9 ! AB/RACT -- G5]AL HUMAN SOCIETY4 ,SOCIAL S]VICE1 ! SOCIAL UPLIFT -- ALL ! PHRASES1 HALF DISCR$IT$ 9 ADVANCE BY ! FLU5CY ) :I* !Y DROP FROM \R LIPS -- :AT DO !SE REALLY MEAN8 

,WISE PR(ESSORS ( SOCIOLOGY TREAT ( 0! H\S+ ( ! POOR10 0! PROBLEM ( ! UNEMPLOY$10 DEVISE FUTILE =MULAS1 & PILE UP M\NTA9S ( B>R5 /ATI/ICS1 :ILE NO ONE 9 REC5T TIMES HAS UTT]$ EV5 AN \TL9E ( A !ORY AS TO ! ESS5TIAL CON/ITUTION ( ?AT ,SOCIETY ( :I* ,SOCIOLOGY1 BY ITS V]Y NAME1 PROCLAIMS ITSELF ! SCI5CE4 

,WE HABITUALLY REG>D ! HEADLESS1 =MLESS *AOS ( ABSURDITIES 9 HUMAN RELATIONS1 9 ! MID/ ( :I* WE LIVE1 AS ,SOCIETY1 BUT WE >E )\T AN 9TELLECTUAL NORM TO GUIDE US3 WE HAVE EVOLV$ AS YET NO CONCEPT ) :I* TO RATIONALIZE ! OBS]V$ FACTS4 

,OR1 IF SU* A NORM HAS BE5 PROCLAIM$ 9 ! PA/1 IT HAS NOT BE5 %\T$ 9 ! E>S ( ! PEOPLE SO ?AT !Y MU/ HE> IT4 ,IT HAS FALL5 \T ( SI<T & HE>+1 & MU/ BE REPROCLAIM$ 9 WORDS 9TELLIGIBLE & UNMI/AKABLE1 UNTIL IT GA9S ACCEPTANCE4 

,=1 )\T SU* A NORM1 ALL \R PA9/AK+ RESE>*ES 9TO FACTS >E FRUITLESS2 AS W]E ! RESE>*ES ( AL*EMY BE=E *EMI/RY ) ITS SCALES & ATOMIC !ORIES RATIONALIZ$ IT4 ,SOME G5]ALIZ$ CONCEPTION1 AT ! LEA/ SOME WORK+ HYPO!SIS1 IS ESS5TIAL1 BE=E ! DRY /ATI/ICS1 ?AT WE SO LABORI\SLY GA!R1 CAN HAVE ANY MEAN+ OR LEAD TO ANY CONCLUSION4 

,LET US TRY TO CL>IFY \R ?\<TS1 & TO BUILD UP SOME CLE>1 CRY/ALL9E CONCEPTION4 

,9 ! FIR/ PLACE1 :AT DO WE MEAN BY A SOCIETY 9 ! LITTLE8 ,SOCIETIES AB\ND TODAY -- SOCIETIES = ! PROPAGATION ( ?IS & ! PROHIBITION ( ?AT -- ALL SORTS ( SOCIETIES1 & = ALL SORTS ( PURPOSES4 ,:AT !N IS A SOCIETY8 

,A SOCIETY IS EVID5TLY A COMB9ATION ( TWO OR MORE P]SONS 9 ORD] TO UNITE !IR EF=TS T[>D A*IEV+ A COMMON 5D3 EVID5TLY ALSO SU* A COMB9ATION MU/ BE 5TIRELY VOLUNT>Y ON ! P>T ( ?OSE :O COMB9E4 

,IT IS POSSIBLE TO SECURE COMB9$ EF=T )\T ! ASS5T ( !M :OSE EF=TS >E COMB9$4 ,:5 A :ITE MAN1 >M$ ) A REPEAT+ RIFLE1 COMPELS A B& ( UN>M$ SAVAGES TO OBTA9 IVORY = HIM1 HE COMB9ES !IR EF=TS 9DE$1 BUT WE CALL SU* A COMB9ATION SLAV]Y1 NOT ASSOCIATION4 

,= EV]Y ASSOCIATION IT IS ESS5TIAL ?AT ! EF=TS ( ! ASSOCIAT$ %\LD BE EX]T$ VOLUNT>ILY2 & SU* A VOLUNT>Y ASSOCIATION IT IS ?AT CON/ITUTES A SOCIETY4 

,IF TWO M5 ASK A ?IRD TO %[ !M ! WAY1 & HE WILL+LY ACCOMPANIES !M1 !Y >E ASSOCIAT$3 IF1 BE+ TWO TO ONE1 !Y USE !IR SUP]IOR =CE TO DRAG HIM ALONG1 ASSOCIATION CEASES1 & WE HAVE TYRANNY OR AU?ORITY ON ! P>T ( ! TWO1 & SUBJUGATION OR SLAV]Y ON ! P>T ( ! RECALCITRANT4 ,= ANY SOCIETY TO DES]VE ! NAME1 TWO CONDITIONS MU/ PREVAIL3 

#a4 ,A COMMON 5D TO BE A*IEV$ OR A COMMON DESIRE TO BE GRATIFI$4 

#b4 ,VOLUNT>Y UNION ( EF=T ON ! P>T ( ! ASSOCIAT$4 

,SO ?AT ,SOCIETY 9 G5]AL ( ! PEOPLE ( A CITY1 OR ( A C\NTRY1 OR ( ! WORLD1 9 ORD] TO BE PROP]LY CALL$ A SOCIETY1 MU/ DISPLAY !SE TWO *>ACT]I/ICS4 ,IF WE F9D ?AT IT DOES NOT COMPLY ) !SE CONDITIONS1 WE MU/ CALL IT BY SOME O!R NAME ?AN ,SOCIETY4 

,IF WE F9D ?AT IT RECOGNIZES !SE CONDITIONS 9 P>T1 BUT NOT COMPLETELY1 WE CAN ONLY SAY ?AT IT IS AN 9COMPLETE OR UNDEVELOP$ SOCIETY4 ,SU* UNDEVELOP$ SOCIETIES >E ! V>I\S =MS ( COMB9ATION ?AT WE F9D ?R\<\T ! WORLD TODAY UND] ! NAME ( GOV]NM5TS4 

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,A VOLUNT>Y AGREEM5T IS CALL$ A CONTRACT4 ,IT IS ESS5TIAL TO ! VALIDITY ( A CONTRACT ?AT IT %\LD BE VOLUNT>Y1 ?AT IT %\LD EXPRESS ! TRUE DESIRES ( ! P>TIES AT ! TIME ( MAK+ ! CONTRACT1 & ?AT NEI!R P>TY %\LD HAVE BE5 UND] RE/RA9T OR COMPULSION -- ?AT !RE %\LD HAVE BE5 :AT ! LAWY]S CALL 0A MEET+ ( ! M9DS0 ( ! P>TIES4 

,SO MU* SO1 ?AT A CONTRACT IS AT ONCE ABROGAT$1 IF IT CAN BE %[N ?AT SU* MEET+ ( M9DS DID NOT REALLY OCCUR4 

,9 ALMO/ ALL PRIVATE RELATIONS !SE VOLUNT>Y AGREEM5TS OR CONTRACTS >E RECOGNIZ$ BY MOD]N GOV]NM5TS4 ,! :OLE /RUCTURE ( MOD]N COMM]CE IS BUILT UPON !M2 & ?R\< !M ! V>I\S DO+S ( \R DAILY LIVES >E CONDUCT$4 ,YET 9 V]Y MANY PRIVATE RELATIONS & 9 ALL PUBLIC RELATIONS VOLUNT>Y CONTRACTS >E NOT ADMITT$1 & WE >E COMPELL$ TO ACT AS AN EMP]OR OR K+ OR CONGRESS DICTATES4 ,JU/ AS F> AS WE >E COMPELL$ TO YIELD TO AU?ORITY1 JU/ SO F> WE >E 9COMPLETELY ASSOCIAT$4 

,9 ! PA/1 ! PROV9CE ( AU?ORITY HAS BE5 F> WID] ?AN IT IS TODAY1 & ! REALM ( CONTRACT CORRESPOND+LY N>R[$4 ,! TIME WAS :5 ALMO/ ALL ! ACTS ( ! 9DIVIDUAL W]E REGULAT$ BY HIS /ATUS 9 ! COMMUNITY )\T REG>D TO HIS WI%ES4 ,! F>!R BACK WE GO 9 HI/ORY1 ! MORE COMPLETE DOM9ATION BY AU?ORITY DO WE F9D4 ,! ,EGYPTIAN ( ANCI5T TIMES1 :E!R PEASANT OR NOBLE1 WAS ! ABSOLUTE PROP]TY ( ! MON>*1 HIS DUTIES & RESPONSIBILITIES DEF9$ BY HIS /ATUS1 & LITTLE OR NOT AT ALL BY CONTRACT4 ,! CLASSICAL REPUBLICS1 :ILE GRANT+ SOME LIB]TY TO ! CITIZ51 W]E BAS$ ON SLAV]Y4 ,! S]F ( ! ,MIDDLE ,AGES WAS A P>T ( ! PLANT3 HE BELONG$ TO HIS F>M1 AS MU* AS ! B>NS & PL[S & HORSES1 & WAS B\<T & SOLD ) IT4 

,! ABSOLUTISM ( K+S PREVAIL$ D[N TO ! ,AM]ICAN ,REVOLUTION1 & /ILL PREVAILS 9 ,RUSSIA & ,G]MANY4 ,CON/ITUTIONAL GOV]NM5T HAS TRIUMPH$ 9 ! RE/ ( ,EUROPE1 9 ! ,UNIT$ ,/ATES & 9 MO/ ( ! C\NTRIES ( ,S\? ,AM]ICA ONLY )9 A LITTLE MORE ?AN A C5TURY4 

,BUT EV5 CON/ITUTIONAL GOV]NM5T IS /ILL ! RULE ( AU?ORITY1 AS CLE>LY AS ! RULE ( AN AUTOCRAT1 AL?\< NOT TO SO GREAT A DEGREE4 ,9 A REPUBLIC1 & /ILL MORE 9 A DEMOCRACY1 AT LEA/ A MAJORITY ( ! PEOPLE IS SUPPOS$ TO ACQUIESCE 9 ! MEASURES ( ! GOV]NM5T2 :ILE AN AUTOCRAT MAY ISSUE ORD]S AGA9/ ! DESIRES ( EV]YBODY ELSE3 HE IS HELD 9 *ECK ONLY BY FE> ( PROVOK+ A REVOLT4 

,BUT :ILE ! MAJORITY 9 A DEMOCRACY MAY VOLUNT>ILY UNITE !IR ACTION1 ! M9ORITY DOES NOT JO9 ) !M VOLUNT>ILY2 IT IS VIRTUALLY COMPELL$ TO ACQUIESCE1 H[EV] MU* AGA9/ ITS WI%ES4 ,SU* ASSOCIATION AS WE HAVE1 EV5 AT ITS HI<E/1 IS /ILL ! RULE ( =CE OR AU?ORITY1 AS IT HAS BE5 S9CE ! E>LIE/ AGES4 

,BY ! DEF9ITION !N ( ,SOCIETY ?AT WE AT FIR/ LAID D[N1 ?AT A P]FECT SOCIETY MU/ BE A VOLUNT>Y AGREEM5T ON ! P>T ( ALL ! ASSOCIAT$1 A COMPLETELY SOCIAL CONDITION HAS NOT YET BE5 ATTA9$3 WE >E /ILL ONLY P>TLY SOCIALIZ$4 

,IT IS NOT SUFFICI5T ?AT WE SECURE 0! GREATE/ GOOD ( ! GREATE/ NUMB]40 ,NO MATT] H[ GREAT A NUMB] ( PEOPLE MAY AGREE TO UNITE = A COMMON 5D2 NO MATT] H[ SMALL A NUMB] MAY DISS5T2 IF ! M9ORITY IS CO]C$ BY ! MAJORITY 9TO ACQUIESC5CE1 ! CONDITION IS NOT SOCIAL BUT ANTISOCIAL4 ,IT IS ONLY :5 EA* 9DIVIDUAL IS FREE TO )HOLD ACQUIESC5CE1 ?AT A COMPLETELY SOCIAL CONDITION IS ATTA9$4 

,SOCIETY1 9 ITS FULL MEAN+1 HAS NOT YET BE5 REA*$4 ,WE >E BUT APPROA*+ ! TIME :5 IT WILL BE E/ABLI%$4 ,ALMO/ ALL ! !ORIES & G5]ALIZATIONS ?AT HAVE BE5 LABORI\SLY WORK$ \T BY ! ECONOMI/S 9 RELATION TO \R PRES5T 9COMPLETE SOCIETY1 HAVE NO APPLICATION TO A P]FECT =M ( ASSOCIATION4 

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,AS = ! COMMON 5D 9 VIEW1 IT HAS ALWAYS BE51 9 ! AU?ORITATIVE SOCIETIES ( ! PA/ & PRES5T1 9 ONE WORD -- W>4 ,MAN1 AL?\< A GREG>I\S ANIMAL1 & AMICABLE T[>D ! MEMB]S ( HIS IMM$IATE CLAN1 IS A PR$ATORY ANIMAL T[>D O!R CLANS1 DO+ HIS FI<T+ 9 PACKS1 & ! MILIT>Y SOCIETIES ( ! PA/ W]E ORGANIZ$ QUITE AS MU* = CONQUE/ AS = DEF5SE4 ,UP TO ! SIXTE5? C5TURY1 CONQUE/ WAS REG>D$ AS ! PROP] OCCUPATION ( PR9CES1 AS NOT$ BY ! A/UTE ,MA*IAVELLI4 ,:E!R CONQU]+ OR CONQU]$1 M5 5JOY$1 & /ILL 5JOY1 ! EXCITEM5T ( FI<T+4 

,BUT A TIME CAME :5 W> CEAS$ TO BE ! *IEF OCCUPATION ( LIFE4 ,COMM]CE & 9DU/RY GREW4 ,A TA/E = ! GOOD ?+S ( LIFE DEVELOP$4 ,TYRANNY MAY BE ! ONLY PRACTICABLE =M ( ORGANIZATION = W>1 BUT COMM]CE & 9DU/RY REQUIRE PEACE & FRE$OM4 ,SO IT HAS GONE ON D[N TO \R DAY3 COMM]CE & 9DU/RY DAILY 9CREAS+1 UNTIL !Y HAVE BECOME ! LEAD+ ACTIVITY ( LIFE2 W> PU%$ 9TO ! BACKGR\ND1 AS AN OCCASIONAL DIV]SION ONLY 9/EAD ( A CONT9UAL JOY AS IT US$ TO BE4 

,RELUCTANTLY1 9DE$1 DO WE ABJURE FI<T+4 ,NOT UNTIL WE >E =C$ TO DO SO1 CAN WE BR+ \RSELVES TO R5\NCE ! DELI<T 9 BATTLE4 ,WE /ILL GL[ ) ! W>M? ( LOYALTY TO ! FLAG4 ,YET WE >E NOT READY TO GIVE UP ALL ! COM=TS ( CIVILIZATION = ! SAKE ( W>4 ,IT MU/ BE ONE OR ! O!R1 EI!R PEACEFUL 9DU/RY & COM=T1 OR W> & DEPRIVATION4 

,NO?+ MORE /RIK+LY 9DICATES \R PROGRESS T[>D 9DU/RIALISM ?AN ! OPPOSITION TO W> ?AT HAS GR[N UP )9 A G5]ATION4 ,NOT ONLY AMONG ! WORK+ CLASSES1 BUT BY ! RUL+ CLASS IS W> D5\NC$4 ,HUNDR$S ( ?\S&S ( WORK+ M5 >E B&$ TOGE!R AGA9/ W>1 & PEACE SOCIETIES EV]Y:]E >E SPR++ UP4 ,! E/ABLI%M5T ( ! ,HAGUE TRIBUNAL IS A SIGN ( ! TR5D ( ! TIMES4 

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,MO/ ( \R SOCIAL ILLS TODAY >E CAUS$ BY ! FAILURE ( ! SOCIAL ORGANIZATION TO KEEP PACE ) ! RAPID DEVELOPM5T ( 9DU/RY4 

,9DU/RY & ,COMM]CE1 ,SIAMESE TW9S1 SO CLOSELY UNIT$ ?AT !Y CANNOT BE SEP>AT$1 >E TODAY ! SUPREME 9T]E/ ( ! WORLD2 YET !Y >E CONT9UALLY HELD BACK BY A =M ( SOCIAL ORGANIZATION SUIT$ TO A QUITE DIFF]5T CONDITION1 ?AT IS TO ! CONDITION ( UNIV]SAL W> ?AT =M]LY PREVAIL$4 ,NOT UNTIL WE HAVE 5TIRELY DONE AWAY ) ! PRES5T =M ( SOCIAL ORGANIZATION1 ABOLI%$ ! REMNANTS ( AU?ORITY ?AT /ILL SURVIVE1 & SUB/ITUT$ ! REIGN ( LIB]TY1 ?AT IS TO SAY1 ( FREE CONTRACT1 CAN 9DU/RIALISM GR[ TO ITS FULL /ATURE4 ,W> REQUIRES AU?ORITY2 TRADE REQUIRES LIB]TY4 

,& IT IS = ?IS REASON1 TOO1 ?AT ALL ! PROJECTS = SOCIAL AMELIORATION ?AT >E BAS$ UPON AU?ORITY >E PR$E/9$ TO FAILURE2 FROM ! MILD L& TAXATION S*EME ( ,H5RY ,GEORGE TO ! COMPLETE MILIT>Y ORGANIZATION ( 9DU/RY CONTEMPLAT$ BY ! ?OR\<LY AU?ORIT>IAN W+ ( ,SOCIALISM4 ,!Y >E TRY+ TO C>VE ! FEATURES ( ! FUTURE ) A BAYONET 9/EAD ( A *ISEL6 

,9DU/RY NE$S NOT AU?ORITY BUT FRE$OM ( CONTRACT1 9 ITS WIDE/ & MO/ F>-REA*+ S5SE2 & LIB]TY CAN COME1 NOT ?R\< AU?ORITY1 BUT ?R\< ! D5IAL ( AU?ORITY4 ,MANY N[ >E /RONGLY ATTRACT$ BY ! ,SOCIALI/IC !ORIES ( ! DAY2 !Y >E REPELL$ ONLY BY ! CA/ IRON REGULATIONS ?AT SEEM TO BE 9VOLV$4 ,WE >E AB\T TO DEMON/RATE A ,SOCIALISM BAS$ UPON A WID] LIB]TY ?AN HAS EV] YET PREVAIL$4 

,BUT SOME WILL SAY3 ,LIB]TY8 ,:AT DO Y\ MEAN8 ,HAVE WE NOT LIB]TY ALREADY8 ,>E WE NOT ALL FREE TO VOTE = ANY MAN WE MAY *OOSE8 ,IF WE WANT ANY P>TICUL> LIB]TY1 CAN WE NOT VOTE = A MAN :O IS PL$G$ TO GIVE IT TO US8 ,:AT MORE ( LIB]TY CAN Y\ ASK8 

,TO :I* ! ANSW] IS D\BLE3 ! PRACTICAL & !ORETICAL4 

,! PRACTICAL ANSW] IS3 ,LOOK AB\T Y\ & SEE = Y\RSELF :I!R ?IS BOA/$ FREE DEMOCRACY HAS BR\<T US4 ,LOOK AT ! M9+ CAMPS ( ,MI*IGAN1 ( ,WE/ ,VIRG9IA & ,COLORADO4 ,READ ! /ORIES TOLD 9 ! NEWSPAP]S EV]Y DAY ( ! %OOT+ ( ! M9]S BY ! SOLDI]S4 ,NOT ! M9]S DRAWN UP 9 >RAY1 09 SUNLIT BATTLE'S LI<T10 BUT ! HUTS & T5TS :]E !Y LIVE1 ) !IR WIVES & BABIES 9 !M1 RAK$ BY MA*9E GUNS4 ,LOOK AT \R HELL PRISONS1 ) HALF A MILLION M5 %UT UP 9 !M6 ,OH1 YES1 QUITE LEGALLY1 ( C\RSE6 

,OR1 TO TAKE LESS H>RY+ SI<TS1 LOOK AT TRADE1 ! WORLD OV]1 CONT9UALLY 9 A /ATE ( DEPRESSION4 ,9DU/RY1 /RUGGL+ TO FREE ITSELF FROM ! UNSE5 B&S ?AT B9D IT1 & TO PRODUCE MORE & MORE1 IS HELD D[N & ?ROTTL$ BY SOME 9VISIBLE MON/]4 ,M51 :OSE MO/ E>NE/ DESIRE IS TO WORK1 >E UNABLE TO F9D AN OPPORTUNITY4 ,& NOT ONLY ! CR[D ( UN=TUNATES :O >E ?R[N ON ! /REET1 :O >E CALL$ TRAMPS BY ! MORE =TUNATE1 & :O ACCORD+ TO ! POPUL> DELUSION1 WILL NOT WORK1 BUT ! VA/] CR[D ( M5 :O >E /ILL ABLE TO MA9TA9 A FOOT+ AGA9/ ! CURR5T1 :O >E GRADUALLY =C$ TO TAKE L[] WAGES1 :O >E (T5 \T ( WORK = MON?S AT A TIME1 :O CAN B>ELY KEEP !IR HEADS ABOVE ! WAT]4 

,LOOK AT \R CITIES1 EA* [N$ BY A H&FUL ( RI* M51 & NOM9ALLY GOV]N$ BY A HORDE ( POLITICIANS1 SELECT$ FROM ! WOR/1 & RESPONSIBLE ONLY TO ! RI* CLIQUE ?AT CONTROLS !IR LEAD]S4 ,LOOK AT IT2 & SAY :E!R ?IS DEMOCRACY ?AT WE HAVE SET UP IS REALLY SO ADMIRABLE AN >RANGEM5T AS WE P]SUADE \RSELVES TO ?9K IT IS4 

,! !ORETICAL ANSW] IS ?IS3 ,DEMOCRACY1 9 PR9CIPLE1 IS BAS$ UPON AU?ORITY QUITE AS MU* AS MON>*Y2 & A FREE SOCIAL ORGANIZATION IS 9COMPATIBLE ) EI!R MON>*Y ( DEMOCRACY4 

,CONSID] = A MOM5T4 ,EV]Y SOCIETY OR ASSOCIATION MU/ HAVE FUNDS = C>RY+ ON ITS WORK4 ,EV]Y ASSOCIATION EXCEPT GOV]NM5T OBTA9S !SE FUNDS BY VOLUNT>Y CONTRIBUTIONS FROM ITS MEMB]S4 ,UPON CEAS+ TO PAY DUES1 MEMB]%IP T]M9ATES4 ,NO SOCIETY CAN =CE ANYBODY TO PAY HIS CONTRIBUTIONS4 

,BUT ) GOV]NM5TS IT IS DIFF]5T4 ,!Y LIVE1 NOT BY VOLUNT>Y CONTRIBUTIONS1 BUT ON =C$ CONTRIBUTIONS CALL$ TAXES4 ,EA* GOV]NM5T ASS]TS DOM9ION OV] A C]TA9 T]RITORY1 & COMPELS ! PAYM5T ( CONTRIBUTIONS BY ALL :O LIVE UPON ?AT T]RITORY4 ,?AT IS :Y GOV]NM5T ( ANY DESCRIPTION DOES NOT DES]VE ! NAME ( A SOCIETY4 ,MEMB]%IP 9 A SOCIETY IS VOLUNT>Y3 MEMB]%IP 9 A GOV]NM5T IS COMPULSORY4 ,?AT IS ! RADICAL DI/9CTION4 

,9 ORD] TO BECOME A SOCIAL ORGANIZATION1 GOV]NM5T MU/ BECOME COMM]CIALIZ$2 ?AT IS1 IT MU/ CEASE TO BE GOV]NM5T4 ,IT MU/ SELL ITS S]VICES TO ?OSE :O *OOSE TO PAY = !M1 & NOT TRY TO =CE !M UPON ?OSE :O DO NOT WANT !M4 ,& ?AT IS :AT ! FULLY DEVELOP$ SOCIAL ORGANIZATION WILL BE -- VOLUNT>Y & NOT COMPULSORY -- SOCIETY & NOT GOV]NM5T4 

,SOME WILL REG>D SU* A PROPOSITION AS TOO VISION>Y TO M]IT CONSID]ATION4 ,IT IS QUITE NATURAL ?AT !Y %\LD SO REG>D IT AT FIR/ GLANCE4 ,IT WAS ?US ?AT FLY+ MA*9ES W]E REG>D$ BE=E !Y BECAME AN ACCOMPLI%$ FACT4 ,IT WAS ?US ?AT ! TELEGRAPH & ! /EAM%IP & ! LOCOMOTIVE W]E REG>D$1 AS ! DREAMS ( VISION>IES4 

,YET 9V5TION AFT] 9V5TION HAS BECOME REALIZ$1 UNTIL N[ ! ATTITUDE ( 9CR$ULITY HAS *ANG$1 & IT IS H>D TO SUGGE/ ANY EXTRAVAGANCE 9 ! PHYSICAL REALM ?AT IS NOT CALMLY ACCEPT$ AS A POSSIBILITY4 ,WE HAVE GONE ON 9V5T+ PHYSICAL IMPROVEM5TS1 UNTIL \R 9DU/RIAL DEVELOPM5T HAS F> \T/RIPP$ \R SOCIAL 9/ITUTIONS4 ,IT IS TIME = US TO DEVOTE SOME 9V5TIVE ?\<T TO ! SOCIAL ORGANIZATION1 TO MAKE IT FIT 9 ) ! 9DU/RIAL EXPANSION1 & TO ?AT 5D1 NO !ORY %\LD BE RA%LY REJECT$4 

,WE >E COMPELL$ TO PO/ULATE SU* A VOLUNT>Y SOCIETY AS WE HAVE \TL9$1 BECAUSE ! RELATIONS ( M5 UND] A SPONTANE\S OR VOLUNT>Y =M ( ASSOCIATION CAN BE DEF9ITELY =MULAT$2 :ILE UND] AN >BITR>Y =M ( ORGANIZATION -- & AU?ORITY IS ESS5TIALLY >BITR>Y -- !IR RELATIONS CANNOT BE =MULAT$4 

,PO/ULAT+1 !N1 SU* A SOCIETY1 & ASSUM+ ?AT ! SOCIETY ( ! FUTURE MU/ BE 9DU/RIAL & NOT MILIT>Y1 WE >E AB\T TO 9VE/IGATE ! 9DU/RIAL RELATIONS ?AT WILL NECESS>ILY FOLL[-- ! ECONOMICS ( A /ATE ( FRE$OM4 

,D,E,F,9,I,T,I,O,N,S 

#a4 ,ECONOMICS IS ! SCI5CE ?AT =MULATES ! COMM]CIAL RELATIONS ( M54 

,! E>LY TREATISES PREFIX$ ! EPI!T 0POLITICAL10 & SPOKE ( ECONOMICS AS POLITICAL ECONOMY4 ,! REASON = ?IS WAS ?AT !IR MA9 OBJECT WAS TO ELUCIDATE ! COMM]CIAL RELATIONS AMONG NATIONS UND] EXI/+ CONDITIONS1 RA!R ?AN AMONG ! 9DIVIDUALS ?AT COMPOSE A COMMUNITY1 AS WELL AS AMONG COMMUNITIES1 UND] RATIONAL CONDITIONS4 ,& EV] S9CE1 ECONOMI/S HAVE BE5 CONT5T TO EXPLA9 ?+S AS !Y >E1 MAK+ NO ATTEMPT TO SUGGE/ ANY IMPROVEM5T4 ,!IR 9V5TIVE FACULTY HAS BECOME ATROPHI$3 !Y 9VE/IGATE M9UTE DETAILS ( :AT !Y >E PLEAS$ TO CALL PRACTICAL PROBLEMS2 NEV] CONC]N+ !MSELVES ) G5]AL !ORIES AT ALL4 

,9 ! S5SE 9 :I* WE %ALL USE IT1 ! T]M ECONOMICS IS APPLICABLE TO ! SIMPLE/ COMM]CIAL TRANSACTIONS AMONG 9DIVIDUALS1 AS WELL AS TO ?OSE ?AT TAKE PLACE AMONG NATIONS2 9DE$1 V]Y MU* MORE TO ?OSE AMONG 9DIVIDUALS1 BECAUSE PURE ECONOMICS TAKES NO NOTE ( ! B\ND>IES ?AT SEP>ATE NATIONS1 & BECAUSE1 AFT] ALL1 ! TRANSACTIONS AMONG NATIONS >E BUT ! SUM ( A MULTITUDE ( TRANSACTIONS AMONG 9DIVIDUALS4 

#b4 ,COMM]CE IS ! EX*ANGE ( S]VICES AMONG HUMAN BE+S4 

,9 ! USUAL S5SE1 COMM]CE APPLIES RA!R TO ! TRANSF] ( ! MAT]IAL RESULTS ( HUMAN LABOR4 ,WE N[ EXT5D IT1 SO ?AT ! T]MS MAY 9CLUDE ! DIRECT EX*ANGE ( S]VICES = S]VICES1 AS :5 A LAWY] DRAWS UP A DE$ TO PAY ! DOCTOR'S BILL2 OR ( MAT]IAL PRODUCTS = S]VICES1 AS :5 ! F>M] (F]S ! M9I/] A B>REL ( APPLES AS A M>RIAGE FEE4 

,O!R ?+S ?AN S]VICES OR ! PRODUCTS ( LABOR MAY BE EX*ANG$4 ,P]MISSION TO LABOR ON A C]TA9 PIECE ( L& MAY BE GRANT$1 9 RETURN = A PORTION ( ! PRODUCT2 BUT SU* P]MISSION1 NOT BE+ A PRODUCT ( LABOR1 ! TRANSACTION IS NOT A COMM]CIAL EX*ANGE4 

,SO AGA91 AT V>I\S TIMES1 SOV]EIGNS HAVE GRANT$ C]TA9 PRIVILEGES AS MONOPOLIES TO FAVORITES1 OR TO ?OSE :O W\LD PAY = !M1 JU/ AS AT PRES5T PAT5T PRIVILEGES >E CONF]R$2 BUT NEI!R ! ROYAL PAT5T1 NOR ?AT ( A DEMOCRATIC GOV]NM5T IS A LABOR PRODUCT1 & CONSEQU5TLY NEI!R IS 9 ! REALM ( COMM]CE4 

#c4 ,PRODUCT D5OTES ! RESULT ( LABOR4 

,:E!R MAT]IAL OR IMMAT]IAL -- ! ADVICE ?AT IS PRODUC$ BY ! DOCTOR AS WELL AS ! POTATOES ?AT >E PRODUC$ BY ! F>M]1 ! MUSIC OR PICTURE :I* >E ! S+]'S OR PA9T]'S PRODUCTS1 AS WELL AS ! FI% OR COAL :I* >E ! PRODUCTS ( ! FI%]MAN OR M9]-- ALL >E 9CLUD$ 9 ! T]M 0PRODUCT40 

#d4 ,COMMODITIES >E MAT]IAL PRODUCTS4 

,?US1 ! POTATOES1 FI% & COAL >E COMMODITIES3 ! DOCTOR'S ADVICE & ! S+]'S SONG1 :ILE EQUALLY PRODUCTS1 >E NOT COMMODITIES4 

#e4 ,LABOR COMPRISES ALL HUMAN ACTIVITIES ?AT RESULT 9 AN EX*ANGEABLE PRODUCT4 

,! FUNCTIONS ( ! PIRATE1 ( ! SOLDI]1 ( ! GOV]NM5T FUNCTION>Y1 FROM BOOKKEEP] TO CAB9ET M9I/]1 >E NOT LABOR1 ECONOMICALLY SPEAK+1 H[EV] LABORI\S1 9 COMMON DISC\RSE1 MAY BE !IR OCCUPATION4 ,?AT IT MAY BE DISCUSS$ BY ECONOMICS1 ! PRODUCT ( LABOR MU/ BE EX*ANGEABLE4 

,WE MAY !RE=E REVISE \R FIR/ DEF9ITION ( ECONOMICS1 & SAY1 9 MORE TE*NICAL PHRASE3 

#f4 ,ECONOMICS IS ! SCI5CE ?AT =MULATES ! EX*ANGE ( LABOR PRODUCTS4 

,! ?REE T]MS1 LABOR1 EX*ANGE & PRODUCT >E 9SEP>ABLY CONNECT$4 ,?AT ONLY IS LABOR :I* RESULTS 9 AN EX*ANGEABLE PRODUCT4 ,?AT ONLY IS A PRODUCT :I* IS ! RESULT ( LABOR & :I* IS EX*ANGEABLE4 ,?AT ONLY IS EX*ANGE :I* CONTEMPLATES A TRANSF] ( ! PRODUCTS ( LABOR4 

,H[EV] LABORI\SLY ?IS BOOK MAY BE WRITT51 IT IS NOT AN ECONOMIC QUANTITY IF NO PUBLI%] WILL PUBLI% IT4 ,! UNPAID 9VE/IGATIONS ( ! DEVOTEE ( SCI5CE1 ! H>D%IPS ( ! POL> EXPLOR]1 9VALUABLE AS !IR A*IEVEM5TS MAY BE1 >E NOT LABOR 9 ! ECONOMIC S5SE4 ,SO1 TOO1 ) ! L>GE AM\NT ( WORK ?AT IS DONE GRATIS BY SOCIETIES & COMMITTEES1 ) NO MAT]IAL RETURN4 ,A MAN MAY BE OCCUPI$ EV]Y WAK+ M9UTE1 & WE> \T HIS LIFE ) H>D WORK1 YET NEV] P]=M A S+LE ACT ( ECONOMIC LABOR1 NOR EV] PUT =? AN EX*ANGEABLE PRODUCT4 

,! ,E,C,O,N,O,M,I,C ,O,R,G,A,N,I,S,M 

,SO GREAT IS ! COMPLEXITY O,G,B,P MOD]N 9DU/RY1 SO 9NUM]ABLE >E ! BRAN*ES 9TO :I* IT SUBDIVIDES1 SO M9UTE ! SUBDIVISIONS & SO 9VOLV$ !IR CONNECTIONS1 ?AT IT SEEMS ALMO/ HOPELESS TO R$UCE ! :OLE TO ANY?+ APPROA*+ ORD]4 ,NEV]!LESS SOME P>TIAL & IMP]FECT CLASSIFICATION MAY BE MADE4 

,ALL 9DU/RY MAY BE >RANG$ UND] ?REE OR F\R G5]AL HEADS4 ,FIR/1 :AT HAS BE5 CALL$ EXTRACTION1 ?AT IS TO SAY1 GA!R+ ! ORIG9AL SUPPLIES ( NATURE1 AS IS DONE BY ! M9]1 ! FI%]MAN1 ! HUNT]4 

,NEXT TO !SE >E ! >TS ( CULTIVATION1 :]EBY ! NATURAL PRODUCT ( PLANTS & ANIMALS IS MU* 9CREAS$2 :I* EASILY DIVIDES ITSELF 9TO TWO BRAN*ES1 ! ONE DEVOT$ TO ! CULTIVATION ( ANIMAL1 ! O!R ( VEGETABLE PRODUCTS -- GRAZ+ & F>M+4 

,AFT] !SE COMES ! DIVISION ( MANUFACTURE1 :I* DEALS ) MAT]IALS OBTA9$ FROM ! NATURAL /ATE BY ! EXTRACTORS OR BY ! CULTIVATORS1 & CLASSIFIABLE 9 ?REE GR& DIVISIONS3 CLO?+1 ! FIR/ NE$ ( HUMANITY AFT] FOOD2 %ELT]1 :I* SUCCE$S CLO?+2 & TOOLS1 :I* ACCOMPANY EV]Y >T AT ALL /AGES1 & MI<T ALMO/ RANK AS ! FIR/ NE$ ( HUMANITY4 ,TO !SE WE MAY ADD TRANSPORTATION4 

,F9ALLY1 !RE IS ! CLASS ?AT EMBRACES ?OSE :OSE P]SONAL S]VICES >E ALL ?AT IS GIV52 NO MAT]IAL PRODUCT 9 ANY =M BE+ ! RESULT ( !IR ACTIVITIES4 ,?IS CLASS COMPRISES DOCTORS1 TEA*]S1 ACTORS1 M9I/]S1 BUS9ESS MANAG]S & ! LIKE4 

,EA* ( !SE CLASSES IS SUSCEPTIBLE ( SUBDIVISION 9TO M9OR GR\PS1 & !SE AGA9 9TO ! V>I\S 9DIVIDUAL OCCUPATIONS ( :I* !Y >E COMPOS$4 ,IT IS POSSIBLE !RE=E TO >RANGE ! 9DU/RIAL DIVISIONS 9 TABUL> =M AFT] ! MANN] ( A G5EALOGICAL *>T1 & AN ATTEMPT AT SU* A P>TIAL TABULATION IS %[N ON ! OPPOSITE PAGE4 

,9DU/RY IS ?US SE5 TO 9CLUDE ! SIMPLE/ ACTIVITIES1 AS WELL AS ! MO/ COMPLEX2 ! SOLE CONDITION BE+ ?AT ! PRODUCT %ALL BE DESIR$ BY O!RS = !IR GRATIFICATION & !RE=E BE EX*ANGEABLE4 

,! WORD PRODUCT IS APPLI$ ALIKE TO ALL ! V>I$ RESULTS ( 9DU/RY4 ,A PAIL ( WAT] IS ! PRODUCT ( HIM :O C>RIES IT FROM ! SPR+1 OR PUMPS IT FROM A WELL4 ,A HATFUL ( B]RIES IS ! PRODUCT ( HIM :O GA!RS !M1 IF F\ND GR[+ WILD1 OR ( HIM :O PLANTS1 PRUNES & WAT]S !M1 IF !Y >E ! RESULTS ( CULTIVATION4 ,A CALF IS ! PRODUCT ( HIM :O HAS CAPTUR$ IT 9 A WILD /ATE1 OR ( HIM :O HAS H\S$ & F$ ! MO!R C[4 

,!Y :O SUPPOSE ?AT ! 9CREASE ( ! CULTIVAT$ FIELD OR FLOCK IS A NATURAL 9CREASE1 REW>D+ ! [N] BEYOND ! AM\NT ( LABOR 9VOLV$ 9 ! C>E ( EI!R1 WILL F9D ?AT ! FACTS 9DICATE ! CONTR>Y2 NAMELY1 ?AT ! PRICE ( ! 9CREASE IS 9 PROPORTION TO ITS AV]AGE CO/ 9 LABOR1 & EXCE$S IT ONLY BY ! M9IMUM ?AT CON/ITUTES ! WAGES ( ! SELL]1 APPROXIMAT+ ?AT ( ! AV]AGE DAILY WAGES 9 O!R OCCUPATIONS4 

,?US1 AGA91 A FI% IS ! PRODUCT ( HIM :O HAS HOOK$ IT4 ,IF IT IS C>RI$ A%ORE & SOLD BY ANO!R P]SON1 IT IS ! PRODUCT ( ! FI%]MAN & ! M>KETMAN JO9TLY4 ,IF IT IS TURN$ OV] BY ! LATT] TO A ?IRD1 TO BE PRES]V$ ON ICE = AN OCCASION :5 IT MAY BE SOLD1 IT BECOMES ! JO9T PRODUCT ( ALL ?REE1 TRANSPORTATION & PRES]VATION BE+ AS TRULY ACTS ( PRODUCTION AS ! HOOK+ ITSELF ( ! FI%4 

,& ! FI% IS ! PRODUCT NOT ONLY ( !SE1 BUT ( ! MAN :O HAS CUT ! ICE DUR+ ! W9T] PREVI\S1 & ( HIM :O HAS /OR$ IT 9 ! 9T]VAL1 & ( ! BOATBUILD] ?AT FURNI%$ ! FI%]MAN ) HIS BOAT1 & ! LUMB]MAN ?AT CUT ! TIMB]S = IT1 & ! MAN ?AT MADE ! NAILS TO FA/5 ! TIMB]S TOGE!R1 & ! M9]S ?AT DUG ! IRON & COAL :]E) ! NAILS W]E FA%ION$1 9 AN 5DLESS NETWORK ( RAMIFICATIONS4 

,! SOLE CONDITION ( HUMAN ACTIVITIES ?AT IS NECESS>Y TO RECKON !M AS LABOR 9 ! ECONOMIC S5SE1 IS ?AT !IR PRODUCT %ALL BE EX*ANGEABLE4 ,BY ?IS TE/ ! S]VICES ( ! DEVOT$ PHYSICIAN >E LABOR1 AS TRULY AS ?OSE ( A BLACKSMI? OR COAL TRIMM]2 BECAUSE O!RS WILL GIVE HIM ( !IR PRODUCTS 9 RETURN4 

,9 A /ATE ( SOCIETY 9 :I* EA* MAN MU/ DO ALL ! V>I\S K9DS ( WORK NECESS>Y = HIS EXI/5CE1 )\T EX*ANG+ HIS S]VICES = ?OSE ( O!RS1 ECONOMIC CONDITIONS DO NOT EXI/4 ,SU* A /ATE P]HAPS NEV] PREVAILS 9 COMPLET5ESS AT ?IS DAY3 APPROXIMATIONS TO IT >E F\ND AMONG PRIMITIVE TRIBES & 9 PRIMITIVE COMMUNITIES4 

,9 MY Y\? ,I HAVE (T5 CONV]S$ ) A F>M]1 AT ?AT TIME AN OLD MAN ( EI<TY YE>S OR MORE1 :O DELI<T$ 9 TELL+ ( ! MODE ( LIFE 9 HIS Y\?1 ON AN ISOLAT$ F>M1 :I* WAS ! SAME = ALL O!R F>MS ( ?AT DAY4 

,EV]Y?+ US$ BY ! FAMILY WAS PRODUC$ BY ITS MEMB]S -- FOOD1 CLO?+1 BUILD+S1 EV5 TOOLS ( =G$ IRON4 ,WOOL & FLAX W]E GR[N1 SPUN1 WOV51 CUT & SEW$ 9TO G>M5TS1 & LEA!R WAS TANN$ FROM ! HIDES ( SLAU<T]$ CATTLE4 ,! ONLY \TSIDE WORK] WAS ! COBBL]1 :O VISIT$ EA* F>M ON HIS ANNUAL R\NDS1 MAK+ %OES = ! FAMILY1 FROM LEA!R FURNI%$ FROM !IR [N /OCK1 TO LA/ = ! 5SU+ YE>4 

,9 SU* A SOCIETY1 !RE IS BUT ! G]M ( AN ECONOMIC ORGANIZATION4 ,IT IS ONLY :5 TASKS >E DIVID$1 & EX*ANGE ( S]VICES IS G5]AL1 ?AT ! ORGANIZATION ( AN ECONOMIC SOCIETY BEG9S4 

,WE HAVE SPOK5 ( ! COMPLEXITY ( SUBDIVISION ?AT SOON FOLL[S ! E>LIE/ ORGANIZATION ( LABOR -- A COMPLEXITY SO 9VOLV$ 9 A FULLY DEVELOP$ ECONOMIC SOCIETY ?AT IT SEEMS AT FIR/ GLANCE IMPOSSIBLE TO UNRAVEL OR EXPLA91 LIKE A HUGE MA*9E1 ) ITS 9NUM]ABLE :EELS & BELTS & CAMS1 ALL MOV+ 9 OPPOSITE DIRECTIONS & AT V>I\S RATES ( SPE$1 & EA* ( :I* MU/ FULFILL ITS FUNCTIONS SMOO?LY1 FROM ! GREAT FLY-:EEL TO ! T9IE/ SPR+4 

,9 ORD] TO REA* ANY CLE>NESS ( CONCEPTION1 IT BECOMES NECESS>Y 9 ECONOMIC DEMON/RATIONS TO SUPPOSE HYPO!TICAL SOCIETIES1 CONSI/+ ( A LIMIT$ NUMB] ( 9DIVIDUALS1 SOMETIMES AS SMALL AS TWO OR ?REE1 & NEV] BEYOND ! EASY GRASP ( ! M9D1 AMONG :OM C]TA9 RELATIONS MAY BE %[N TO BE 9EVITABLE4 ,SU* HYPO!TICAL GR\PS CORRESPOND TO ! DIAGRAMS US$ 9 GEOMETRY1 OR TO ! SYMBOLISM ( ALGEBRA1 PRES5T+ FUNDAM5TAL FACTS 9 SU* BRIEF & COMPACT =M ?AT !IR RELATIONS CAN BE DET]M9$ BY M]E 9SPECTION4 

,! VALIDITY ( SU* A ME?OD ( DEMON/RATION IS BAS$ UPON ! DEF9ITION ( COMM]CE ?AT WE HAVE LAID D[N1 AS ! EX*ANGE ( S]VICES AMONG M54 ,! PR9CIPLES ?AT GOV]N A TRANSACTION BETWE5 TWO 9DIVIDUALS1 OR AMONG A HUNDR$1 >E ! SAME ?AT RULE :5 A ?\S& OR A HUNDR$ ?\S& >E 9VOLV$4 

,SOME SU* DEVICE IS 9DE$ ESS5TIAL1 IF WE >E TO REA* ANY CONCLUSIONS AT ALL1 9 ! FACE ( ! RU% & RO> ( MOD]N COMM]CE2 AS ! GEOMETRICIANS DIAGRAM ( ! CURVE ( WAVE MOTION CLE>S UP PROBLEMS ( HYDRAULICS ?AT C\LD NEV] BE SOLV$ BY M]ELY WAT*+ ! DA% & SWIRL ( ! TUMBL+ BREAK]S4 ,WE >E N[ 9 A POSITION TO APPROA* ! S]IES ( =MULAS ?AT TOGE!R CON/ITUTE ECONOMIC SCI5CE4 

------- 

"9"9"9 ,PROPOSITION ,I4 

,ALL PRODUCTION LEAVES A SURPLUS4 

,CONCEIVE ! PRIMITIVE PRODUC] LABOR+ ALONE4 ,AT FIR/ ALMO/ HIS :OLE TIME IS OCCUPI$ 9 SE>*+ = ROOTS & B]RIES & 9 ! HUNT4 ,HE MU/ SOON F9D LEISURE 9 :I* TO BUILD HIS HUT3 ! HUT1 BE+ 9 EXCESS ( ! B>E LIV+ :I* HE HAD GA9$ BE=E1 IS A SURPLUS1 :I* REMA9S 9 ! POSSESSION ( ! PRODUC]1 NOT ONLY AUGM5T+ HIS COM=T1 BUT 9CREAS+ HIS P[] ( FUR!R PRODUCTION4 

,!N EA* DAY SEES AN ADDITIONAL 9CREASE 9 HIS POSSESSIONS3 ,CLO?+ IS MADE1 A HORSE IS CAPTUR$1 A CORRAL IS BUILT4 ,) A M\NT1 ! *ASE BECOMES EASY1 & SURPLUS TIME IS LEFT = ! FIR/ PLANT+ ( SE$4 ,SOON ! CROP GIVES AN ASSURANCE 9 ADVANCE ( A LIV+ = A SEASON1 & !RE IS /ILL MORE TIME LEFT = ! PRODUCTION ( A FUR!R SURPLUS4 

,! CONT9UALLY 9CREAS+ SURPLUS1 EA* DAY L>G] ?AN ON ! PREC$+1 BECAUSE IT IS ! PURPOSE & ! RESULT ( EA* SURPLUS TO FACILITATE FUR!R PRODUCTION1 ?IS GR[+ SURPLUS GR[S ) /ILL GREAT] RAPIDITY ) ! BEG9N+ ( ASSOCIAT$ EF=T4 

,DIVISION ( LABOR1 BY :I* EA* ONE DOES ?AT :I* HE CAN DO BE/2 COMM]CE1 BY :I* HE EX*ANGES HIS PRODUCT = ?OSE ( O!RS2 TOOLS & MA*9]Y1 BY :I* ! PRODUCT IS 9CREAS$ A HUNDR$ OR A ?\S& FOLD1 ) NO 9CREASE 9 LABOR2 ALL !SE UNITE TO MAKE ! PRODUCT ( ! CIVILIZ$ MAN 9CR$IBLY GREAT] ?AN ?AT ( HIS PRIMITIVE BRO!R4 

,IT IS NOT EASY TO REALIZE ?IS1 ON ACC\NT ( DI/URB+ FACTORS ?AT AFFECT ! RESULTS4 ,AT FIR/ GLANCE1 ! MOD]N LABOR] APPE>S TO BE BUT LITTLE BETT] (F ?AN HIS SAVAGE PR$ECESSOR4 ,A D>K ROOM 9 A T5EM5T IS NOT SO MU* TO BE PREF]R$ TO A T5T 9 ! OP52 NOR IS ! F>E ( ! MOD]N WORK] V]Y MU* BETT] ?AN ?AT ( ! MORE ADVANC$ B>B>\S TRIBES -- LET US SAY ( ! ,PUEBLO ,9DIANS4 

,! REASON IS ?AT BY LEGAL ME?ODS :I* WE HAVE CONSECRAT$1 ! SURPLUS DOES NOT BELONG TO HIM :O PRODUCES IT2 BUT IS DIV]T$ FROM HIS POSSESSION1 & PUT 9TO ! H&S ( O!RS4 

,FROM ?IS PO9T ( VIEW1 ! FACT ?AT AN 5ORM\S & EV]-9CREAS+ SURPLUS IS PRODUC$ NE$S NO DEMON/RATION4 ,! VA/ /ORES ( WEAL? :I* WE SEE BE=E \R EYES ACCUMULAT+ DAILY1 AT AN EV]-9CREAS+ RATE1 9 ! H&S ( A FEW1 >E ! SURPLUS PRODUCT ( LABOR1 :I* W\LD BR+ ABUNDANCE & EASE TO ALL1 IF IT W]E NOT SNAT*$ FROM !M BY MEANS SO OBSCURE ?AT IT NE$S ALL \R ATT5TION TO EXPLORE !M4 

------- 

"9"9"9 ,PROPOSITION ,I,I4 

,CAPITAL IS ! SURPLUS ( PRODUCTION4 

,! ECONOMI/S HAVE ALWAYS /AGG]$ :5 !Y ATTEMPT$ TO DEF9E ,CAPITAL1 BECAUSE !Y FAIL$ TO R$UCE ! CONCEPTION TO ITS ELEM5TS1 & TRI$ TO MAKE A DEF9ITION :I* %\LD 9CLUDE ! >TIFICIAL DI/URB+ =CES :I* DI/ORT CAPITAL FROM ITS NATURAL =MS4 

,ACCORD+LY !Y HAVE TRI$ TO DIVIDE PRODUCTS 9TO ?OSE :I* W]E CONSUM$ & ?OSE :I* W]E US$ = FUR!R PRODUCTION1 9TO FIX$ CAPITAL & FLOAT+ CAPITAL1 & SO ON4 

,NO SU* DI/9CTION IS NECESS>Y4 

,! FOOD ?AT A MAN EATS1 ! H\SE 9 :I* HE LIVES1 ! C>PET ON HIS FLOOR1 ! CLO!S ON HIS BACK1 >E AS C]TA9LY US$ 9 FUR!R+ PRODUCTION1 AL?\< 9DIRECTLY1 AS >E HIS TOOLS1 HIS MA*9]Y1 HIS FACTORY OR ! COAL 9 HIS BOIL]-ROOM4 

,! EX]TION ( ! HI<] FACULTIES DEP5DS1 TO A V]Y L>GE EXT5T1 UPON SURR\ND+S ( COM=T1 EV5 ( LUXURY4 ,AN A/RONOM]1 OR A MUSICIAN1 OR A PA9T]1 OR AN 9V5TOR1 C\LD ACCOMPLI% LITTLE IF HE W]E H\S$ 9 A FIRELESS T5T2 =1 BESIDES ! DISCOM=T ?AT NUMBS ! FACULTIES1 !RE IS NO PLACE = P]MAN5T ACCUMULATION1 NO FURNITURE :]E9 TO KEEP BOOKS OR 9/RUM5TS1 NO OBJECTS ( >T :]E) TO /IMULATE ! M9D4 

,?US1 \R DOME/IC & P]SONAL POSSESSIONS1 & EV5 ! FOOD ?AT WE EAT1 >E AS CLE>LY ESS5TIAL = FUR!R PRODUCTION1 AL?\< 9DIRECTLY1 AS >E ! V>I\S APPLIANCES :I* >E DIRECTLY US$4 

,F,R,E,E ,E,X,*,A,N,G,E 

,BY FREE EX*ANGE IS MEANT SU* EX*ANGE ( S]VICES AS WILL OCCUR AMONG M5 EA* ( :OM IS GUID$ 9 HIS ACTIONS SOLELY BY HIS [N JUDGM5T ( HIS [N 9T]E/1 SUBJECT ONLY TO ! MAT]IAL LIMITATIONS ( ! WORLD 9 :I* HE LIVES1 BUT NOT RE/RA9$ BY ! WILL ( O!R M54 

,?IS SEEMS A R\NDAB\T WAY ( SAY+ A SIMPLE ?+2 BUT IT IS REALLY ! :OLE QUE/ION ( FRE$OM ?AT IS 9VOLV$1 NOT ONLY 9 EX*ANGE1 BUT 9 ALL RELATIONS2 & ! /ATEM5T IS MEANT TO COV] ! C>P+ ( !M :O >E WONT TO SAY1 0,NONE ( US IS FREE2 WE >E ALL LIMIT$ BY CIRCUM/ANCES2 WE >E ALL SLAVES TO \R PASSIONS 4 4 4 & SO ON0 :5EV] ANY QUE/ION ( FREE OR NOT FREE IS RAIS$4 

,IT IS NOT DEPRIVATION FROM LACK ( ABILITY OR OPPORTUNITY ?AT IS 9T5D$4 

,:5 ! RIS+ TIDE ?REAT5S TO SURR\ND US1 WE DO NOT COMPLA9 ?AT WE >E DEPRIV$ ( LIB]TY BECAUSE WE >E COMPELL$ TO RUN1 TO ESCAPE BE+ CUT (F & DR[N$4 ,NOR DO WE SAY ?AT WE >E 5SLAV$ IF WE F9D ?AT IT IS IMPOSSIBLE TO RAISE BANANAS 9 A NOR!RN CLIMATE1 BECAUSE ! SEASON IS NOT LONG 5\< TO RIP5 !M4 

,ON ! CONTR>Y1 IT IS PRECISELY ! FRE$OM TO ADAPT \R ACTIONS TO CIRCUM/ANCES ?AT WE CALL FRE$OM2 & IT IS ONLY :5 WE >E RE/RA9$ FROM DO+ SO BY ! WILL ( ANO!R HUMAN BE+ LIKE \RSELVES ?AT WE CALL IT SLAV]Y4 

,SU* A /ATE ( FRE$OM HAS NEV] EXI/$ 9 ! PA/1 & DOES NOT NOV@5 EXI/2 YET T[>D IT1 ?R\< ALL ! C5TURIES1 ! WORLD HAS BE5 MOV+1 & IS N[1 P]HAPS1 9 SI<T ( ! GOAL4 ,WE /ILL LABOR1 SUBJECT TO ! WILL ( HIM :O P]MITS US TO LABOR1 BUT DOES NO?+ HIMSELF -- ! L&LORD4 ,WE /ILL EX*ANGE1 SUBJECT TO ! WILL ( HIM :O P]MITS US TO EX*ANGE -- ! BANK]2 BUT WE HAVE ESCAP$ FROM ! CONDITIONS ( *ATTEL SLAV]Y & ( FEUDAL S]FDOM ( ! PA/4 ,PO/ULAT+ SU* A CONDITION ( FRE$OM1 ! MODE 9 :I* EX*ANGES MU/ OCCUR IS SELF-EVID5T4 

,9 ! RELATION ( MA/] & SLAVE1 IT IS IMPOSSIBLE TO PR$ICT :AT EX*ANGE ( S]VICES WILL TAKE PLACE4 ,! SLAVE IS =C$ TO GIVE AS MU* S]VICE AS ! MA/] *OOSES TO EXACT2 :ILE ! MA/]1 9 RETURN1 GIVES AS LITTLE AS IT MAY PLEASE HIM -- A HICKORY %IRT & TR\S]S A YE>1 ) CORN MEAL1 PORK & MOLASSES = FOOD1 OR AS MU* MORE LIB]ALLY AS HE MAY PREF]4 ,! EX*ANGE1 H[EV]1 CANNOT BE PR$ICT$2 IT IS 5TIRELY >BITR>Y -- A MATT] ( ! PROPRIETOR'S *OICE4 

,SO AGA91 IF TWO M5 W]E EX*ANG+ PEAS = POTATOES1 ! TRANSACTION W\LD BE C>RI$ \T ON T]MS ?AT EA* E/EEM$ FAIR1 IF BO? W]E FREE2 BUT IF A ?IRD P>TY /OOD BY1 EMP[]$ TO TAKE ALL ?AT HE C\LD SEIZE1 BY =CE OR FRAUD1 ( BO? PEAS & POTATOES1 ! TRANSACTION W\LD T]M9ATE DIFF]5TLY1 & 9 A WAY ?AT C\LD NOT BE PR$ICT$4 

------- 

"9"9"9 ,PROPOSITION ,I,I,I4 

,9 A /ATE ( FRE$OM1 PRODUCTS >E EX*ANG$ = EQUAL PRODUCTS4 

,=1 9 ! ABS5CE ( COMPELL+ CAUSES1 NO MAN W\LD ACCEPT LESS ( ! PRODUCT ( ANO!R 9 EX*ANGE = A C]TA9 AM\NT ( HIS [N PRODUCT ?AN C\LD BE PRODUC$ BY HIMSELF ) AN EQUAL AM\NT ( EX]TION4 

0,GIVE ME TWO BU%ELS ( Y\R C>ROTS1 & ,I WILL GIVE Y\ TWO BU%ELS ( MY POTATOES1'"9 SAYS A F>M]4 0,?AT WILL NOT DO AT ALL10 REPLIES HIS NEI<BOR1 0IF ,I HAD PLANT$ POTATOES1 ,I C\LD HAVE RAIS$ ?REE BU%ELS ( !M AS EASILY AS TWO ( MY C>ROTS4 ,I WILL TRADE ONLY ON ?OSE T]MS -- TWO ( MY C>ROTS = ?REE ( Y\R POTATOES40 

0,COME & HELP ME CAT* SOME FI%2 Y\ %ALL R[ ! BOAT1 & ,I WILL HOLD ! L9E1 & ( EV]Y F\R FI% ?AT WE CAT*1 Y\ %ALL HAVE ONE40 0,:Y ONLY ONE80 REPLIES HIS FRI5D2 0:Y NOT EQUAL %>ES80 0,BECAUSE ,I AM SO MU* MORE SKILLFUL ?AN Y\ ?AT ,I DES]VE ! L>G] %>E40 0,GRANT$ ?AT Y\ >E ! MO/ SKILLFUL ) L9E & HOOK2 BUT :AT W\LD Y\R SKILL AVAIL Y\ )\T SOME ONE TO R[8 ,Y\ C\LD NOT CAT* ANY FI% AT ALL FROM ! DOCK40 0,I KN[ ?AT ,I C\LD NOT10 REPLIES ! FIR/1 0BUT ANY ONE CAN R[1 :ILE IT TAKES A CLEV] MAN TO FI%40 0,NO1 ,I WILL R[ ONLY = AN EQUAL %>E ( FI%40 ,&1 AS AN O>SMAN IS NECESS>Y = A FI%]MAN :O W\LD FI% FROM A BOAT1 ! EQUAL AGREEM5T IS MADE4"9 

,IT IS ONLY BY R$UC+ TRANSACTIONS TO !SE SIMPLE/ CONDITIONS ?AT ! ESS5TIAL EQUALITY ( S]VICES BECOMES MANIFE/4 ,9 BO? !SE EXAMPLES ! CONDITIONS >E SIMPLE & EQUAL = BO? P>TIES4 ,9 MORE COMPLICAT$ TRANSACTIONS1 ! EQUALITY IS NOT SELF-EVID5T2 ESPECIALLY AS \R IDEAS >E DI/ORT$ BY ! PREVAIL+ SY/EM1 :I* IS BAS$ ON AN >TIFICIAL 9EQUALITY4 

,BUT 9 A /ATE ( FRE$OM1 ! R\<] K9DS ( WORK W\LD EX*ANGE ON EQUAL T]MS ) ! G5TL]1 BECAUSE ! PRODUCT ( ! R\< WORK IS AS NECESS>Y AS ?AT ( ! G5TLE WORK4 ,IT IS TRUE ?AT IF HODC>RI]S W]E PAID AS MU* AS M]*ANTS ALL SORTS ( EVILS MI<T 5SUE4 ,!Y MI<T ACQUIRE IDEAS 5TIRELY 0BEYOND !IR /ATION02 !IR *ILDR5 MI<T BE $UCAT$ AS WELL AS ?OSE ( ! M]*ANT HIMSELF2 & NO ONE CAN TELL :AT O!R CATA/ROPHES MI<T NOT HAPP54 

,ON FUR!R REFLECTION1 IT W\LD APPE> ?AT P]HAPS AN $UCAT$ HODC>RI] MI<T NOT BE SU* A BAD ?+ AFT] ALL4 ,!RE >E MANY COLLEGE-BR$ A?LETES :O W\LD MAKE EXCELL5T HODC>RI]S2 & !RE IS NO REASON :Y A WELL-BR$ HODC>RI] %\LD NOT BE AN AGREEABLE COMPANION = ANY O!R WELL-BR$ P]SON4 

"9,SEE ,APP5DIX ,I4 

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"9"9"9 ,PROPOSITION ,I,V4 

,! PRODUCT ( LABOR 9 EX*ANGE IS MEASUR$ BY ! TIME REQUIR$ = ITS PRODUCTION4 

,?IS PROPOSITION1 :I* IS OBSCURE :5 APPLI$ TO ! EX*ANGE ( MAT]IAL PRODUCTS1 IS SELF-EVID5T :5 APPLI$ TO DIRECT EX*ANGE ( S]VICES4 

,IF TWO M51 SEE+ ! ADVANTAGES ( WORK+ TOGE!R1 ONE BE+ A F>M]1 ! O!R A C>P5T]1 AGREE TO AID EA* O!R ALT]NATELY1 ! C>P5T] WORK+ = ! F>M] ON ONE DAY1 & ! F>M] = ! C>P5T] ON ! NEXT1 ! EX*ANGE IS NECESS>ILY MADE ON ! BASIS ( EQUAL TIME ( S]VICE4 ,NO MAN 9 HIS S5SES1 & FREE FROM ! COMPLICAT$ CAUSES ?AT N[ COMPEL HIM TO WORK = A M9IMUM1 W\LD AGREE TO WORK TWO DAYS = ANO!R1 9 RETURN = EA* DAY ?AT ! O!R WORK$ = HIM4 

,9 ! CASE ( ! FI%]MAN ABOVE 9/ANC$ ! AGREEM5T IS NECESS>ILY = AN EQUAL %>E ( ! PRODUCT1 ! TIME DEVOT$ BY BO? ! O>SMAN & ! ANGL] BE+ ! SAME4 

,IT IS ONLY 9 !SE SIMPLE/ CASES1 H[EV]1 ?AT ! NECESSITY ( TIME MEASURE CAN BE TRAC$2 & IT IS UPON !SE PRIM>Y EXAMPLES1 ESPECIALLY ( ! DIRECT EX*ANGE ( S]VICES1 ?AT ! ELEM5T>Y TRU? ( ! PROPOSITION MU/ RE/4 ,! GREAT V>IETY 9 ! NATURE ( OCCUPATIONS MAKES A DIRECT COMP>ISON IMPOSSIBLE 9 ! MORE 9VOLV$ CASES4 

,A SURGEON1 = EXAMPLE1 IS NOT EXPECT$ TO BE P]=M+ OP]ATIONS DUR+ ALL HIS WAK+ H\RS4 ,! TIME REQUIR$ = READ+ & /UDY1 ATT5DANCE AT CL9ICS1 & REPOSE AFT] ! EXCESSIVE /RA9 ( A SURGEON'S TASK1 MAKE ! ACTUAL TIME MEASUREM5T ( HIS WORK V]Y BRIEF1 9 COMP>ISON ) ! :OLE WORK+ DAY4 

,9 ! SAME WAY1 AN OP]A S+] IS NOT EXPECT$ TO S+ EV]Y DAY = EI<T H\RS CONT9U\SLY2 NOR C\LD %E UND] ANY SY/EM ( EQUALITY4 ,PRACTICE1 REHE>SAL & RE/ >E ALL A P>T ( H] S]VICES1 :I* APPE> TO BE P]=M$ 9 A BRIEF EV5+ H\R4 

,SO AGA91 A TEA*] IS EXPECT$ TO DO ACTUAL TEA*+ = BUT A PORTION ( ! DAY1 ! N]V\S T5SION DUR+ ?AT TIME BE+ EXCESSIVE4 

,:AT IT REALLY R$UCES ITSELF TO IS NOT ! EX*ANGE ( H\R = H\R1 OR DAY = DAY1 ( S]VICE1 BUT ( LIFETIME = LIFETIME4 

,[+ TO ! F> FROM FREE CONDITIONS AT ! PRES5T TIME1 WE (T5 SEE A V]Y DIFF]5T /ATE ( AFFAIRS TODAY2 SOME ( ! MO/ EXHAU/+ & LIFE-DE/ROY+ TRADES BE+ AMONG ! WOR/ PAID4 ,?IS1 H[EV]1 IS POSSIBLE ONLY BY ! P>TIAL 5SLAVEM5T ( ! LABOR]4 

,9/9CTIVELY1 EV5 AT ! PRES5T TIME1 M5 APPEAL TO ! /&>D ( A LIFETIME ( WORK UNCONSCI\SLY1 & )\T ANY CLE> APPREH5SION ( ITS FULL MEAN+4 ,(T5 WE HE>1 9 REPLY TO A SUGGE/ION ?AT ! PRICE = C]TA9 S]VICES IS TOO HI<1 ! /ATEM5T3 0,WELL1 ,I DO NOT MAKE MORE ?AN A FAIR LIV+10 URG$ 9 JU/IFICATION4 

,& ! COMM]CIAL REJO9D]1 0,:AT DO ,I C>E = Y\R LIV+ OR DY+1 IF ,I CAN F9D SOMEBODY ELSE :O WILL DO IT *EAP]80 COMMONLY SUPPOS$ TO BE ! IRREFUTABLE & IRREM$IABLE ULTIMATUM1 IS %[N TO BE POSSIBLE ONLY UND] ABNORMAL CONDITIONS1 & ! JU/IFICATION ( ! WORK] TO BE ! REALLY SCI5TIFIC ATTITUDE4 

,V,A,L,U,E 

,! WORD 0VALUE0 IS G5]ALLY US$ 9 TWO 5TIRELY DIFF]5T S5SES1 & AS A RESULT1 CONFUSION OCCURS 9 DISCUSSIONS 9 :I* VALUE IS 9VOLV$4 

,9 ! FIR/ PLACE1 VALUE REF]S TO ! UTILITY ( ! VALU$ OBJECT & WE SAY ?AT WE VALUE IT 9 PROPORTION TO \R NE$ ( IT1 ?AT IS1 TO ITS USEFULNESS OR NECESSITY TO US4 

,BREAD1 = 9/ANCE1 IS ( GREAT VALUE1 AS IT IS ESS5TIAL TO SUPPORT LIFE1 & SO ) O!R FOOD4 ,CLO?+1 %ELT] & FUEL >E ALL NECESS>Y = LIFE1 & >E ALL V]Y VALUABLE1 9 CONSEQU5CE ( !IR PRIME NECESSITY4 

,9 ! SECOND PLACE1 VALUE REF]S TO ! MONEY PRICE PAID = ! ?+1 & NOT TO ITS UTILITY AT ALL1 AS :5 WE SPEAK ( ! VALUE ( A TW5TY-?\S&-DOLL> DIAMOND NECKLACE1 :I* IS ( NO UTILITY1 /ILL LESS A NECESSITY ( LIFE4 

,NOT ONLY >E ! IDEAS D5OT$ BY ! WORD VALUE DIFF]5T1 !Y >E REALLY OPPOSITE4 ,IT IS NOT ! MO/ CO/LY ?+S ?AT >E MO/ NECESS>Y TO LIFE1 BUT1 ON ! CONTR>Y1 ! *EAPE/4 ,WAT]1 BREAD1 OATMEAL1 POTATOES1 SALT1 >E AMONG ! *EAPE/ COMMODITIES1 YET :AT IS MORE ESS5TIAL = LIFE ?AN !SE8 ,MEAT & COAL1 AL?\< CO/+ AB\T ?REE TIMES :AT !Y W\LD IF !Y W]E NOT MONOPOLIZ$1 >E /ILL NOT EXP5SIVE COMP>$ ) UNNECESS>Y ?+S4 

,A SEAT AT ! OP]A MAY CO/ ! PRICE ( A TON ( COAL1 YET ! LATT] IS A NECESSITY1 ! =M] ONLY AN ADORNM5T ( LIFE4 ,EV]Y:]E WE F9D ! UNNECESS>Y & SUP]FLU\S IS ! MO/ CO/LY1 9 DIRECT PROPORTION TO ITS FUTILITY & SUP]FLUITY2 & ! ESS5TIALS ( LIFE *EAP1 9 PROPORTION TO !IR NECESSITY4 

,WE MU/ F9D SOME G5]AL CONCEPTION ( VALUE ?AT WILL UNITE 9 ITSELF & H>MONIZE !SE TWO ANTI!TICAL IDEAS4 

------- 

"9"9"9 ,PROPOSITION ,V4 

,VALUE IS ! PROPORTIONATE RELATION ( PRODUCTS 9 EX*ANGE4 

,IMAG9E A COMMUNITY1 SELF-CONTA9$1 CONSI/+ ( A HUNDR$ PRODUC]S1 DIVID$ AS %[N 9 ! TABULATION 7SEE ,TABLE ,I1 AT ! 5D ( ! BOOK7.<#a.>4 

,9 ! FIR/ COLUMN WE HAVE ! REPRES5TATIVE OCCUPATIONS1 & ! NUMB] ( MEMB]S ( ! COMMUNITY ?AT >E 5GAG$ 9 EA*4 

,9 ! SECOND COLUMN IS ! AV]AGE PRODUCT ( EA*1 ASSUM$ AS AN 5TIRELY >BITR>Y FIGURE1 & NOT 9 ! LEA/ AS A REPRES5TATION ( ! FACTS1 AS IT IS ONLY ! PROPORTIONAL & NOT ! ACTUAL RELATIONS ?AT WE WI% TO 9VE/IGATE4 

,N[1 IT IS EVID5T ?AT EA* MEMB] WILL HAVE HIS :OLE PRODUCT1 EXCEPT SU* PORTION AS HE MAY RETA9 = HIS [N USE1 TO EX*ANGE = PROPORTIONAL AM\NTS ( ! PRODUCTS ( ! O!RS2 & ?AT HE WILL REQUIRE AN AV]AGE AM\NT ( ONE HUNDR$? ( ! TOTAL PRODUCT 9 EA* BRAN* ( PRODUCTION1 MAK+ ! TOTAL %>E ( EA* EQUAL TO ! ONE HUNDR$? P>T ( ! :OLE PRODUCT1 & ALL ! %>ES EQUAL TO EA* O!R4 

,IT IS TRUE ?AT ! NE$S ( EA* WILL V>Y4 ,SOME1 :O HAVE BE5 PROVID$ ) A H\SE1 WILL NOT NE$ ANO!R UNTIL ! FIR/ IS WORN \T4 ,O!RS WILL WANT MORE ( TRANSPORTATION & LESS ( TOOLS4 ,O!RS1 /ILL AGA91 WILL NE$ MORE M$ICAL TREATM5T1 AT ! SACRIFICE ( A PORTION ( O!R ?+S4 

,PRODUCTION WILL ALSO V>Y4 ,SOME FROM 9ABILITY1 SOME FROM %E] LAZ9ESS1 SOME FROM A PHILOSOPHICAL SCORN = SUP]FLUITIES1 WILL PRODUCE LESS ?AN O!RS1 & WILL BE CONT5T ) A LESS RETURN4 ,NEV]!LESS1 EA* HAV+ A C]TA9 AV]AGE AM\NT ( PRODUCT TO EX*ANGE1 ! AV]AGE ( ! EX*ANGES MU/ RESULT AS ! TABLE 9DICATES2 ?AT IS1 9 AN AV]AGE EQUAL %>E ( ! TOTAL PRODUCT = EA* PRODUC]4 

,?IS IS EVID5T FROM CONSID]ATION ( ! SIMPLE CONDITIONS %[N 9 ! FIR/ F\R COLUMNS2 COLUMN ,I,I,I BE+ ! TOTAL ANNUAL PRODUCT ( EA* OCCUPATION1 & COLUMN ,I,V ! AV]AGE %>E ( EA* MEMB]1 ?AT IS1 ! AM\NTS 9 COLUMN ,I,I,I DIVID$ BY #a4 

,9 COLUMN ,V >E ! AM\NTS ( PRODUCTS ?AT WILL EX*ANGE = EA* O!R1 ! EX*ANGE BE+ SUPPOS$ TO BE CONDUCT$ BY B>T]4 ,IT IS CLE> ?AT IF ! 5TIRE AM\NT ( ! PRODUCT ( ONE 9DIVIDUAL WILL EX*ANGE = ! 5TIRE AM\NT ( ?AT ( ANO!R1 ?AT IS1 IF #a BU%ELS ( GRA9 EX*ANGE = #ab C[S1 ! SAME PROPORTION MU/ PREVAIL :5 ANY ONE COMMODITY IS US$ AS A UNIT4 ,?US1 TAK+ ONE BU%EL ( F>M]'S PRODUCT AS ! UNIT1 IT WILL EX*ANGE = 4#a#b ( A C[1 OR 4#c ( A BOOK1 OR #b MILES ( TRANSPORTATION1 & SO ON ) ! O!R ITEMS4 

,IT IS ?IS EX*ANGEABILITY = A C]TA9 & DEF9ITE PROPORTION ( O!R COMMODITIES ?AT CON/ITUTES VALUE 9 USE1 OR UTILITY1 AS WE MAY MORE BRIEFLY CALL IT1 AS OPPOS$ TO VALUE 9 EX*ANGE1 OR SIMPLY1 PRICE4 

,?IS SECOND ASPECT ( VALUE IS %[N 9 COLUMN ,V,I4 ,H]E ! MONEY PRICES ( ! V>I\S ITEMS >E CALCULAT$ 9 ! USUAL WAY1 ! PRICE ( A BU%EL ( GRA9 BE+ TAK5 AS ! UNIT4 ,IF1 9 COLUMN ,V1 A BU%EL ( GRA9 EX*ANGES = 4#a#b ( A C[1 A :OLE C[ WILL EX*ANGE = #h4#c#c BU%ELS1 OR @s#h4#c#c4 

,AFT] MAK+ ALL ! CALCULATIONS ( PRICES1 WE COMP>E !M ) ! FIGURES 9 COLUMN ,V1 & F9D ?AT !Y >E RECIPROCALS1 & MAY BE OBTA9$ FROM EA* O!R BY SIMPLE 9V]SION4 

,! TOTAL RELATIVE QUANTITIES ( PRODUCTS REQUIR$ BY ! COMMUNITY1 AS %[N 9 COLUMN ,I1 OR ! PROPORTIONAL EX*ANGE QUANTITIES1 AS %[N 9 COLUMN ,V1 >E ! MA!MATICAL MEASURES ( ! UTILITY ( PRODUCTS2 ! PROPORTIONAL AM\NT ( MONEY REQUIR$ TO PUR*ASE A UNIT ( EA* PRODUCT1 AS %[N 9 COLUMN ,V,I1 >E ! PRICES1 :I* >E NECESS>ILY RECIPROCALS4 

,! G5]AL RECIPROCITY BETWE5 VALUE 9 USE1 OR UTILITY1 & VALUE 9 EX*ANGE1 OR PRICE1 :I* WE HAVE NOT$2 BY :I* ! MO/ NECESS>Y PRODUCTS >E ! *EAPE/1 & ! COMP>ATIVELY UNNECESS>Y ! DE>E/ -- ?IS G5]AL RECIPROCITY IS ?US SE5 TO BE NOT M]ELY G5]AL BUT SPECIFIC4 

,!IR RECIPROCAL NATURE IS MORE DI/9CTLY %[N BY A SPECIAL 9/ANCE1 AS %[N 9 ! TABULATION4 

,SUPPOSE ?AT ONE ( ! TOOLMAK]S *ANGES HIS OCCUPATION1 & MAKES ! SE>* = DIAMONDS HIS SPECIAL BUS9ESS4 ,! PRODUCT ( ! DIAMOND SEEK] WILL BE ! EQUIVAL5T ( ! #ae TOOLS BE=E PRODUC$ BY HIM4 ,ASSUM+ ?AT HE F9DS ONLY ONE DIAMOND A YE>1 EA* MEMB] ( ! COMMUNITY WILL BE 5TITL$ TO ! ONE HUNDR$? P>T ( A DIAMOND 7COLUMN ,I,V71 & ! PRICE ( ONE HUNDR$? ( A DIAMOND WILL BE ONE BU%EL ( :EAT1 OR #a BU%ELS ( :EAT = ONE DIAMOND-- TWO & A HALF YE>S' PROVISION ( FOOD1 ! FUNDAM5TAL NE$ ( LIFE1 = ONE USELESS GEWGAW6 

,?IS RESULT1 :I* IS D5\NC$ BY ! MORALI/ BECAUSE HE DOES NOT UND]/& IT1 IS SE5 TO BE ! 9EVITABLE RESULT ( ! DIVISION ( LABOR 9 PROPORTION TO ! NE$ = ! PRODUCT4 ,! GREAT] ! IMPORTANCE ( ANY PRODUCT1 ! MORE MEMB]S ( ! COMMUNITY MU/ DEVOTE !MSELVES TO ITS PRODUCTION1 & ! L>G] WILL BE ! QUANTITY ?AT CAN BE1 & ?AT MU/ BE1 EX*ANG$ = O!R PRODUCTS4 

,VALUE1 !N -- ABSOLUTE VALUE -- 9CLUD+ BO? UTILITY & PRICE1 IS SE5 TO BE A PROPORTION4 ,IT IS ! PROPORTIONATE RELATION ( ! AM\NTS ( PRODUCTS REQUIR$ BY ! NE$S ( ! COMMUNITY4 

,VALUE1 REG>D$ AS UTILITY1 IS MEASUR$ BY !SE PROPORTIONAL AM\NTS 9 GROSS1 AS 9 COLUMN ,I,I1 OR BY ! EQUIVAL5T PROPORTIONAL AM\NTS 9 EX*ANGE1 MEASUR$ AS FRACTIONS OR MULTIPLES ( ANY ONE PRODUCT1 AS 9 COLUMN ,V4 

,VALUE1 REG>D$ AS PRICE1 IS ! SAME PROPORTION DIFF]5TLY PHRAS$1 AS 9 COLUMN ,V,I1 9 :I* ! PROPORTIONAL AM\NT ( A UNIT ( EA* PRODUCT IS GIV51 COMP>$ ) A UNIT PRODUCT4 

,?US ! ANTI!SIS BETWE5 VALUE 9 USE & VALUE 9 EX*ANGE IS M]G$ 9 ! L>G] MEAN+ ( ! WORD VALUE1 :I* 9CLUDES BO?1 AS OPPOSITE FACES ( ! SAME FACT4 

,ALL ?IS IS 9 CONTRAV5TION ( ! USUAL ECONOMICAL DICTUM1 ?AT VALUE IS ESS5TIALLY >BITR>Y1 & ?AT IT IS DET]M9$ SOLELY BY SUPPLY & DEM&4 

,DEM& & SUPPLY DO 9DE$ DET]M9E VALUE1 BUT NOT 9 ANY >BITR>Y OR FANCIFUL FA%ION4 ,IF ! F>M]S' CROP W]E ONLY HALF ! USUAL AM\NT1 ITS VALUE W\LD NECESS>ILY D\BLE2 & IF A BOOK FAIL$ TO MEET ! EXPECT$ DEM&1 ! /OCK ( IT W\LD FALL 9 VALUE4 ,SU* FLUCTUATIONS 9 SUPPLY & DEM&1 ) CORRESPOND+ FLUCTUATIONS 9 VALUE1 >E CONT9UALLY AT WORK1 BUT UND] A COMPLETELY ORGANIZ$ 9DU/RIAL SY/EM !Y W\LD NOT BE WIDE & VIOL5T1 AS !Y >E AT PRES5T4 

,EV5 AT ! PRES5T TIME1 :5 PRIVILEGES & MONOPOLIES ( ALL K9DS UPSET ! C\RSE ( FREE EX*ANGE1 SOME?+ ( ! EFFECT ( PROPORTIONALITY UPON PRICE IS OBS]VABLE4 

,! MO/ P[]FUL MONOPOLY CANNOT RAISE ! PRICE ( A COMMODITY BEYOND A C]TA9 LIMIT4 ,! COAL COMB9ATION1 :ILE IT MAY =CE ! PRICE ( COAL TO T5 DOLL>S A TON1 9/EAD ( ?REE DOLL>S1 AS IT MI<T P]HAPS BE UND] FREE EX*ANGE1 F9DS A PO9T BEYOND :I* IT CANNOT PRESS ITS DEM&S4 ,IT CANNOT POSSIBLY *>GE T5 ?\S& DOLL>S A TON1 NOR ONE ?\S&1 NOR A HUNDR$1 NOR EV5 TW5TY4 ,IT MU/ SELL AT SOME APPROXIMATION TO ! NORMAL PRICE1 AS DET]M9$ BY ! RELATIVE AM\NT ( COAL REQUIR$4 

,9 COLUMN ,V,I,I >E %[N ! AV]AGE AM\NTS ( EA* PRODUCT ?AT EA* MEMB] MU/ RECEIVE AS 9COME OR CONSUMPTION1 OR1 :AT IS ! SAME ?+1 MU/ DISBURSE AS EXP5DITURE4 

,!SE AM\NTS >E F\ND BY MULTIPLY+ ! PROPORTIONAL %>ES 9 COLUMN ,I,V BY ! PRICES 9 COLUMN ,V,I4 ,WE OBS]VE1 ) SOME A/ONI%M5T1 ?AT !SE AM\NTS >E DIRECTLY PROPORTIONAL TO ! NUMB] ( MEMB]S ?AT DEVOTE !MSELVES TO ! V>I\S OCCUPATIONS 9 COLUMN ,I4 

,?IS REM>KABLE EQUATION LEADS TO ! CONCLUSION ?AT :AT REALLY IS DET]M9$ BY DEM& & SUPPLY IS ! NUMB] ( PRODUC]S ?AT %ALL DEVOTE !MSELVES TO EA* BRAN* ( PRODUCTION4 ,?AT SETTL$1 ! VALUE1 :E!R UTILITY OR PRICE1 IS SETTL$ ALSO2 & IS NOT SUBJECT TO SUDD5 OR EXCESSIVE FLUCTUATIONS4 

,TO MAKE ?IS CLE>]1 SUPPOSE ?AT1 [+ TO ! 9CREAS$ EFFICI5CY ( ! TOOLS PRODUC$ BY ! TOOLMAK]S1 ! PRODUCT ( ! TAILORS WAS D\BL$4 ,MANIFE/LY1 IF ?IS W]E TO OCCUR )\T SOME FUR!R ADJU/M5T ( ! ECONOMIC RELATIONS1 ! SURPLUS PRODUCT ( ! TAILORS C\LD NOT BE SOLD4 

,! REAL \TCOME W\LD BE ?AT FEW] MEMB]S W\LD DEVOTE !MSELVES TO TAILOR+4 ,IF ! TAILORS' EFFICI5CY W]E D\BL$1 ONLY HALF ! NUMB] W\LD BE REQUIR$ TO PRODUCE ALL ! CLO!S ?AT ! COMMUNITY C\LD WE>2 ?AT IS1 F\R 9/EAD ( EI<T1 LEAV+ ! O!R F\R FREE TO DEVOTE !MSELVES TO PRODUC+ ADDITIONAL LUXURIES4 

,! RESULTS >E %[N 9 ! L[] TWO L9ES ( ! TABULATION 9 ,TABLE ,I4 

,9 PLACE ( #h TAILORS PRODUC+ #b SUITS EA*1 #d W\LD PRODUCE #d SUITS EA*1 BUT ! SAME TOTAL AM\NT -- #af SUITS4 ,?IS W\LD GIVE EA* MEMB] ( ! COMMUNITY #a4#f SUITS = HIS ANNUAL SUPPLY1 AN AM\NT JU/ EQUAL1 BY HYPO!SIS1 TO ! DEM&4 ,YET1 9 ! FACE ( ?IS EQUALITY1 ! PRICE C\LD BE ONLY HALF ( :AT IT HAD BE5 BE=E -- @s#b4#e P] SUIT 9/EAD ( @s#e4 -- LEAV+ AN EQUAL AM\NT TO EX*ANGE = ! ADDITIONAL LUXURIES1 :I* ! #d RELEAS$ TAILORS W\LD DEVOTE !MSELVES TO PRODUC+4 

,! CLE> CONCLUSION IS ?AT BY R$UC+ ! PROPORTIONATE NUMB] ( ! MEMB]S ( A COMMUNITY :I* IS REQUIR$ = ! PRODUCTION ( A C]TA9 PRODUCT1 ! PRICE ( ! PRODUCT IS R$UC$ ALSO1 AL?\< ! DEM& = IT & ! SUPPLY ( IT REMA9 UN*ANG$4 

,?IS CONCLUSION IS SUPPORT$ BY ! OBS]V$ FACTS4 ,WE CONT9UALLY F9D COMMODITIES *EAP5$ BY ! 9V5TION ( MA*9]Y = !IR MANUFACTURE1 MAK+ !IR PRODUCTION BY A SMALL] NUMB] ( 9DIVIDUALS POSSIBLE1 AL?\< ! SUPPLY & DEM& REMA9 SUB/ANTIALLY UN*ANG$4 ,!SE RESULTS >E (T5 OBSCUR$ BY AN ADDITIONAL PREMIUM PAID TO ! HOLD] ( ! PAT5T PRIVILEGE1 OR BY SOME TRADE COMB9ATION TO KEEP ! PRICE UP4 

,AN 9/ANCE MAY BE SE5 9 ! MANUFACTURE ( %OES4 ,BY IMPROVEM5TS 9 MA*9]Y1 & /ILL MORE 9 ORGANIZATION1 %OES HAVE BE5 R$UC$ TO HALF !IR PRICE 9 ! PA/1 ) IMPROVEM5T 9 ! QUALITY2 ! PROPORTIONATE NUMB] ( %OES WORN BE+1 NO D\BT1 SOME:AT GREAT]1 BUT BY NO MEANS 9 PROPORTION TO ! R$UCTION 9 PRICE4 

,WE MAY SET D[N !SE CONCLUSIONS 9 ! =M ( PROPOSITIONS4 

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"9"9"9 ,PROPOSITION ,V,I4 

,! AV]AGE %>E ( EA* PRODUC] IS EQUAL TO ! TOTAL PRODUCT DIVID$ BY ! NUMB] ( PRODUC]S4 

------- 

"9"9"9 ,PROPOSITION ,V,I,I4 

,! AV]AGE EXP5DITURE ( 9COME ( EA* PRODUC] IS 9 DIRECT PROPORTION TO ! NUMB] ( PRODUC]S ( EA* PRODUCT4 

,IT IS TO BE ESPECIALLY NOT$ ?AT1 9 A CONDITION ( FRE$OM1 ! PRICE ( LABOR IS ID5TICAL ) ! PRODUCT ( LABOR4 ,! REW>D ( LABOR IS ITS :OLE PRODUCT2 NOT1 AS AT PRES5T1 A P>T1 & (T5 A V]Y SMALL P>T1 ( ITS PRODUCT4 

,! *EAP5+ ( ANY PRODUCT BY IMPROVEM5TS 9 ! ME?ODS ( PRODUCTION DOES NOT DIM9I% ! 9COME ( ITS PRODUC]4 ,HE WILL 9DE$ AT FIR/ CUT D[N ! PRICE1 9 ORD] TO SECURE 9CREAS$ SALES2 & ! R$UCTION MU/ BE TO JU/ ?AT PO9T AT :I* ! 9CREAS$ SALES GIVE HIM A L>G] 9COME4 ,O!RS :O PRODUCE ! SAME PRODUCT MU/ ADOPT ! SAME IMPROVEM5TS1 IF !Y >E /ILL TO COMPETE 9 PRICE2 & !Y WILL DO SO JU/ SO F> AS !Y >E COMPELL$1 BY F9D+ A PORTION ( !IR PRODUCT REMA9+ ON !IR H&S UNSOLD2 ! L>G] AM\NT SOLD BY !IR COMPETITORS BE+ SUFFICI5T TO SATISFY ALL DEM&S4 

,?IS WILL CONT9UE UNTIL SOME ( ! PRODUC]S ( ! COMMODITY 9 QUE/ION1 BE+ ! LA/ TO ADOPT IMPROVEM5TS1 WILL F9D !MSELVES UNABLE TO MAKE A LIV+2 ! L>G] AM\NT PRODUC$ BY !IR COMPETITORS BE+ SUFFICI5T TO SATISFY ALL DEM&S2 & !Y WILL BE =C$ TO TAKE UP SOME NEW BRAN* ( PRODUCTION4 

,AT ! SAME TIME A FUND IS PROVID$ READY = !M 9 !IR NEW OCCUPATION4 

,! B5EFIT ( ! IMPROVEM5T IS SPREAD OV] ! 5TIRE COMMUNITY BY ! L[] PRICE AT :I* ALL ! MEMB]S CAN N[ OBTA9 ! PRODUCT 9 QUE/ION4 ,! SURPLUS REMA9S 9 ! H&S ( EA* MEMB]1 READY TO REW>D ?OSE :O HAVE 5T]$ UPON ! PRODUCTION ( SOME NEW PRODUCT1 TO SATISFY A WANT HI!RTO UNPROVID$ =4 

,!RE IS NO LIMIT TO ?IS PROCESS4 ,! NEW WANTS & TA/ES & DESIRES ( MANK9D ?AT >ISE AFT] !IR FIR/ NE$S >E SATISFI$ >E LIT]ALLY LIMITLESS2 & ! SAME PROGRESS ?AT LEAVES AN UNEX*ANG$ BALANCE 9 !IR H&S ?AT MAY BE EX*ANG$ = NEW LUXURIES1 AT ! SAME TIME SETS FREE A PROPORTIONATE BODY ( PRODUC]S1 READY TO PRODUCE ! NEW LUXURIES4 

,! REW>D ( ! PRODUC]S GR[S AS ! PRODUCTS ( !IR LABOR *EAP54 ,?AT IS1 ! MORE ?+S >E PRODUC$ ! L>G] IS ! QUANTITY ( EA* ?AT CAN BE EX*ANG$ = O!RS1 & ! *EAP] >E ALL PRODUCTS2 :ILE AT ! SAME TIME1 & ) ! SAME EX]TION1 ! PRODUC] RECEIVES A L>G] V>IETY & AN 9CREAS$ TOTAL AM\NT ( PRODUCTS4 ,?US WE REA*3 

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"9"9"9 ,PROPOSITION ,V,I,I,I4 

,! REW>D ( LABOR RISES AS ! PRICES ( PRODUCTS FALL4 

,?IS IS AS IT %\LD BE4 ,CLE>LY1 IF EV]YBODY IS PRODUC+ MORE PRODUCTS & A GREAT] V>IETY ( PRODUCTS1 EV]YBODY'S REW>D1 MEASUR$ 9 PRODUCTS1 WILL BE GREAT]1 :ILE ! PRODUCTS !MSELVES WILL BE *EAP]4 

,! *EAP] ?+S >E ! DE>] LABOR WILL BE UND] FREE EX*ANGE2 9/EAD (1 AS N[1 ! PRICE ( LABOR BE+ L[] :5 ! PRICE ( ?+S IS L[]4 ,! PRES5T /ATE ( AFFAIRS IS 9DE$ AN 9TOL]ABLE ECONOMIC ABSURDITY1 :I* PREVAILS1 & CAN PREVAIL1 ONLY :5 ! LABOR] IS P>TIALLY R$UC$ TO SLAV]Y4 

,IF HE W]E COMPLETELY R$UC$ TO SLAV]Y1 HIS BODY W\LD HAVE A M>KET PRICE2 & IT IS ONLY BECAUSE HE IS P>TIALLY R$UC$ TO SLAV]Y ?AT HIS LABOR N[ HAS A M>KET PRICE1 RIS+ & FALL+ ) ! M>KET PRICES ( O!R COMMODITIES4 

,IT IS 9 ?IS WAY1 TOO1 ?AT \R FIR/ PROPOSITION1 ?AT ALL PRODUCTION LEAVES A SURPLUS1 IS EXHIBIT$ 9 ! ORGANIZ$ COMMUNITY4 ,! GREAT] PRODUCTION1 :I* IS ! NECESS>Y RESULT ( 9V5TION1 IMM$IATELY RESULTS 9 A L[]+ ( PRICES1 & ! FREE+ ( A PORTION ( ! PRODUC]S = ! PRODUCTION ( NEW & BE=E UN?\<T ( REF9EM5TS4 

,AT ! SAME TIME1 A PROPORTIONAL AM\NT ( PRODUCTS IS FRE$1 = ! COMP5SATION ( ! WORK]S :O W\LD O!RWISE BE ?R[N \T ( WORK4 

,E,Q,U,A,L,I,T,Y 

,! DREAM ( ! AGES1 ! EQUALITY ( ALL M51 F9ANCIALLY AS WELL AS POLITICALLY1 IS !N NO DREAM1 BUT A COLD MA!MATICAL FACT2 TO :I* ! HYPO!SIS ( FREE PRODUCTION & EX*ANGE NECESS>ILY LEADS4 

,IT IS TRUE ?AT NEI!R FREE PRODUCTION NOR FREE EX*ANGE YET EXI/S2 NEV]!LESS ALL ! T5D5CIES ( ! PROGRESS ( ! WORLD >E T[>D SU* A CONDITION ( FRE$OM4 ,9 TIME1 & 9 NO V]Y GREAT TIME1 IT MU/ BE ATTA9$1 UNLESS SOME SU* SETBACK %\LD AGA9 OCCUR AS OCCURR$ AT ! FALL ( ! ,ROMAN CIVILIZATION4 ,?AT SU* A SETBACK %\LD COME SEEMS IMPOSSIBLE TO \R PRES5T SI<T2 IT IS WELL !RE=E ?AT WE PREP>E \R HE>TS & M9DS = :AT \R GREAT-GR&*ILDR5 MAY SEE1 IF \R GR&*ILDR5 DO NOT4 

,= ! PRES5T SY/EM ( MIS]Y & SUP]FLUITY2 ( WANT = MO/ & DE/ITUTION = MANY1 ?AT A FEW MAY HAVE TOO MU*2 ( ! 9SOL5CE ( WEAL? & ! CR++ ( POV]TY2 ( SATIETY & 5NUI ON ! ONE H&1 & ! GULF OP5+ AT !IR FEET ON ! O!R -- ?IS MOD]N CIVILIZATION1 :I* IT IS H]ESY TO H9T IS IMP]FECT1 IS ALMO/ WORK$ \T2 HAS ALMO/ REA*$ ! IMPOSSIBLE /AGE1 :5 9/ITUTIONS FALL ( !IR [N WEI<T1 ) NO H& RAIS$ TO OV]?R[ !M4 

,YET !RE >E SOME :O CANNOT SEE ! LANT]N HELD BY ,PROGRESS TO LI<T !IR PA?2 TO :OM ! PRES5T REIGN ( UNREASON & 9EQUALITY APPE>S TO BE F9AL2 TO :OM ! SUGGE/ION ( EQUALITY AS ! F\NDATION ( ! COM+ CIVILIZATION WILL SEEM ! PROSPECT ( HELL RA!R ?AN ( HEAV54 

0,:AT10 !Y WILL %RIEK1 0DO Y\ MEAN TO R$UCE ALL M5 TO A DEAD LEVEL2 TO APO!OSIZE DULL SAM5ESS & MONOTON\S UNI=MITY2 TO L[] ! BRILLIANT1 ! 9TELLECTUAL1 ! VIRTU\S1 TO ! SAME PLANE ) ! /UPID1 ! IDLE1 ! VICI\S6 ,DO Y\ WANT TO BUILD Y\R CIVIC HALLS & *UR*ES ) !IR DOMES & /EEPLES ON ! GR\ND & !IR F\NDATIONS 9 ! AIR8 ,IT IS A PRETTY WORLD ( TOPSYTURVYDOM ?AT Y\ PROPOSE60 

,:]E FE> RULES1 REASON IS SIL5T4 

,IS IT 9DE$ TRUE ?AT EQUALITY 9 WEAL? IS SU* A T]RIBLE ?+8 ,IS IT TO BE APPREH5D$ ?AT SU* EQUALITY MEANS A DEAD LEVEL ( M$IOCRITY -- A TRIUMPH ( 9CAPACITY8 

,NOT 9 ! LEA/4 ,IT IS ONLY TO ! DISORD]$ IMAG9ATION ?AT !SE GRE5 & YELL[ BOGEYS PRES5T !MSELVES4 

,! SMALLE/ CONSID]ATION WILL %[1 :AT IS TODAY SO CONSPICU\SLY ! FACT1 ?AT 9EQUALITY ( =TUNE1 AS IT N[ EXI/S1 OBSCURES1 & AT TIMES 5TIRELY CONCEALS1 ! DI/9CTION ?AT M5TAL OR PHYSICAL SKILL OR /R5G? W\LD O!RWISE SECURE4 ,IT IS ! GLITT] ( WEAL? ?AT IS AT ! F\NDATION ( \R SOCIAL DI/9CTIONS1 & ( MO/ ( ! RECOGNITION ?AT WE GIVE TO ! 9DIVIDUAL4 

,TAKE AWAY ?IS 9EQUALITY2 LET WEAL? REA* ! APPROXIMATE LEVEL ?AT IT MU/ SOME DAY REA*2 & ! MONEY E/IMATE ( A MAN VANI%ES1 & HIS REAL WOR? IS = ! FIR/ TIME MADE ! BASIS ( \R E/EEM = HIM4 

,AFT] ALL1 :AT IS !RE SO T]RIBLE 9 ! IDEA ?AT A COALHEAV] %\LD BE A COMPANION 9TELLECTUALLY = A PR(ESSOR8 ,>E !RE NOT MANY PR(ESSORS ( P[]FUL PHYSIQUE :O W\LD REALLY PREF] AN \TDOOR LIFE ( PHYSICAL ACTIVITY8 ,>E !RE NOT MANY H&WORK]S :O1 9 EV]Y?+ BUT POLI%1 >E FULLY ! EQUALS ( MANY ( ! PR(ESSIONAL CLASS8 

,DIFFICULT AS IT MAY BE = US TO ADMIT IT1 !RE IS NO REASON :Y1 ) EQUALITY ( REW>D1 ALL K9DS ( MANUAL LABOR %\LD NOT DES]VE & RECEIVE EQUAL SOCIAL E/EEM ) PR(ESSIONAL OCCUPATIONS4 

,EV5 N[ AMONG ! WEAL?Y !RE >E MANY :OSE MANN]S %\LD EXCLUDE !M FROM WELL-BR$ SOCIETY2 YET ALL !SE ?+S COME ) AN 9CREASE 9 ! REW>D ( LABOR4 ,! FIR/ G5]ATION MAY BE AN IMPOSSIBLE SET ( B>B>IANS \TW>DLY1 BUT 9W>DLY !Y HAVE ALL ! CAPABILITIES ( ! MO/ POLI%$ CIRCLES4 ,! NEXT G5]ATION WILL ACQUIRE SU* KN[L$GE AS MAY BE OBTA9$ FROM S*OOL+2 & 9 ! ?IRD1 AT LEA/ ! BEG9N+ WILL BE ATTA9$ ( ?AT COMB9ATION ( SELF-RESPECT & G5TLE MANN]S ?AT WE CALL GOOD BRE$+4 

,ONE ( ! MO/ POLI%$ M5 ?AT ,I HAVE KN[N WAS ! SON ( A WA%]WOMAN2 ANO!R1 A BRICKLAY]'S SON1 BECAME A ,GREEK S*OL> & A POET4 

,! MO/ FREQU5T EXCUSE = 9EQUALITY ( REW>D IS ?AT 9EQUALITY ( =TUNE MU/ EXI/ AS LONG AS ! 9EQUALITY ( TAL5TS OR ABILITIES IS SO GREAT4 ,A /ATEM5T ( ! CASE :I* APPE>S PLAUSIBLE1 & 9DE$ IS IRREFRAGABLE UND] ! PRES5T =M ( SOCIETY1 9 :I* LABOR IS B\<T & SOLD LIKE *EESE4 

,) FRE$OM ( PRODUCTION & EX*ANGE1 A LITTLE CONSID]ATION WILL %[ ?AT 9EQUALITY ( ABILITIES IS AN ESS5TIAL CONDITION = EQUALITY ( 9COMES4 

,AT PRES5T1 ! M>KET = LABOR FOLL[S ! SAME RULE AS ! M>KET = COMMODITIES2 ! MO/ NECESS>Y1 & !RE=E MO/ ABUNDANT1 LABOR IS ! *EAPE/1 ! R>E & LUXURI\S IS ! MO/ CO/LY4 ,! BRICKLAY] & ! BUT*] >E PAID BUT LITTLE1 :ILE SU* LUXURIES AS A BANK PRESID5T COME HI<4 

,BUT1 UND] FRE$OM1 LABOR CEASES TO BE A COMMODITY4 ,! BRICKLAY] IS AS NECESS>Y TO ! >*ITECT AS ! >*ITECT IS TO ! BRICKLAY] -- MORE SO1 9DE$1 AS =TY BRICKLAY]S >E NE$$ = ONE >*ITECT4 ,RELY+ ON HIS VALUE1 & 5ABL$ BY FRE$OM TO F9D A FULL DEM& = HIS S]VICES1 ! BRICKLAY] WILL E/EEM HIS LABOR AS EQUAL TO ?AT ( ! >*ITECT1 & WILL EX*ANGE ONLY ON EQUAL T]MS4 

,IT IS TRUE ?AT ! R\T9E OCCUPATIONS1 SU* AS DIGG+1 T5D+ A MA*9E1 & ! LIKE1 REQUIRE NEI!R SPECIAL $UCATION NOR EXCEPTIONAL GIFTS4 ,ON ! O!R H&1 SU* R\T9E OCCUPATIONS >E PECULI>LY IRKSOME1 ESPECIALLY TO M5 ( EXCEPTIONAL GIFTS4 ,BUT BO? ! M5 ( EXCEPTIONAL GIFTS & ! WORK ?AT REQUIRES !M >E R>E2 :ILE ! ORD9>Y M5 & ! ORD9>Y JOBS >E ABUNDANT4 ,IF EV]Y MAN WANT$ TO BE CAPTA91 !RE W\LD BE NO SAILORS2 YET ?AT IS NO REASON :Y ! SAILORS %\LD GO ON %ORT RATIONS4 

,IF ALL M5 W]E EQUALLY CAPABLE & ALL DESIR\S ( DO+ ! SAME ?+1 SOCIETY C\LD NOT EXI/4 ,IT IS BECAUSE EA* MAN IS DIFF]5T FROM ALL O!RS ?AT ! 9F9ITE DIVISION & SUBDIVISION ( OCCUPATIONS BECOMES POSSIBLE1 :I* IS ! F\NDATION ( AN 9DU/RIAL SOCIETY4 

,IT IS NOT TO BE SUPPOS$ ?AT ! EQUALITY ( A DEVELOP$ SOCIAL ORGANIZATION WILL BE AN ABSOLUTE1 CA/ IRON1 PRECISE1 MA!MATICAL EQUALITY ( 9COME4 ,!RE WILL ALWAYS BE M9OR DIFF]5CES FROM V>I\S CAUSES4 ,SOME WILL PREF] TO WORK LESS1 & TO RECEIVE LESS4 ,DIFF]5CES 9 NATURAL ABILITY ?AT >E NOT COV]$ BY DIFF]5CES ( CALL+ WILL /ILL EXI/4 ,BUT ! DIFF]5CES WILL BE MOD]ATE & TEMPOR>Y1 ) AS P[]FUL A T5D5CY1 ACTIVE ALL ! TIME1 T[>D EQUALITY1 AS !RE IS N[ T[>D 9EQUALITY4 

,P,R,I,V,I,L,E,G,E 

,IT IS TIME = US TO CONSID] ! DI/URB+ =CES1 TO :I* ALLUSION HAS BE5 MADE1 :I* PREV5T ! FREE ACTION ( 9DU/RY & ! SUB/ANTIAL EQUALITY ( =TUNES1 ?AT 9 ! ABS5CE ( !SE =CES W\LD PREVAIL4 

,CONCEIVE ?AT 9 ! TYPICAL COMMUNITY TABULAT$ 9 ,TABLE ,I1 A C]TA9 NUMB] ( ! MEMB]S1 CEAS+ !MSELVES TO PRODUCE1 W]E EMP[]$ TO TAKE FROM EA* ( ! REMA9+ MEMB]S A PORTION ( HIS PRODUCT4 

,SU* P[] OV] ! P]SONS OR PRODUCTS ( M5 IS CALL$ PRIVILEGE2 & SU* PRIVILEGES HAVE ALWAYS EXI/$ 9 ! PA/ & /ILL EXI/1 9 MITIGAT$1 BUT NOT LESS P[]FUL =MS4 

,JU/ :AT ! PRIVILEGES >E BY :I* ?IS IS ACCOMPLI%$1 WE NE$ NOT N[ DWELL UPON4 ,AT PRES5T \R BUS9ESS IS ) ! OP]ATION ( PRIVILEGE 9 G5]AL -- AB/RACT PRIVILEGE -- ! P[] ( ONE TO COMM& ! S]VICES ( ANO!R )\T COMP5SATION4 

,9 ORD] TO %[ ! WORK+ ( PRIVILEGE1 LET US CON/RUCT ANO!R TABLE 7SEE ,TABLE ,I,I4 AT ! 5D ( ! BOOK71 %[+ ! SAME COMMUNITY ( #a P]SONS1 ) ! RESULTS ?AT OCCUR :5 !Y >E DEPRIV$ ( A C]TA9 P>T ( !IR PRODUCTS4 

,WE DEAL H]E ONLY ) ! TOTAL NUMB] ( MEMB]S2 NOT ) ! SEP>ATE BRAN*ES %[N 9 ! PREVI\S TABLE4 

,! FIR/ L9E 9 ?IS NEW TABULATION %[S ! NATURAL EQUAL DI/RIBUTION ( PRODUCTS1 :]E PRIVILEGE DOES NOT EXI/4 ,! TOTAL PRODUCT1 SYMBOLIZ$ BY #a1 IS DIVID$ EQUALLY AMONG #a P]SONS1 GIV+ TO EA* A %>E D5OT$ BY #a4 

,IF WE SUPPOSE ?AT T5 P] C5T ( ! MEMB]S1 CEAS+ !MSELVES TO PRODUCE1 >E PRIVILEG$ TO TAKE FROM EA* ( ! REMA9+ PRODUC+ MEMB]S TW5TY P] C5T ( HIS PRODUCT1 AN 5TIRELY NEW & UNANTICIPAT$ /ATE ( AFFAIRS SUP]V5ES4 

,EA* ( ! PRIVILEG$ CLASS WILL RECEIVE A PORTION 9 EXCESS ( ?AT RECEIV$ BY ANY ( ! PRODUC]S1 D5OT$ BY #a4#h4 ,) ?IS EXCESS1 = :I* 9DE$ !RE IS NO O!R USE1 PRIVILEGE WILL BE 5ABL$ TO SUPPORT A C]TA9 ADDITIONAL NUMB] ( ! PRODUC]S AS P]SONAL S]VITORS4 ,?US ! PROPORTION ( ! PRIVILEG$ GR[S RAPIDLY2 AS !SE P]SONAL S]VITORS1 ?US 5LI/$ 9 ! S]VICE ( PRIVILEGE1 BECOME AT ONCE A P>T ( ! PRIVILEG$ CLASS1 BY VIRTUE ( !IR NEW ALLEGIANCE4 

,PRIVILEGE APPO9TS ONE A POLICEMAN1 TO KEEP ORD] 9 ! RANKS ( ! WORK]S1 & TO PREV5T !M FROM EXHAU/+ !IR PRODUCTIVE P[]S 9 IDLE QU>RELS1 OR FROM DO+ OR SAY+ ANY?+ QUE/ION+ E/ABLI%$ PRIVILEGES4 

,ANO!R IS APPO9T$ A JUDGE1 ANO!R A LAWY]1 :OSE FUNCTIONS >E TO ]ECT A BODY ( RULES FAVORABLE TO PRIVILEGE4 

,YET O!RS WILL BE PRIE/S & M9I/]S1 :OSE BUS9ESS IT IS TO 5C\RAGE REV]5CE = PRIVILEGE1 & TO FO/] A CODE ( MORALS HAV+ NO RELATION TO ! REAL REQUIREM5TS = JU/ICE1 BUT COMPOS$ ( CONV5TIONAL RULES CALCULAT$ = ! SUPPORT ( ! EXI/+ ORD]4 

,O!RS1 AGA91 WILL BE MADE TEA*]S & PR(ESSORS1 TO 9CULCATE 9 ! Y\NG RESPECT = AU?ORITY & SUBMISSION TO PRIVILEGE4 ,F9ALLY !RE WILL BE /ILL O!RS1 CALL$ SOLDI]S1 >M$1 ADORN$ & ADULAT$1 READY AT COMM& TO KILL ?OSE :O MAY ATTACK PRIVILEGE4 

,!SE1 TOGE!R ) !IR MA/]S1 ! HOLD]S ( PRIVILEGES1 CON/ITUTE ! PRIVILEG$ ORD] 9 \R PRES5T SOCIETY1 & CON/ITUTE ALSO ! NONPRODUCTIVE CLASS2 =1 NO MATT] H[ H>D 9DIVIDUALS BELONG+ TO IT MAY WORK1 NOR H[ SATISFACTORY !IR EF=TS MAY BE TO !IR MA/]S1 !Y PRODUCE NO?+ EX*ANGEABLE1 & !IR FUNCTIONS W\LD BE SUP]FLU\S 9 ! ABS5CE ( PRIVILEGE4 

,NO D\BT1 9 ! MO/ P]FECT SOCIETY1 !RE W\LD BE DIFF]5CES TO BE COMPOS$ & LIMITATIONS ( LIB]TY TO BE DEF9$1 BUT BETWE5 ! >BITRATOR1 E>N+ AN 9COME EQUAL TO ! RE/1 & MA9TA9+ HIS VOCATION BY ! JU/ICE ( HIS DECISIONS1 & ! PRES5T SEMIDIV9E CREATURE1 ) HIS C\RT P>APH]NALIA & PRE/IGE1 ! DIFF]5CE IS G5]IC4 

,SO ALSO IS ?AT BETWE5 ! MILIT>Y >MAM5T ( PRIVILEGE & ! !ORETICALLY POSSIBLE1 BUT PRACTICALLY H>DLY NECESS>Y FI<T] = LIB]TY4 

,TABLE ,I,I %[S ! RELATION BETWE5 ! PORTION ( ! PRODUCT :I* IS TAK5 BY ! CONT9UALLY GR[+ NONPRODUC+ CLASS1 & ?AT :I* REMA9S = ! PRODUC]S4 

,AT FIR/1 WE SUPPOSE ?AT ONLY T5 P] C5T ( ! MEMB]%IP BELONGS TO ! NONPRODUC+ CLASS1 & ?AT TW5TY P] C5T ( ! PRODUCT IS TAK54 ,?IS WILL LEAVE #i PRODUC]S1 & ! TOTAL PRODUCT WILL BE #i4 ,( ?IS1 BY ! HYPO!SIS1 ! NONPRODUC]S >E TO RECEIVE #b P] C5T1 :I* IS #a#h2 ! RE/1 #g#b1 REMA9+ = ! PRODUC]S4 ,?US1 AL?\< ! TOTAL PRODUCT HAS BE5 R$UC$ ONLY #a P] C5T1 ! %>E ( ! PRODUC]S HAS BE5 CUT D[N #bh P] C5T4 

,9 ! SAME WAY1 AS PRIVILEGE GRADUALLY 9CREASES ITS 5CROA*M5TS1 ! TOTAL PRODUCT CONT9UES TO DIM9I%1 AS %[N 9 ! SUCCE$+ L9ES 9 ! TABLE1 BECAUSE MORE & MORE PRODUC]S >E )DRAWN FROM PRODUCTION2 & ! %>E ?AT ! REMA9+ PRODUC]S RECEIVE DIM9I%ES /ILL FA/]1 AS ! RATIO ( ! P>T TAK5 BY PRIVILEGE 9CREASES4 

,9 COLUMN ,V,I,I1 ! %>E ( EA* PRODUC] DIM9I%ES 9 >I?METICAL PROGRESSION1 FROM 4#h TO 4#f1 4#d1 4#b4 ,9 COLUMN ,V,I,I,I ! P>T TAK5 BY EA* NONPRODUC] ALSO DIM9I%ES1 ?\< ITS RELATIVE 9CREASE IS V]Y GREAT2 ! DIM9UTION RUNN+ FROM #a4#h TO #a4#f1 #a4#d1 #a4#b1 9 AN 9CREAS+ RATIO TO ! %>E ( ! PRODUC]4 

,?IS 9CREAS+ RATIO BETWE5 ! P>TS TAK5 BY ! PRODUC] & NONPRODUC] IS %[N 9 COLUMN ,I,X1 *ANG+ AT FIR/ BY A FRACTION1 !N AT ONE /EP D\BL+1 & ) ANO!R LEAP+ \T 9TO 9F9ITY4 

,! TABLE REPRES5TS A !ORETICAL CONDITION :I* IS NEV] COMPLETELY REALIZ$1 9 :I* ! RATE ( PRODUCTION REMA9S CON/ANT4 

,9 ALL PROGRESSIVE SOCIETIES1 ME*ANICAL 9V5TIONS HAVE SO VA/LY 9CREAS$ ! AM\NT ( 9DIVIDUAL PRODUCTION1 AS TO F> MORE ?AN C\NT]BALANCE ! DEPLETION ( ! RANKS ( ! PRODUC]S BY PRIVILEGE2 SO ?AT ! 9DIVIDUAL PRODUCT1 9/EAD ( REMA9+ CON/ANT1 %\LD 9CREASE 9 RAPID PROGRESSION1 TO REPRES5T AT ALL ADEQUATELY ! /ATE ( MOD]N SOCIETY4 

,SU* IS ! CONDITION %[N 9 ! REVIS$ TABLE4 7,TABLE ,I,I,I1 AT ! BACK ( ! BOOK47 

,H]E ! 9DIVIDUAL PRODUCT AT EA* SUCCESSIVE /AGE1 AS %[N 9 COLUMN ,I,I,I1 IS ASSUM$ TO BE D\BLE ?AT ( ! PREVI\S P]IOD1 9/EAD ( A CON/ANT AM\NT4 ,JU/ :AT ! 9CREASE REALLY IS W\LD BE IMPOSSIBLE TO DET]M9E2 NOR DOES IT MATT]1 AS IT IS A G5]AL PR9CIPLE ?AT WE SEEK1 & NOT A SPECIAL CASE4 

,AS MI<T BE EXPECT$1 ! ACTUAL %>ES ( BO? PRODUC]S & NONPRODUC]S >E 5ORM\SLY 9CREAS$ BY ! RAPID GR[? ( PRODUCTIVE CAPACITY4 ,?IS 9CREASES AS #a1 #b1 #d1 #h1 9 COLUMN ,I,I,I1 & ! TOTAL AM\NTS1 9 COLUMN ,I,V1 W\LD BE PROPORTIONATELY GREAT1 W]E IT NOT = ! DIM9I%+ NUMB] ( PRODUC]S1 AL?\<1 AT FIR/1 ! DIM9UTION IS NOT RAPID 5\< TO OV]COME ! ADVANTAGE GA9$ BY ! GR[? ( PRODUCTIVE P[]4 

,! COMB9$ RESULT ( ?IS 9CREASE 9 PRODUCT & DECREASE 9 ! NUMB] ( PRODUC]S IS %[N 9 COLUMN ,I,V1 :I* REPRES5TS ! TOTAL PRODUCT1 & 9CREASES BY /RIDES1 YET NOT SO FA/ AS ! RATE ( 9DIVIDUAL PRODUCTION1 BE+ #a1 #a#h1 #c#b1 #e#f1 COMP>$ ) #a1 #b1 #d1 #h1 9 COLUMN ,I,I,I4 

,N[ ( !SE TOTAL AM\NTS ! PRODUC]S WILL RECEIVE1 AT ANY P]IOD1 A %>E REPRES5T$ BY A C]TA9 P]C5TAGE ( ! PRODUCT1 DIM9I%+ MORE RAPIDLY ?AN ! NUMB]S ( ! PRODUC]S4 ,FROM ! #a P] C5T :I* IS RECEIV$ :5 PRIVILEGE TAKES NO PORTION1 IT WILL DECL9E TO #h1 #f1 #d P] C5T1 AS 9 COLUMN ,V1 :ILE ! NUMB] ( PRODUC]S DECL9ES TO #i1 #h1 #g1 & SO ON4 

,9 SPITE ( ! EXTREMELY RAPID 9CREASE ( ! FACTORS 9 COLUMN ,I,V1 ! PRODUCTS ( !SE BY ! DIM9I%+ RATES ( P]C5TAGE 9 COLUMN ,V %[ A MAXIMUM AT ! F\R? /EP1 !NCE FALL+ TO Z]O1 EV5 MORE RAPIDLY ?AN !Y HAD 9CREAS$4 ,! LA/ /EP1 9 :I* PRIVILEGE TAKES ! :OLE PRODUCT1 IS MANIFE/LY IMPOSSIBLE1 AS SOME?+1 H[EV] LITTLE1 MU/ BE LEFT = ! WORK]S TO LIVE UPON4 

,! RETURNS TO ! PRIVILEG$ NONPRODUC] GR[ FA/1 AS %[N 9 COLUMN ,V,I,I,I1 ALMO/ D\BL+ 9 EA* ( ! FIR/ TWO /EPS FROM #c4#f TO #f4#d1 & FROM #f4#d TO #a#a4#b2 BUT AT ! SAME TIME ! RETURNS TO ! WORK] ALSO 9CREASE FROM #a4#f TO #b4#d & #c4#b4 ,AT ?IS PO9T1 H[EV]1 ! RETURNS TO ! WORK] REA* A MAXIMUM1 :ILE ?OSE TO ! NONPRODUC] CONT9UE TO 9CREASE4 

,?IS EXPLA9S H[ IT IS ?AT ! WORK]S MAY BE 9 AN APP>5TLY FL\RI%+ CONDITION1 AS IT IS (T5 PO9T$ \T ?AT !Y N[ >E1 :ILE RU9 IS NEV]!LESS IMP5D+4 

,IT IS TRUE ?AT ! PRODUC]S N[ 5JOY MANY COM=TS & LUXURIES :I* =M]LY !Y C\LD NOT OBTA92 BUT :5 IT IS >GU$ ?AT !Y %\LD !RE=E DEM& NO?+ MORE1 ?IS DEMON/RATION CONF\NDS ! CONCLUSION4 

,IT %[S ?AT SOCIETY HAS N[ REA*$ OR IS APPROA*+ ! MAXIMUM /AGE1 REPRES5T$ 9 COLUMN ,V BY A TOTAL %>E ( #bbd = ! PRODUC]S2 & ?AT IF ! PORTION TAK5 BY ! PRIVILEG$ IS 9CREAS$ BEYOND ?IS1 EV5 BY A SMALL ADVANCE1 ! CATA/ROPHE WILL BE UNIV]SAL & OV]:ELM+4 

,! CURVES ILLU/RAT+ !SE CONCLUSIONS >E %[N ON ! NEXT PAGE4 

,RECURR+ TO ,TABLE ,I,I1 A V]Y DIFF]5T /ATE ( AFFAIRS IS %[N TO PREVAIL :5 ! RATE ( PRODUCTION IS CON/ANT4 ,! RATE ( D$UCTION BY PRIVILEGE BO? FROM ! NUMB] ( ! PRODUC]S & FROM !IR PRODUCT IS ! SAME 9 BO? CASES2 YET ! PORTION DIVID$ AMONG ! PRODUC]S1 AS %[N 9 COLUMN ,V1 DOES NOT EXHIBIT ! CULM9ATION TO A MAXIMUM & SWIFT DECL9E AFT]W>DS ?AT OCCURS :5 PRODUCTION 9CREASES RAPIDLY4 

,ON ! CONTR>Y1 ! MAXIMUM IS AT ! BEG9N+1 :5CE IT /EADILY DECL9ES1 & MAY BE >RE/$ AT ANY /AGE BY ! CESSATION (.<#b.> ! EXACTIONS ( PRIVILEGE4 ,SU* SEEMS TO HAVE BE5 ! HI/ORY ( ! ,ORI5TAL NATIONS4 ,PRIVILEGE IS AS RAMPANT !RE AS IT IS H]E2 YET AS ! RATE ( PRODUCTION IS SUB/ANTIALLY CON/ANT1 & IS NOT ACCEL]AT$ BY LABOR-SAV+ 9V5TIONS AS IT IS 9 ! ,OCCID5T1 !RE IS NO GR[? 9 ! REW>D ( ! WORK]S1 & NO IMP5D+ SUDD5 DECL9E4 

,! MAXIMUM PO9T1 BETWE5 ! ?IRD & F\R? ORD9ATES 9 ! DIAGRAM ON ! NEXT PAGE1 IS ! REVOLUTION PO9T4 ,UP TO ?AT TIME1 9 PROGRESSIVE SOCIETIES1 ! PRODUC]S HAVE 5JOY$ AN 9CREAS+ %>E1 AL?\< SMALL 9 COMP>ISON ) ! AM\NT TAK5 FROM !M4 ,!Y HAVE ACCORD+LY BE5 TOL]ABLY SATISFI$1 REALIZ+ !IR CONDITION TO BE SOME:AT IMPROV$4 

,TAK+ ADVANTAGE ( ?IS1 ! PRIVILEG$ CLASS 5DEAVORS TO SECURE A /ILL GREAT] PORTION1 BELIEV+ ! PRODUC]S TO BE PROSP]\S1 & NOT AW>E ( ! 9EVITABLE DESC5T4 ,! PRODUC]S1 FEEL+ RA!R ?AN UND]/&+ ?AT !Y >E FACE TO FACE ) RU91 RESI/1 9 A WAY ?AT PRIVILEGE DOES NOT 9 ! LEA/ COMPREH5D4 

,SU* A PO9T \R CIVILIZATION APPE>S TO BE REA*+4 

,WEAL? AB\NDS2 SPL5DOR SP>KLES EV]Y:]E2 IT IS ! GOLD5 AGE RETURN$4 ,ONE /EP MORE1 & ! CRA% IS AT H&6 

-------- 

,IT MU/ BE BORNE 9 M9D ?AT ! =EGO+ DISCUSSION AIMS AT ELUCIDAT+ G5]AL PR9CIPLES1 BY PO/ULAT+ A !ORETICAL SOCIETY ( SIMPLE ORGANIZATION1 9 :I* NO PRODUC] HAS ANY B5EFIT FROM PRIVILEGE1 & NONE ( ! PRIVILEG$ TAKES ANY P>T 9 PRODUCTION4 

,\R PRES5T SOCIETY IS COMPLICAT$ BEYOND ! POSSIBILITY ( =MULATION1 = ! REASON ?AT PRIVILEGE IS WIDELY1 AL?\< V]Y UNEQUALLY1 DI/RIBUT$1 :ILE FEW ( ! PRIVILEG$ TAKE NO P>T 9 PRODUCTION4 

,HI!RTO WE HAVE SPOK5 ( PRIVILEGE 9 ! AB/RACT2 WE >E N[ TO CONSID] ! MO/ IMPORTANT =MS ( PRIVILEGE1 AS IT EXI/S AT PRES5T1 ?R\< :I* ! PRODUCTS ( LABOR >E TAK5 FROM ! PRODUC]S4 

,L,& ,[,N,],%,I,P 

,9 A COMM]CIAL SOCIETY !RE >E TWO G5]AL DIVISIONS ( ACTIVITY1 PRODUCTION & EX*ANGE4 

,CORRESPOND+ TO !SE !RE >E TWO =MS ( PRIVILEGE BY :I* ALL 9DU/RY IS CONTROLL$2 L& [N]%IP1 :I* CONTROLS PRODUCTION1 & ! MONEY PRIVILEGE1 :I* CONTROLS EX*ANGE4 ,\R BUS9ESS N[ IS ) ! FIR/ ( !SE1 NAMELY1 ! PRIVILEGE ( L& [N]%IP4 ,! WORD L&1 9 ITS ECONOMIC S5SE1 IS US$ 9 A F> WID] SIGNIFICANCE ?AN 9 ITS USUAL COLLOQUIAL MEAN+4 ,L&1 9 ! ECONOMIC S5SE1 MEANS ALL NATURAL OPPORTUNITIES = LABOR TO EX]T ITSELF4 

,LABOR1 9 ORD] TO PRODUCE1 MU/ HAVE MAT]IAL :]EUPON TO WORK1 A PLACE TO /& :ILE WORK+1 A PLACE TO LIE :ILE SLEEP+4 

,! F>M] USES L& DIRECTLY2 ! COBBL] & ACTOR BO? DIRECTLY & 9DIRECTLY4 ,BO? COBBL] & ACTOR MU/ HAVE A PLACE TO LIVE & A PLACE TO WORK1 & = !SE !Y USE L& DIRECTLY2 ! COBBL]1 9 ADDITION1 MU/ HAVE LEA!R1 :I* ULTIMATELY COMES FROM ! SOIL2 & BO? COBBL] & ACTOR MU/ HAVE FOOD1 :I* ALSO COMES FROM ! SOIL2 & = !SE !Y >E DEP5D5T UPON ! L& 9DIRECTLY4 

,EV5 WAT] IS L&1 ECONOMICALLY SPEAK+4 ,OPPORTUNITIES TO PRODUCE >E PRES5T$ BY WAT]FALLS = P[] & BY RIV]S = IRRIGATION1 BY LAKES & OCEANS = FI%]IES1 & BY ALL NAVIGABLE WAT]S = TRANSPORTATION4 ,AL?\< ! HI< SEAS >E FREE TO ALL1 AFT] !Y >E ONCE LAUN*$ UPON !M1 YET ! SAILOR MU/ HAVE L& :5CE TO EMB>K & :]EON TO DISEMB>K4 

,IF ! :OLE E>? W]E [N$ BY ONE MAN1 IT W\LD MEAN ?AT HE W\LD HAVE ABSOLUTE P[]1 9 LAW1 TO PREV5T ALL ! RE/ FROM WORK+ OR EV5 EXI/+ UPON IT4 ,HE C\LD PUT UP HIS SIGNS1 0,TRESPASS]S NOT ALL[$10 & !RE W\LD NE NO?+ = IT BUT TO EMIGRATE TO ANO!R PLANET4 

,OR IF ! E>? W]E [N$ BY A HUNDR$ MILLION M51 IT W\LD LEAVE ! REMA9+ N9E HUNDR$ MILLION EQUALLY SUBJECT TO ! SOV]EIGN WILL ( ! L& [N]S4 

,& ?AT IS PRECISELY ! /ATE ( AFFAIRS ?AT PREVAILS TODAY4 ,! POPULATION ( ! E>? IS E/IMAT$ AT SOME?+ LIKE FIFTE5 HUNDR$ MILLIONS4 ,( !SE H[ MANY >E L& [N]S8 ,WE CAN ONLY GUESS4 ,ONE 9 T58 ,SURELY NOT AS MANY AS ?AT4 ,ONE 9 A HUNDR$8 ,P]HAPS ONE 9 A HUNDR$4 ,?AT W\LD BE FIFTE5 MILLIONS :O [N ! E>? & HOLD ! LIVES ( ! REMA9+ F\RTE5 HUNDR$ & EI<TY-FIVE MILLIONS 9 !IR H&S4 

,= ! [N] ( ! L& CONTROLS EV]Y?+ & EV]YBODY UPON IT2 & IF !SE FIFTE5 MILLION L& [N]S W]E TO ORD] ! RE/ (F !IR L&1 :]E C\LD !Y GO8 ,TO ! HI< ROAD P]HAPS1 :]E !Y MI<T WALK UNTIL !Y />V$1 LEAV+ ! L& [N]S ! SOLE 9HABITANTS4 

,BUT ! GAME ( ! L& [N]S IS NOT TO ORD] PEOPLE (F ! E>?4 ,F> FROM IT6 ,:AT !Y WANT IS ?AT AS MANY PEOPLE AS POSSIBLE %\LD LIVE & LABOR UPON ! E>? -- !IR E>? -- ON CONDITION ?AT !Y GIVE ! L& [N]S A L>GE P>T ( !IR PRODUCT1 9 ! =M ( ,R5T4 

,R5T IS ! P>T ( ! PRODUCT TAK5 BY ! L& [N]S FROM ! PRODUC]S = P]MITT+ ! PRODUC]S TO GO TO WORK4 

,BUT1 Y\ MAY SAY1 ,I HAVE NO 9T]E/ 9 L& R5T4 ,I AM A CL]K1 WORK+ = @s#a#f4 A WEEK4 ,I DO NOT USE L&4 ,:AT HAVE ,I TO DO ) ! L& QUE/ION8 

,Y\R EMPLOY] IS P]HAPS A M]*ANT1 :O PAYS @s#b1 A YE> = HIS W>EH\SE4 ,IF IT IS 9 ,NEW ,YORK ,CITY1 AT LEA/ @s#a1 ( ?AT WILL BE = GR\ND R5T4 ,HE EMPLOYS HALF A DOZ5 BOOKKEEP]S1 & AS MANY SALESM5 & PORT]S1 POSSIBLY TW5TY 9 ALL4 ,IF HE PAID NO GR\ND R5T !RE W\LD BE @s#e APIECE AVAILABLE TO RAISE ! WAGES ( ALL H&S4 ,HAVE Y\1 9DE$1 NO 9T]E/ 9 R5T8 

,& H[ MU* DO Y\ PAY = BO>D8 ,& ( H] EXP5SES1 :AT P>T DOES Y\R BO>D+H\SE KEEP] PAY = GR\ND R5T8 ,& ! DEAL] FROM :OM Y\ BUY Y\R CLO!S -- :AT GR\ND R5T DOES HE PAY8 ,ON EV]Y SIDE Y\ >E BL$ BY ,R5T4 

,& :AT DOES ! L& [N] GIVE 9 RETURN8 ,REMEMB]1 WE >E NOT SPEAK+ ( BUILD+S1 BUT ( ! L& ONLY UPON :I* ! BUILD+S /&4 

,! L& [N] GIVES NO?+ :ATEV]1 BUT P]MISSION TO Y\ TO LIVE & WORK ON HIS L&4 ,HE DOES NOT GIVE HIS PRODUCT 9 EX*ANGE = Y\RS4 ,HE DID NOT PRODUCE ! L&4 ,HE OBTA9$ A TITLE AT LAW TO IT2 ?AT IS1 A PRIVILEGE TO KEEP EV]YBODY (F HIS L& UNTIL !Y PAID HIM HIS PRICE4 ,HE IS WELL CALL$ ! LORD ( ! L& -- ! L&LORD6 

,EV5 IF ! M]*ANT HAS B\<T HIS W>EH\SE \TRI<T1 SO ?AT HE PAYS NO R5T DIRECTLY1 HE /ILL PAYS R5T 9DIRECTLY1 ?R\< ! PUR*ASE PRICE PAID TO ! PREVI\S [N]4 

,DIRECTLY OR 9DIRECTLY EV]YBODY MU/ PAY R5T TO ! [N]S ( ! SOIL4 ,EI!R 9 ! =M ( ANNUAL OR MON?LY PAYM5TS1 OR 9 ! =M ( A PRICE PAID = PUR*ASE1 EV]YBODY MU/ PAY = A PLACE TO LIVE UPON & A PLACE TO WORK UPON4 

,BUT1 Y\ WILL SAY1 M5 MU/ BE SECURE 9 ! POSSESSION ( ! PRODUCTS ( !IR LABOR2 & H[ CAN !Y BE SECURE UNLESS !Y [N !IR L&8 

,!RE >E TWO K9DS ( L& [N]%IP1 PROPRIETOR%IP OR PROP]TY1 BY :I* ! [N] IS ABSOLUTE LORD ( ! L&1 TO USE IT OR TO HOLD IT \T ( USE1 AS IT MAY PLEASE HIM2 & POSSESSION1"9 BY :I* HE IS SECURE 9 ! T5URE ( L& :I* HE USES & OCCUPIES1 BUT HAS NO CLAIM UPON IT AT ALL IF HE CEASES TO USE IT4 ,HE CANNOT HOLD IT \T ( USE1 & PREV5T O!RS FROM US+ IT4 ,= ! SECURE POSSESSION ( HIS CROPS OR BUILD+S OR O!R PRODUCTS1 HE NE$S NO?+ BUT ! POSSESSION ( ! L& :I* HE USES4 

,= 9/ANCE1 9 ! M9+ REGIONS1 VA/ >EAS ( M9+ L& >E HELD \T ( USE BY ! M9+ COMPANIES1 :I* [N ALL ! L& AB\T4 ,H[ LONG1 DO Y\ ?9K1 W\LD !SE T]RIBLE /RIKES 9 ,COLORADO & ,MI*IGAN & ,WE/ ,VIRG9IA HAVE LA/$1 IF ! M9]S HAD BE5 FREE TO GO TO WORK & OP5 UP NEW M9ES ON ! UNUS$ L&8 ,NOT AN H\R6 ,NOT A M9UTE6 

,ALL ?AT IS NECESS>Y TO DO AWAY ) ,R5T IS TO DO AWAY ) ABSOLUTE PROP]TY 9 L&2 TO MAKE ALL L& ?AT IS NOT 9 USE FREE TO ANYBODY TO 5T] UPON IT & USE IT4 

,NOR WILL ANY TEMPORIZ+ MEASURE %ORT ( ?IS SUFFICE4 ,GREAT AS W]E ! S]VICES ( ,H5RY ,GEORGE 9 FAMILI>IZ+ PEOPLE ) ! DE/RUCTIVE NATURE ( \R PRES5T SY/EM ( L& T5URE1 HIS S+LE TAX S*EME CANNOT BE REG>D$ AS A REM$Y4 

,= ! REASON ?AT1 IF R5T MU/ BE PAID1 IT IS NO P>TICUL> RELIEF TO PAY IT TO ! GOV]NM5T 9 ! =M ( A TAX1 RA!R ?AN TO PAY IT TO AN 9DIVIDUAL 9 ! =M ( R5T4 

,IF ! COAL M9]S ( ,WE/ ,VIRG9IA W]E FREE TO GO TO WORK & OP5 UP NEW M9ES ON ANY UNUS$ L&1 IT W\LD IMM$IATELY RELIEVE ! SITUATION2 BUT IF !Y FIR/ HAD TO PAY A GOV]NM5T TAX1 ALMO/ EQUAL TO ! R5TAL VALUE1 !Y W\LD BE AS BADLY (F AS EV]2 ! L& W\LD BE AS 9ACCESSIBLE AS EV]4 

,NO1 ! ONLY REAL REM$Y IS A *ANGE ( HE>T1 ?R\< :I* L& US+ WILL BE RECOGNIZ$ AS PROP] & LEGITIMATE1 BUT L& HOLD+ WILL BE REG>D$ AS ROBB]Y & PIRACY4 

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,ECONOMI/S DI/+UI% TWO =MS ( R5T1 :AT IS CALL$ ECONOMIC R5T & MONOPOLI/IC R5T4 

,ECONOMIC R5T IS ! DIFF]5CE 9 PRODUCTIV5ESS ( DIFF]5T LOCALITIES4 ,?US1 ( TWO M9ES1 ONE ( :I* WAS RI*] 9 ORE ?AN ! O!R1 ! ADDITIONAL PRODUCT ( ! RI*] M9E W\LD CON/ITUTE ! ECONOMIC R5T ( IT4 ,MONOPOLY R5T IS ! PRICE DEM&$ BY ! [N] ( ! SOIL1 :E!R AS A LUMP PUR*ASE PRICE OR AS ! USUAL P]IODICAL R5TAL PAYM5TS1 REG>DLESS ( ITS PRODUCTIV5ESS4"4 

,IT IS MONOPOLY R5T ?AT RESULTS 9 VACANT L&4 

,BY MAK+ ALL UNUS$ & UNOCCUPI$ L& FREE = ANYBODY TO USE1 MONOPOLY R5T W\LD DISAPPE>1 & MONOPOLY PRICE1 ! SPECULATIVE PRICE AT :I* VACANT L& IS HELD1 :I* IS EQUIVAL5T TO R5T1 :I* IS1 9 FACT1 MONOPOLY R5T CAPITALIZ$1 C\LD NO LONG] EXI/4 

,BUT ECONOMIC R5T -- ! ADVANTAGE ?AT MI<T 9H]E 9 ANY P>TICUL> PIECE ( L&1 FROM GREAT] F]TILITY ( SOIL OR SUP]IORITY 9 SITUATION-- ?IS ECONOMIC R5T W\LD /ILL REMA94 ,) ?IS DIFF]5CE1 H[EV]1 ?AT ! GREAT] PRODUCT W\LD 9URE TO ! PR(IT ( ! US]S ( ! L&1 NOT ( SOME SO-CALL$ L& [N]4 

,! T5D5CY ( ECONOMIC R5T IS ALWAYS TO R$UCE ITSELF TO A M9IMUM2 BECAUSE ! 9H]5T ADVANTAGES ( L& >E V>IABLE4 ,?AT IS1 A DISADVANTAGE = ONE SORT ( USE IS (T5 AN ADVANTAGE = ANO!R4 

,ON ! %ORES ( ,LAKE ,MI*IGAN >E C]TA9 B>R51 S&Y TRACTS1 UNTIL REC5TLY REG>D$ AS ALMO/ WOR?LESS = ANY USE4 ,IT HAS BE5 F\ND ?AT !Y >E PECULI>LY SUIT$ = GR[+ PEAS2 & N[ L>GE QUANTITIES ( PEAS >E PRODUC$ UPON !M1 & ! PRICE ( L& !RE HAS RIS5 T5FOLD4 

,! DIFF]5CE 9 NATURAL ADVANTAGES UPON :I* ECONOMIC R5T IS BAS$1 >E LIKE ! DIFF]5CES 9 NATURAL ABILITY ( ! WORK]S2 !Y >E DIFF]5CES 9 K9D RA!R ?AN 9 DEGREE4 ,! /UPID1 /OLID WORK] MAY BE BETT] FITT$ = C]TA9 K9DS ( WORK ?AN ONE ( MORE 9TELLIG5T1 N]V\S ORGANIZATION4 ,! SWAMP MAY NOT GR[ :EAT2 BUT MAY BE ADMIRABLY SUIT$ TO CRANB]RIES4 

,! DIFF]5CES 9 PRODUCT CAUS$ BY DIFF]5CES 9 P]SONAL QUALITIES & DIFF]5CES 9 ! QUALITIES ( ! L& BO? T5D T[>D A M9IMUM1 & EV5TUALLY T[>D EXT9CTION4 

,PROPRIETOR%IP 9 L&1 UPON :I* MONOPOLY R5T1 & ITS EQUIVAL5T1 SPECULATIVE PRICE1 >E BAS$1 IS QUITE DIFF]5T4 ,IT IS :OLLY AN >TIFICIAL PRIVILEGE1 :I* ALL ! P[]S ( GOV]NM5T1 & ( \R PRIVILEGE BORN LAW1 >E EX]T$ TO UPHOLD4 

,! R5T ( MONOPOLY1 SO F> FROM BE+ AN ADDITION TO ! PRODUCT ( ! WORK]1 IS A D$UCTION FROM IT1 5TIRELY TO ! ADVANTAGE ( ! L&LORD1 & CONT9UALLY T5D+ T[>D A MAXIMUM1 AS ! L& BECOMES MORE & MORE COMPLETELY MONOPOLIZ$4 

,BO? GOV]NM5T & LAW EXI/1 AS ANY LAWY] CAN TELL Y\1 TO PROTECT PROP]TY1 ?AT IS1 PROPRIETOR%IP 9 L& AMONG O!R =MS ( PROP]TY4 ,)\T =CE1 ?AT IS1 GOV]NM5T1 PROPRIETOR%IP 9 L& W\LD CEASE2 &1 ON ! O!R H&1 )\T PROPRIETOR%IP !RE W\LD BE NO FUNCTION = =CE GOV]NM5T1 & IT W\LD LAPSE 9TO A MORE P]FECT =M ( SOCIAL ORGANIZATION4 

,A FREE ASSOCIATION W\LD UPHOLD ! PRODUC] 9 ! POSSESSION ( L& = USE2 & ALL EF=TS TO RE/ORE ! L& TO ! PEOPLE MU/ 9CLUDE1 AS A NECESS>Y CONDITION1 ! EXT9CTION ( ! GOV]NM5TAL =M ( ORGANIZATION & ! ]ECTION ( FREE SOCIETY4 

.-.-.-.-.-.-.-.-.-.- 

"9,/RICTLY1 IT IS 9CORRECT TO CALL POSSESSION [N]%IP4 ,! WORD IS US$ TO CONVEY ! IDEA ?AT SECURITY 9 POSSESSION MAY BE ATTA9$ )\T ABSOLUTE [N]%IP4 

"4 ,SEE ,APP5DIX ,I,I4 

,! ,M,O,N,E,Y ,P,R,I,V,I,L,E,G,E 

,SOMETIMES1 9/EAD ( PUR*AS+ A COMMODITY \T & \T1 PEOPLE WANT TO BUY ONLY ! USE ( IT1 = A LONG] OR %ORT] P]IOD4 ,! PRICE PAID = SU* TEMPOR>Y USE IS COMMONLY CALL$ HIRE4 ,A HORSE & BUGGY HIR$ FROM A LIV]Y /ABLE1 A ROOM AT A HOTEL HIR$ = ! NI<T1 A H\SE OR AP>TM5T HIR$ BY ! MON? OR YE>1 >E 9/ANCES4 

,9 PRECISELY ! SAME WAY MONEY IS (T5 HIR$1 & ! HIRE PAID = ! USE ( IT IS CALL$ ,9T]E/4 

,9 ! PA/1 :5 GOLD & SILV] W]E ! ONLY MONEY1 ! HIRE ( GOLD & SILV] WAS ON ! SAME FOOT+ AS ?AT ( ANY O!R COMMODITY4 4 ,L>GE SUMS W]E PAID = ! USE ( MONEY1 BECAUSE ! AVAILABLE AM\NT ( GOLD & SILV] WAS F> LESS ?AN WAS NE$$ TO C>RY ON ! COMM]CIAL TRANSACTIONS ( ! TIMES4 

,FROM ITS NATURE1 MONEY IS PECULI>LY ADAPT$ = HIRE4 ,GOLD & SILV] MONEY IS SOME?+ ?AT NOBODY WANTS = ITSELF1 BUT ONLY = ! PUR*ASE ( O!R ?+S4 ,IT IS US$ ONLY :5 IT IS EXP5D$4 ,IT IS TRUE ?AT IT MAY BE KEPT1 & MELT$ D[N & MADE 9TO WAT* CASES & JEWELRY2 BUT !N IT CEASES TO BE MONEY & BECOMES A COMMODITY ( A DIFF]5T SORT4 ,AS MONEY1 ITS USE IS NE$$ ONLY TEMPOR>ILY4 

,! M]*ANT :O NE$$ TO REPL5I% HIS /OCK ( GOODS1 C\LD DO IT ) ! MONEY ?AT HE HIR$1 AS WELL AS IF HE HAD [N$ IT2 & :5 ! GOODS HAD BE5 SOLD1 HE C\LD PAY IT BACK TO ! L5D]1 TOGE!R ) ! PRICE PAID = ITS HIRE@5 -- ! ,9T]E/4 

,AS LONG AS GOLD & SILV] W]E ! ONLY MONEY 9 USE1 SU* MONEY WAS L5T BY ! MONEY L5D]1 JU/ AS HORSES W]E L5T BY ! LIV]Y /ABLE KEEP]2 & ! L>GE PRICES EXACT$ AS 9T]E/ W]E POSSIBLE ONLY BECAUSE ( ! NATURAL RE/RICTION ( ! SUPPLY ( GOLD & SILV]4 

,MOD]N MONEY IS AN 5TIRELY DIFF]5T AFFAIR4 ,MOD]N MONEY IS ALMO/ ALTOGE!R CR$IT MONEY4 ,GOLD IS US$ TO A C]TA9 EXT5T2 BUT ! GREAT BULK ( ! MONEY 9 USE IS NOT GOLD BUT PROMISSORY NOTES1 CALL$ BANK NOTES -- PAP] MONEY1 9 %ORT4 

,!SE BANK NOTES >E PROMISES TO PAY ON DEM&1 LIKE ! ORD9>Y PROMISSORY NOTES ( 9DIVIDUALS1 ) ?IS DIFF]5CE ?AT ! LAW REQUIRES 9DIVIDUAL PROMISSORY NOTES TO BE 5DORS$ BY EA* HOLD]1 :ILE IT P]MITS ! BANK NOTES TO PASS FROM H& TO H& )\T 5DORSEM5T4 ,?IS P[] ( PASS+ FROM H& TO H& )\T 5DORSEM5T CON/ITUTES ! BANK NOTES CURR5CY1 :ILE ! NOTES ( 9DIVIDUALS >E NOT CURR5CY4 

,9 ADDITION1 ! NOTES ( ! 9DIVIDUAL >E = IRREGUL>1 FRACTIONAL & USUALLY L>GE SUMS1 :ILE ?OSE ( ! BANK >E = REGUL>1 9TEGRAL & COMP>ATIVELY SMALL SUMS4 

,! BUS9ESS ( A BANK IS TO L5D MONEY2 :I* AM\NTS1 N[ADAYS1 TO L5D+ CR$IT4 ,ALL ! CR$IT NOTES -- ! ORD9>Y BANK NOTES -- 9 CIRCULATION W]E ORIG9ALLY BORR[$ FROM SOME BANK4 

0,Y\ >E LIV+ ON BORR[$ MONEY10 SAYS A MAN TO HIS FRI5D4 0,NOT AT ALL2 ?IS MONEY 9 MY POCKET IS MY [N2 IT IS NOT BORR[$10 ANSW]S HIS FRI5D4 0,Y\ MAY NOT HAVE BORR[$ IT10 IS ! REPLY1 0BUT SOMEBODY ORIG9ALLY BORR[$ IT1 )\T D\BT40 

,& ) P]FECT TRU?1 = !RE IS NO WAY TO OBTA9 BANK NOTES BUT FROM A BANK1 & ! BANK DOES NOT GIVE !M AWAY1 BUT L5DS !M4 ,9 ?IS WAY1 ! *>GE ?AT ! BANK MAKES = ! USE ( ITS NOTES-- ! 9T]E/ -- IS A CONT9UAL & UNIV]SAL TAX UPON ALL ! MEMB]S ( ! COMMUNITY4 

,NOT AN OLD WOMAN ?AT BUYS A PAP] ( P9S1 )\T YIELD+ A P>T ( ! PRICE TO ! BANKS AS 9T]E/6 

7,= ! SAKE ( SIMPLICITY1 ,I MAKE NO M5TION ( M9OR MATT]S1 SU* AS ,UNIT$ ,/ATES C]TIFICATES4 ,:AT ,I /ATE IS SUB/ANTIALLY TRUE ( ! GREAT BULK ( ! CURR5CY47 

,! ME*ANISM BY :I* !SE CURR5T NOTES >E OBTA9$ FROM ! BANK IS ?IS3 ,A M]*ANT SELLS A BILL ( GOODS TO A RETAIL DEAL]4 ,! RETAIL DEAL] DOES NOT PAY CURR5CY = !M2 HE GIVES HIS PROMISSORY NOTE1 PAYABLE 9 SIXTY OR N9ETY DAYS4 ,?IS NOTE ! :OLESALE DEAL] TAKES TO HIS BANK1 & ! BANK GIVES HIM CR$IT ON ITS BOOKS = ! AM\NT ( ! NOTE1 LESS ! BANK'S PR(IT 9 ! =M ( A DISC\NT4 ,! M]*ANT IS !N 5TITL$ TO DRAW *ECKS AGA9/ ?IS CR$IT1 9 PAYM5T ( HIS [N DEBTS1 = /OCK1 = R5T1 = EMPLOYES' WAGES4 ,MANY ( !SE DEBTS >E SETTL$ BY *ECK2 O!RS1 SU* AS EMPLOYES' WAGES1 REQUIRE CURR5CY4 

,! BANK WILL NOT DISC\NT ! M]*ANT'S NOTE1 UNLESS IT IS SURE ( HIS SOLV5CY2 SO ?AT :AT ! BANK REALLY DOES IS TO C]TIFY TO ! M]*ANT'S SOLV5CY1 & ISSUE ITS [N CURR5T NOTES1 9 PLACE ( ! 9DIVIDUAL PROMISSORY NOTE ?AT IT RECEIVES4 

,! S]VICE ?AT ! BANK ?US P]=MS IS 9DISP5SABLE1 ! ONLY QUE/ION IS AS TO ! AM\NT ( PAYM5T ?AT IT RECEIVES = ITS S]VICES4 

,NOM9ALLY ! RATE ( DISC\NT IS ! CURR5T RATE ( 9T]E/ -- F\R1 FIVE OR SIX P] C5T -- PRACTICALLY IT IS MU* MORE4 

,& = ?IS REASON3 ,ALMO/ ALL *ECKS ULTIMATELY >E PAID 9 CURR5CY4 ,! *ECK GIV5 BY ! M]*ANT = HIS /OCK GOES TO ! MANUFACTUR]1 :O ULTIMATELY MU/ HAVE CURR5CY TO PAY HIS EMPLOYES2 & SO ) O!R *ECKS ?AT HE MAY GIVE -- ALMO/ ALL MEAN CURR5CY SOON] OR LAT]4 

,N[ ?IS CURR5CY IS SP5T = GROC]IES1 MEAT1 CLO?+ & ALL ! NE$S ( LIFE2 & IS IMM$IATELY R$EPOSIT$ 9 SOME BANK BY ! GROC]1 BUT*] OR CLO?I]1 & US$ AGA9 BY ! BANK TO DISC\NT SOME O!R M]*ANT'S NOTE4 ,?US ! SAME CURR5CY IS L5T BY ! BANK OV] & OV] AGA91 SO ?AT ! 9T]E/1 9 ! =M ( DISC\NT1 IS D\BL$ & TRIPL$ & (T5 QU9TUPL$ OR MORE4 ,& ?AT IS :Y BANK+ IS SU* A PR(ITABLE BUS9ESS4 

,! REASON :Y ! BANKS >E ABLE TO MAKE SU* L>GE PR(ITS1 ON :AT1 AFT] ALL1 IS ! SIMPLE & SAFE BUS9ESS ( C]TIFY+ TO ! SOLV5CY ( A MAN :OSE SOLV5CY IS ASSUR$1 IS ?AT ! AM\NT ( CURR5T NOTES IS LIMIT$ BY A S]IES ( GOV]NM5TAL RE/RICTIONS4 

,9 ! FIR/ PLACE1 !RE IS ! LEGAL T5D] LAW1 ?AT ALL DEBTS MU/ BE PAID 9 GOLD4 ,?IS 9CLUDES ! CURR5T NOTES ( ! BANK1 :I* >E SUPPOS$ TO BE R$EEMABLE AT ANY MOM5T 9 GOLD4 ,EV]Y BANK IS REQUIR$ TO C>RY A C]TA9 AM\NT ( GOLD = ! R$EMPTION ( ITS NOTES4 ,! AM\NT ( GOLD ?AT ! BANK C>RIES IS F> FROM SUFFICI5T TO R$EEM ALL ITS NOTES1 BUT ! RES]VE1 AS IT IS CALL$1 MU/ NOT FALL BEL[ A C]TA9 M9IMUM4 

,AS ?IS M9IMUM IS APPROA*$1 ! BANK RE/RICTS ITS LOANS1 & RAISES ITS RATE ( DISC\NT4 ,9 TIMES ( /RESS1 :5 CURR5CY IS MU* NE$$1 ! BANK MAY REFUSE TO MAKE ANY LOANS1 !REBY PRECIPITAT+ ONE ( ! COMM]CIAL PANICS ?AT SO FREQU5TLY OCCUR4 ,! NEWSPAP]S >E 9 ! HABIT ( ATTRIBUT+ SU* PANICS TO A FOOLI% & UNREASONABLE 0LOSS ( CONFID5CE40 ,IT IS NATURAL ?AT A M]*ANT :OSE NOTES HAVE HI!RTO BE5 FREELY DISC\NT$1 %\LD 0LOSE CONFID5CE0 :5 DISC\NT IS REFUS$4 ,HIS W>EH\SE MAY BE OV]FL[+ ) VALUABLE M]*&ISE1 HIS ASSETS F> 9 EXCESS ( HIS LIABILITIES1 YET HE MAY BE =C$ 9TO BANKRUPTCY1 SIMPLY BECAUSE ! GOLD RES]VE ( ! BANK IS L[4 

,9 ! SECOND PLACE1 !RE >E V>I\S LAWS ( ! DIFF]5T ,/ATES & ( ! ,UNIT$ ,/ATES1 >BITR>ILY PROHIBIT+ ! MANUFACTURE & LOAN ( CURR5T NOTES BY ANYBODY BUT A LAWFULLY ORGANIZ$ BANK2 ) P5ALTIES RANG+ FROM F9E TO IMPRISONM5T4 ,BY ! ,F$]AL LAW ! F9E TAKES ! =M ( A T5 P] C5T TAX UPON ! NOTES CIRCULAT$1 :I* ACTS AS A COMPLETE PROHIBITION4 

,W]E IT NOT = !SE RE/RICTIVE & PROHIBITORY LAWS :I* SUPPORT ! MONEY PRIVILEGE OR BANK+ MONOPOLY1 IT W\LD BE EASY TO />T COMPETITIVE BANKS2 &1 ) FREE COMPETITION1 ! *>GE = MONEY L5T W\LD BE BR\<T D[N TO A M9IMUM1 AS 9 O!R K9DS ( L5D+ BUS9ESS4 

,A LIV]Y /ABLE KEEP]1 = 9/ANCE1 MU/ *>GE 5\< TO PAY = FE$1 C>E1 CLEAN+ & ALL 9CID5TAL EXP5SES1 & = ! REPLACEM5T ( HIS HORSES & VEHICLES AS !Y WE> \T2 & 9 ADDITION HIS P]SONAL 9COME OR WAGES4 

,UND] FREE CONDITIONS1 ! SAME W\LD OCCUR 9 BANK+4 

,IF PEOPLE W]E AS FREE TO E/ABLI% BANKS & L5D CURR5CY AS !Y >E N[ TO E/ABLI% LIV]Y /ABLES & L5D HORSES1 COMPETITION AMONG BANKS W\LD R$UCE ! RATE ( 9T]E/ TO ! M9IMUM NECESS>Y TO COV] EXP5SES & TO GIVE !M :O W]E EMPLOY$ 9 ! BUS9ESS AN EQUITABLE WAGE4 

,?IS M9IMUM 9T]E/ *>GE1 IT HAS BE5 CALCULAT$1 W\LD BE AB\T ONE-HALF OR ?REE-QU>T]S ( ONE P] C5T1 9/EAD ( ! PRES5T RU9\S & EXORBITANT *>GE ( FIFTE5 OR TW5TY P] C5T4 

,UPON ! MONOPOLY RATE ( 9T]E/ = MONEY ?AT IS ?US =C$ UPON US BY LAW1 IS BAS$ ! :OLE SY/EM ( 9T]E/ UPON CAPITAL1 ?AT P]MEATES ALL MOD]N BUS9ESS4 

,) FREE BANK+1 9T]E/ UPON BONDS ( ALL K9DS & DIVID5DS UPON /OCK W\LD FALL TO ! M9IMUM BANK 9T]E/ *>GE4 ,! SO-CALL$ R5T ( H\SES & O!R IMPROVEM5TS W\LD FALL TO ! CO/ ( MA9T5ANCE & REPLACEM5T4 

,ALL ?AT P>T ( ! PRODUCT :I* IS N[ TAK5 BY ,9T]E/ W\LD BELONG TO ! PRODUC]4 ,CAPITAL1 H[EV] CAPITAL MAY BE DEF9$1 W\LD PRACTICALLY CEASE TO EXI/ AS AN 9COME PRODUC+ FUND1 = ! SIMPLE REASON ?AT IF MONEY1 :]E) TO BUY CAPITAL1 C\LD BE OBTA9$ = ONE-HALF ( ONE P] C5T1 CAPITAL ITSELF C\LD COMM& NO HI<] PRICE4 

,IF ! LAWS RE/RICT+ ! ISSUE ( CURR5CY W]E DONE AWAY )1 SU* A /ATE ( AFFAIRS W\LD EASILY BE BR\<T AB\T BY VOLUNT>Y ASSOCIATIONS4 

,BANKS C\LD & W\LD BE E/ABLI%$1 NOT1 AS N[1 BY A H&FUL ( /OCKHOLD]S = !IR [N PR(IT1 BUT BY ASSOCIATIONS ( BUS9ESS M5 = !IR CONV5I5CE & ADVANTAGE4 

,!SE M5 W\LD PL$GE !IR ASSETS TO SUPPORT ! CR$IT ( ! BANK1 & W\LD ACCEPT ! CURR5T NOTES ( ! BANK 9 EX*ANGE = !IR [N NOTES1 PAY+ ONLY ! TRIFL+ P]C5TAGE REQUIR$ TO DEFRAY ! CO/ ( C>RY+ ON ! BANK4 

,ANYBODY \TSIDE ! ASSOCIATION C\LD OBTA9 A LOAN BY PL$G+ HIS POSSESSIONS TO ! AM\NT ( ! LOAN1 PLUS AN ALL[ANCE = DET]IORATION1 ACCORD+ TO ! NATURE ( ! COMMODITY PL$G$1 PLUS AN ALL[ANCE = RISK4 

,! NOTES ( ! BANK W\LD BE R$EEMABLE1 NOT 9 GOLD1 BUT 9 ANY VALUABLE COMMODITY4 ,GOLD W\LD NO LONG] BE ! BASIS ( ! CIRCULAT+ PAP] CURR5CY2 BUT ALL COMMODITIES W\LD BE AVAILABLE AS A BASIS1 ?AT IS1 AS SECURITY4 

,?US1 F9ANCIAL CRISES W\LD BE IMPOSSIBLE4 

,AT PRES5T1 F9ANCIAL CRISES OCCUR1 *IEFLY BECAUSE ! PAP] CURR5CY IS R$EEMABLE 9 GOLD ONLY4 ,!RE IS NEV] 5\< GOLD TO R$EEM ALL ! CURR5CY 9 CIRCULATION4 ,ACCORD+LY1 :5 ! SUPPLY ( GOLD RUNS %ORT1 ! SECURITY BEH9D ! NOTES IS DIM9I%$1 ! LOAN+ ( NOTES IS RE/RICT$ OR SUSP5D$1 & ! PANIC FOLL[S4 

,PAP] CURR5CY HAS HI!RTO BE5 REG>D$ ) SUSPICION1 AS 9SECURE4 ,:5EV] ANY MEASURES >E PROPOS$ LOOK+ T[>D ! RELIEF ( ! PEOPLE BY 9CREAS+ ! VOLUME ( ! PRES5T GOV]NM5TALLY CONTROLL$ CURR5CY1 ! NEWSPAP]S 5L>GE UPON ! DANG]S ( AN 9FLAT$ PAP] CURR5CY4 

,& ) JU/ICE1 AS LONG AS ! R$EMPTION ( ! CURR5CY IS POSSIBLE ) ONLY A S+LE COMMODITY -- GOLD4 

,BUT IT IS ONLY UND] ?IS CONDITION ?AT A PAP] CURR5CY IS 9SECURE4 ,:5 NOT ONLY GOLD BUT ALL COMMODITIES >E AVAILABLE = ! R$EMPTION ( ! PAP] CURR5CY1 ITS VOLUME IS LIMIT$ ONLY BY ! VALUE ( ALL ! WEAL? ( ! C\NTRY1 & IT CAN NEV] BECOME 9SECURE UP TO ?IS LIMIT4 

,!RE IS ANO!R PURPOSE S]V$ BY GOLD UND] \R PRES5T >RANGEM5TS1 9 ADDITION TO ITS S]VICE AS A BASIS OR SECURITY1 ?AT IS AS A MEASURE ( VALUE4 

,REF]R+ AGA9 TO ,TABLE ,I1 AT ! BACK1 IT IS EVID5T ?AT ANY ONE ( ! PRODUCTS !RE9 M5TION$ MI<T BE US$ AS A MEASURE ( ! PROPORTIONS OR VALUES ( ! O!RS4 ,9 \R DISCUSSIONS WE HAVE US$ ! BU%EL ( GRA91 BUT ANY O!R MI<T HAVE BE5 US$4 ,IF GOLD HAD BE5 LI/$ AMONG \R TYPICAL PRODUCTS1 GOLD ALSO MI<T HAVE BE5 US$4 

,JU/ :I* COMMODITY %ALL BE SO US$1 DEP5DS *IEFLY UPON ITS COMP>ATIVE 9V>IABILITY 9 VALUE4 ,HI!RTO GOLD HAS BE5 US$1 O/5SIBLY UPON ! GR\ND ?AT IT V>I$ LESS 9 VALUE ?AN ANY O!R COMMODITY1 AL?\< REALLY1 AGE-LONG CU/OM HAS HAD A P[]FUL 9FLU5CE UPON ! *OICE ( GOLD4 

,!RE APPE>S TO BE MU* D\BT :E!R ! VALUE ( GOLD IS AS 9V>IABLE AS IT HAS BE5 SUPPOS$ TO BE4 ,JEVONS1 A MO/ CONS]VATIVE ECONOMI/1 ASS]TS ?AT :EAT IS MORE /ABLE 9 VALUE ?AN GOLD2 &1 9 REC5T YE>S1 ! GREAT 9CREASE 9 ! CO/ ( COMMODITIES G5]ALLY HAS BE5 PLAUSIBLY 9T]PRET$ AS REALLY A DECL9E 9 ! VALUE ( GOLD1 [+ TO AN 5ORM\SLY 9CREAS$ PRODUCTION4 

,:ATEV] COMMODITY MI<T BE US$ AS A MEASURE ( VALUE1 OR AS A UNIT ( PRICE1 A PHRASE ?AT SEEMS PREF]ABLE1 IT IS EVID5T ?AT IT C\LD NOT BE ABSOLUTELY 9V>IABLE4 ,SOME FLUCTUATIONS MU/ OCCUR1 H[EV] SMALL4 ,NEV]!LESS1 AL?\< AN 9V>IABLE /&>D IS UNATTA9ABLE1 SOME /&>D IS ABSOLUTELY 9DISP5SABLE4 

,:AT ! /&>D WILL BE UND] FREE CONDITIONS IT IS IMPOSSIBLE TO PR$ICT4 ,EXP]IM5T & EXP]I5CE >E NE$$ TO DECIDE ! MATT]4 ,IT IS NOT IMPOSSIBLE ?AT MORE ?AN ONE /&>D OR MEASURE MAY BE US$2 A /ATEM5T ?AT SEEMS AN ABSURDITY ON ! FACE ( IT2 YET ! DESIRABILITY & FEASIBILITY ( A MULTIPLE /&>D1 EV5 UND] PRES5T CONDITIONS1 IS W>MLY DEF5D$ BY ! WELL-KN[N ECONOMI/1 ,IRV+ ,FI%]4 

,IF SU* A MULTIPLE /&>D IS FEASIBLE N[1 IT W\LD BECOME MU* MORE SO UND] FREE CONDITIONS1 :5 SPECULATIVE FLUCTUATIONS W\LD BE L>GELY ELIM9AT$1 & ALL VALUES W\LD T5D T[>D A /ABLE & NORMAL RELATION4 

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,ALL BUS9ESS M5 WILL REALIZE ! IMPETUS TO EX*ANGE1 & 9DIRECTLY TO PRODUCTION1 ?AT SU* A *ANGE 9 ! MONEY SY/EM W\LD GIVE4 

,! POSSIBILITY ( OBTA9+ CR$IT UPON CONV]TIBLE ASSETS ( ANY K9D WILL ALMO/ PUT AN 5D TO BANKRUPTCY4 ,= ! REASON ?AT 9 MO/ CASES ( BANKRUPTCY1 !RE >E ABUNDANT ASSETS TO COV] ALL CLAIMS1 & ! BANKRUPTCY IS1 SO TO SPEAK1 M]ELY FICTITI\S1 BR\<T AB\T BY ! IMPOSSIBILITY ( OBTA9+ CURR5CY OR CR$IT4 

,CR$IT W\LD BECOME MU* MORE /ABLE4 ,! RETAIL]1 9/EAD ( GIV+ HIS TIME NOTE TO ! :OLESAL]1 W\LD GIVE IT TO HIS LOCAL BANK1 :I* W\LD BE P]FECTLY ACQUA9T$ ) HIS /&+ & SOLV5CY1 & HE W\LD RECEIVE ! BANK'S CURR5T NOTES 9 EX*ANGE = IT1 ) :I* TO PAY ! :OLESAL]4 ,9 ! 5D1 ! USE ( TIME NOTES BETWE5 9DIVIDUALS W\LD BE SUP]S$$ BY ! USE ( CURR5CY = ALL EX*ANGES2 & TIME NOTES W\LD BE US$ ONLY BETWE5 ! 9DIVIDUAL & ! BANK4 

,! DANG]S ( AN 9FLAT$ PAP] CURR5CY1 UPON :I* >GUM5TS AGA9/ SU* AN EXT5SION ( ! CR$IT SY/EM >E (T5 F\ND$1 >E REAL 5\< :5 ! ONLY BASIS = R$EMPTION IS GOLD2 BECAUSE1 ) ! RELATIVE DIM9UTION ( ! /OCK ( GOLD1 ! PAP] CURR5CY BECOMES LESS R$EEMABLE4 

,BUT :5 ! CURR5CY IS R$EEMABLE1 NOT 9 GOLD ALONE1 BUT 9 ALL K9DS ( PRODUCTS1 ! V>IATION 9 ! /OCK ( GOLD CAN HAVE NO EFFECT UPON IT4 

,PRODUCTION1 TOO1 W\LD BE 9CR$IBLY 9CREAS$4 ,FREE L& IS ( LITTLE AVAIL TO HIM :O HAS NOT IMPLEM5TS :]E) TO WORK1 NOR SUBSI/5CE UNTIL HIS PRODUCT CAN BE PRODUC$ & SOLD4 

,) MONEY AVAILABLE AT ! CO/ ( ITS PRODUCTION1 A MAN :O HAD EV5 NO ASSETS1 BUT ( GOOD REPUTATION1 C\LD GET 5DORSEM5TS ?AT W\LD 5ABLE HIM TO OBTA9 CURR5CY :]E) TO MAKE A />T1 UPON ! /R5G? ( HIS FUTURE PROSPECTS1 JU/ AS N[ ! F>M] OBTA9S MONEY OR CR$IT UPON ! /R5G? ( HIS YET UNH>VE/$ CROP4 

,NOR NE$ !RE BE ANY FE> ( A DE/RUCTIVE CONVULSION TO TRADE CAUS$ BY ! 9TRODUCTION ( FREE MONEY4 

,A CONVULSION W\LD UND\BT$LY OCCUR1 IF ! *ANGE W]E SUDD5 & G5]AL4 ,BUT ) ! GRADUAL E/ABLI%M5T ( FREE BANKS1 EA* ONE COMPELL$ TO MA9TA9 ITS CR$IT 9 ORD] TO DO BUS9ESS AT ALL1 NO CONVULSION C\LD OCCUR4 

,GRADUALLY SU* FREE BANKS W\LD ASSOCIATE1 9 ORD] TO SUPPORT EA* O!R'S CR$IT1 &1 9 ! 5D1 !Y W\LD DISPLACE ! PRES5T BANKS & 9AUGURATE ! NEW SY/EM1 )\T ANY S]I\S DI/URBANCE4 

,NO?+ PREV5TS ! E/ABLI%M5T ( FREE BANKS BUT ! GOV]NM5TAL RE/RICTIONS ALREADY REC\NT$4 ,!RE IS LITTLE PROSPECT ?AT !SE RE/RICTIONS WILL BE RELAX$1 BECAUSE 9 ALL NATIONS1 ! BANK]S >E ! REAL P[] BEH9D ! GOV]NM5T1 & COMPEL ! MA9T5ANCE ( ! RE/RICTIONS ?AT GIVE !M !IR DEV\R+ MONOPOLY4 

,SU* P>TIAL EXP]IM5TS AS HAVE BE5 POSSIBLE 9 ! PA/1 HAVE PROV$ ABUNDANTLY SUCCESSFUL4 

,! ,MASSA*USETTS ,L& ,BANK1 DUR+ ,COLONIAL TIMES1 PROSP]$1 & BR\<T PROSP]ITY TO ! COMMUNITY1 UNTIL IT WAS =CIBLY SUPPRESS$ BY SPECIAL ACT ( ,P>LIAM5T4 

,! ,PEOPLE'S ,BANK1 F\ND$ BY ,PR\DHON 9 ! LATT] DAYS ( ! ,FR5* ,REVOLUTION1 FL\RI%$ & GREW1 UNTIL IT WAS =CIBLY SUPPRESS$ BY ,BONAP>TE4 

,T,A,X,A,T,I,O,N 

,?IRD 9 \R 5UM]ATION1 AL?\< PRIM>Y 9 ITS NATURE1 AMONG ! ME?ODS ( OBTA9+ A PORTION ( ! PRODUCTS ( ! COMMUNITY1 )\T TAK+ P>T 9 PRODUCTION1 ! OLDE/ & SIMPLE/ IS TAK+ :AT IS DESIR$ BY =CE4 

,?IS1 :5 DONE BY ! UPP] CLASSES1 IS CALL$ TAXATION4 

,9 ! MON>*ICAL MILIT>Y ORGANIZATIONS ( ! PA/1 ! *>ACT] ( ?IS PRIVILEGE IS EASILY SE54 ,! TAX WAS LEVI$ 9 ! NAME ( ! K+ OR W> LEAD]1 TO :OM ! NATURAL SUBS]VI5CE ( HUMAN NATURE SPONTANE\SLY R5D]$ SUBMISSION4 

,IT WAS ! K+'S >MY1 ! K+'S PEOPLE1 ! K+'S TAXES2 & HE :O QUE/ION$ ! PROPRIETY ( ! ROYAL PR]OGATIVE ( TAK+ FROM HIS PEOPLE )\T RETURN OR ACC\NT+1 WAS RECKON$1 & FELT HIMSELF TO BE1 A CRIM9AL1 GUILTY ( ! HI<E/ CRIME ( DISLOYALTY4 

,SU* IS /ILL ! ATTITUDE ( ! G5]ALITY4 ,TO EVADE ! CU/OMS TAX1 TO 0SWE> (F0 ! 9COME TAX1 IS /ILL FELT BY MO/ PEOPLE TO BE ! IMMORAL AVOIDANCE ( A JU/ CLAIM1 EV5 ?\< !Y P]MIT !MSELVES TO BE GUILTY ( !SE DEL9QU5CIES4 

,AL?\< ! =M ( SOCIETY HAS BE5 MU* MODIFI$1 ! 9DU/RIAL HAV+ BEGUN TO SUPPLANT ! MILIT>Y1 ! NATURE ( TAXATION REMA9S ! SAME4 ,IT IS /ILL ! TAK+ ( O!R PEOPLE'S POSSESSIONS )\T !IR AGREEM5T1 EV5 IF ) !IR TACIT CONS5T2 ?AT IS TO SAY1 NO OPPORTUNITY IS (F]$ BY :I* ! PAYM5T MAY BE )HELD1 ON ! GR\ND ?AT ! S]VICES (F]$ 9 RETURN >E NOT WOR? ! AM\NT DEM&$1 OR >E NOT WANT$ AT ALL1 AS W\LD BE DONE 9 ORD9>Y M]CANTILE TRANSACTIONS4 

,IT IS (T5 SAID BY RE=M]S ?AT GOV]NM5T %\LD BE CONDUCT$ UPON BUS9ESS PR9CIPLES4 ,?IS IS IMPOSSIBLE1 BECAUSE BUS9ESS RE/S UPON DO+ ITS WORK WELL 9 RETURN = :AT IS FREELY GIV5 9 PAYM5T2 :]EAS GOV]NM5T DEM&S & TAKES ITS 9COME1 :E!R ITS WORK IS WELL DONE OR NOT1 & :E!R IT IS WANT$ OR NOT4 

,! DI/9CTION IS 9EFFACEABLE4 

,! (FICIALS ( A GOV]NM5TAL ORGANIZATION1 :E!R AUTOCRATIC1 CON/ITUTIONAL OR DEMOCRATIC1 >E 9 ! POSITION ( ?OSE ( A CORPORATION ( :I* ! *IEF EXP5SES >E ! SAL>IES ( ! (FICIALS & EMPLOYES1 & ! 9COME IS OBTA9$ BY =CIBLE LEVIES4 

,IT IS IMPOSSIBLE ?AT AN 9COME SO OBTA9$ %\LD BE EXP5D$ AS C>EFULLY & ECONOMICALLY1 & AS MU* 9 ! 9T]E/ ( ?OSE :O PAY IT1 AS IF IT HAD TO BE OBTA9$ BY (F]+ A FAIR EQUIVAL5T TO TAXPAY]S1 & CONV9C+ !M ?AT ! PROPOS$ B>GA9 WAS TO !IR ADVANTAGE1 LEAV+ !M FREE TO ACCEPT OR DECL9E AT !IR PLEASURE4 

,= ?IS REASON D5UNCIATION ( GOV]NM5TAL CORRUPTION IS 5TIRELY FUTILE1 9DE$1 LAU<ABLE TO !M :O HAVE ONCE CLE>LY COMPREH5D$ ! TRUE /ATE ( AFFAIRS4 

,! FUNCTIONS FULFILL$ BY GOV]NM5T TODAY >E *IEFLY ( A COMM]CIAL *>ACT]1 YET ! S]VICE GIV5 IS REMUN]AT$1 NOT BY B>GA9 & SALE1 BUT BY =CIBLE LEVY4 ,IT IS 9EVITABLE ?AT (FICIALS %\LD USE ?IS =CE-COLLECT$ 9COME TO SECURE !IR [N CONT9UANCE 9 (FICE BY CONF]R+ VALUABLE PRIVILEGES UPON !IR SUPPORT]S1 :O1 9 TURN1 USE EV]Y EF=T TO /R5G!N ! GOV]NM5T4 

,! FACT ( ?IS COOP]ATION IS WELL KN[N4 ,EV]YBODY KN[S ?AT BEH9D EA* POLITICAL P>TY /&S A GR\P ( RI* M51 & ?AT !IR 9FLU5CE OV] ! VOTES :I* >E TO ELECT ! (FICIALS IS GIV5 9 RETURN = ! CONT9UANCE ( ! PRIVILEGES BY :I* !IR WEAL? HAS BE5 CREAT$4 

,?IS P[] ( TAK+ MONEY FROM ! 9DIVIDUAL )\T HIS CONS5T1 IS ! FUNDAM5TAL PRIVILEGE UPON :I* ALL ! O!RS >E BAS$1 & BY :I* !Y >E LIC5S$4 ,IT /&S UPON NO LOGICAL GR\ND1 BUT IS ! ROYAL PR]OGATIVE -- ! WILL ( ! PR9CE -- 9 ! LANGUAGE ( =M] DAYS4 

,IT WILL P]HAPS BE ?\<T ?AT A TAX IMPOS$ BY A REPRES5TATIVE ASSEMBLY LOSES ! *>ACT] ( A =CIBLE LEVY1 & BECOMES PRACTICALLY A M]CANTILE TRANSACTION4 ,BRIEF CONSID]ATION WILL %[ ?AT ?IS IS NOT ! CASE4 ,AL?\< ! SEV]ITY ( TAXATION BY AN AUTOCRAT IS MU* MITIGAT$ BY CON/ITUTIONALISM1 ! PR9CIPLE REMA9S ! SAME4 ,TAXES >E NO LONG] IMPOS$ BY LEAS+ ! COLLECTION TO A PA*A OR PROCONSUL1 & LETT+ HIM PLUND] UN*ECK$4 ,MOD]N GOV]NM5TS HAVE LE>N$ ! IMPORTANCE ( KEEP+ ! GOOSE 9 GOOD HEAL?1 ?AT IT MAY LAY MORE GOLD5 EGGS4 

,BUT ! VOTE IS USELESS AGA9/ TAXATION4 ,:I*EV] P>TY W9S1 TAXES GO ON1 & MU/ GO ON4 ,IT IS NOT POSSIBLE TO VOTE = A REPRES5TATIVE :O WILL OPPOSE TAXATION1 = IT IS FROM TAXATION ?AT HE GETS HIS BREAD & BUTT]4 

,! ESS5CE ( ECONOMIC EX*ANGE IS ! FRE$OM ( BO? P>TIES TO )HOLD CONS5T TO A B>GA94 ,EV5 IF IT C\LD BE %[N ?AT ! EQUIVAL5T GIV5 W]E FULLY EQUAL TO ! ASSESSM5T LEVI$1 IT W\LD /ILL LACK ! FRE$OM ( *OICE ( ! 9DIVIDUAL TO P]MIT IT TO BE RANK$ AS A COMM]CIAL TRANSACTION4 

,! TOTAL AM\NT ( TAXATION 9 ! ,UNIT$ ,/ATES1 9CLUD+ ,F$]AL1 ,/ATE1 CITY1 T[N1 VILLAGE1 S*OOL & ALL O!R TAXES1 HAS BE5 CALCULAT$ AT SOME?+ LIKE @s#b1#e114 ,) A POPULATION ( AB\T #a11 ?IS AM\NTS TO AB\T @s#b#e P] HEAD1 OR @s#a#b#e P] FAMILY4 

,GREAT AS IS ?IS =C$ D$UCTION FROM ! PRODUCTS ( ! WORK]S1 ! DAMAGE 9FLICT$ BY TAXATION 9DIRECTLY IS /ILL GREAT]4 ,FIR/ MU/ BE PLAC$ ?AT CAUS$ BY TAXES UPON IMPORTS4 ,!SE RE/RICT FRE$OM ( EX*ANGE 9 TWO WAYS2 BY LIMIT+ OR PREV5T+ TRADE BETWE5 ! NATIONS :I* IMPOSE !M1 & BY FO/]+ MONOPOLIES AMONG PRODUC]S4 

,:5 NATIONS GIVE UP ! LA/ REMNANTS ( ! MILIT>Y /ATE ( ! PA/ & BECOME FULLY COMM]CIALIZ$1 !SE T>IFFS WILL BE ABOLI%$1 & PRODUCTION & EX*ANGE 9CALCULABLY /IMULAT$4 

,S,P,E,C,I,A,L ,P,R,I,V,I,L,E,G,E,S 

,TAXATION1 ,L& [N]%IP1 ,MONEY RE/RICTION -- !SE WE HAVE DESCRIB$ AS ! G5]AL TOOLS BY :I* PRODUCTS >E TAK5 FROM ! PRODUC] BY ! PRIVILEG$4 

,BESIDES !SE1 !RE >E SPECIAL PRIVILEGES GRANT$ TO FAVOR$ SUPPORT]S BY ! CLIQUE ( POLITICIANS CALL$ GOV]NM5T1 ?AT1 = ! TIME BE+1 HOLDS ! P[] ( TAXATION4 ,FIR/ AMONG !SE IS ! T>IFF ON IMPORTS1 TO :I* WE HAVE ALLUD$4 

,AL?\< PRIM>ILY A =M ( TAXATION1 A TAX UPON IMPORT$ GOODS IS 9CID5TALLY A SPECIAL B5EFIT TO C]TA9 9DIVIDUALS1 & IS (T5 RAIS$1 = !IR ADVANTAGE1 TO A PO9T ABOVE ?AT :I* W\LD AF=D ! L>GE/ REV5UE TO ! TAX COLLECT+ P[]4 

,!RE IS A C]TA9 PO9T BEYOND :I* ! RATE ( A T>IFF CANNOT BE RAIS$1 )\T CAUS+ A DIM9UTION 9 IMPORTS MORE ?AN SUFFICI5T TO C\NT]ACT ! 9CREAS$ RATE4 ,SO ?AT ! PO9T ( MAXIMUM REV5UE IS NOT ! HI<E/ RATE1 BUT AT SOME PO9T BEL[ ?AT1 AT :I* ! AM\NT ( IMPORTS MULTIPLI$ BY ! RATE ( ! TAX GIVES ! MAXIMUM PRODUCT4 

,:5 A T>IFF IS RAIS$ BEYOND ?IS PO9T1 9 ADDITION TO ITS *>ACT] AS A TAX1 IT ASSUMES ANO!R ASPECT AS A SPECIAL PRIVILEGE1 P]MITT+ ! PRODUC]S ( ! COMMODITY ?AT IS TAX$ TO *>GE A HI<] PRICE ?AN C\LD BE OBTA9$ IF =EIGN GOODS W]E TO BE HAD 9 COMPETITION ) IT4 

,ANO!R =M ( SPECIAL PRIVILEGE IS ?AT CONF]R$ BY PAT5TS & COPYRI<TS4 

,AS 9 ! CASE ( ! L& PRIVILEGE1 ! EFFECTS ( ?IS >E NOT1 AT FIR/1 CONSPICU\S4 ,JU/ AS1 AT FIR/1 :ILE POPULATION IS SP>SE & ALL L& IS *EAP1 ! P[] ( ! L&LORD IS NOT FELT1 SO1 AT FIR/1 ! PR(ITS TO ! 9V5TOR OR AU?OR SEEM :OLLY B5EFIC5T4 

,LAT] EXP]I5CE %[S ?AT ! ADVANTAGES TO ! 9V5TOR OR AU?OR >E USUALLY SMALL1 BUT ?AT TO ! HOLD] ( IMPORTANT PAT5TS1 ! PRIVILEGE BECOMES ! BASIS ( EXCESSIVE MONOPOLY *>GES1 AS 9 ! CASE ( ! TELEPHONE PAT5TS2 :ILE ! COPYRI<T BECOMES ! F\NDATION ( WEAL?Y PUBLI%+ H\SES1 GIV+ COMP>ATIVELY LITTLE ADVANTAGE TO AU?OR4 

,IT IS OBS]V$1 TOO1 ?AT IT IS ALWAYS ! PEOPLE :O CONTROL ! MONEY :]E) AN 9V5TION OR A BOOK IS PRODUC$1 :O REAP ! GREAT PR(IT4 ,EXCEPT 9 ! CASE ( NOVELS ( L>GE SALE1 OR ( 9V5TIONS ( WIDE UTILITY1 & :]E ! 9V5TOR OR AU?OR UNITES ! %REWDNESS ( A MONEYMAK] ) ! G5IUS ( A CREATOR -- A R>E COMB9ATION -- ! MONEY GA9 TO ! ORIG9ATOR IS SELDOM MORE ?AN A FRACTION ( ! PR(IT ?AT ! MONEY$ PUR*AS] ( ! PRIVILEGE IS ABLE TO W94 

,LESS EXT5SIVE 9 PR(IT PRODUC+ P[]1 BUT FALL+ 9 ! SAME CLASS ( PRIVILEGES GRANT$ TO A FAVOR$ FEW1 IS ! :OLE SY/EM ( LIC5SES & P]MITS = ! EX]CISE ( 9DU/RY1 FROM ! /REET P$DL]'S P]MIT1 = :I* HE MU/ PAY FIVE DOLL>S1 TO ! DOCTOR'S & LAWY]'S DIPLOMAS1 O/5SIBLY 9T5D$ TO EXCLUDE ! 9COMPET5T1 BUT REALLY TO LIMIT ! NUMB] & UPHOLD ! FEES1 ( ! PR(ESSIONS4 

,!SE RANK AMONG ! M9OR PRIVILEGES1 BUT !RE IS ONE =M ( SPECIAL PRIVILEGE :I* WILL COMP>E 9 MAGNITUDE ) ! GREAT] G5]AL PRIVILEGES -- ! PUBLIC FRAN*ISES ?AT >E GRANT$ TO ALL SORTS ( CONC]NS4 

,(T5 !SE >E UNIT$ ) ! L& [N+ PRIVILEGE 9 SOME =M1 AS 9 ! CASE ( ! FRAN*ISES GRANT$ TO RAILROADS1 :I* 9CLUDE A TITLE TO ! L& COV]$ BY ! RI<T ( WAY2 BUT1 9 SOME CASES1 ! FRAN*ISE 9CLUDES NO SU* TITLE1 AS 9 ! CASE ( CITY RAILROADS1 OR ELEVAT$ OR UND]GR\ND L9ES1 :I* >E M]ELY SPECIAL PRIVILEGES TO RUN VEHICLES ON C]TA9 /REETS4 

,SO L>GE1 H[EV]1 HAVE BECOME ! 9T]E/S ( !SE RAILROADS1 & O!R FRAN*ISE HOLD+ COMPANIES1 ?AT 9 POLITICAL 9FLU5CE !Y /& ALONGSIDE ! HOLD]S ( ! MONEY PRIVILEGE & ! B5EFICI>IES ( ! T>IFF4 

,SPECIAL PRIVILEGES >E SO CLE>LY >TIFICIAL ?AT NO >GUM5T IS NE$$ TO PROVE ! FACT2 :ILE G5]AL PRIVILEGES1 BECAUSE !Y >E G5]AL1 & >E SUPPOS$ TO APPLY TO ALL MEMB]S ( ! COMMUNITY1 CONCEAL !IR *>ACT] AS PRIVILEGES1 & AN 5TIRELY NEW /&PO9T & A COMPLETE REVISION ( PRECONCEIV$ IDEAS >E REQUIR$ TO P5ETRATE !IR TRUE NATURE4 

,H5CE ALSO1 AT P]IODS ( POPUL> QUE/ION+1 AS AT PRES5T1 IT IS ALWAYS ! SPECIAL PRIVILEGES ?AT >E ! FIR/ OBJECTS ( ATTACK4 ,D[N ) ! MONOPOLI/S6 IS ! CRY2 BUT ONLY ! SPECIALLY FAVOR$ >E MEANT2 :ILE ! G5]AL PRIVILEGES B5EA? -- ,TAXATION1 ,R5T1 & ,9T]E/ -- >E P]MITT$ TO PASS 9 PEACE4 

------- 

,IT IS H>D TO >RIVE AT ! EXACT AM\NT TAK5 BY PRIVILEGE3 SOME R\< APPROXIMATION MAY BE MADE4 

,! TOTAL TAXATION 9 ! ,UNIT$ ,/ATES IS PLAC$1 AS HAS BE5 /AT$1 AT AB\T @s#b1#e114 

,! 9T]E/ ON SECURITIES ,WALL ,/REET PLACES AT AB\T @s#a111 ANNUALLY4 ,ALL O!R 9T]E/S -- ON MORTGAGES UPON IMPROVEM5TS1 ON NOTES1 & ! R5T ?AT IS PAID = BUILD+S & O!R IMPROVEM5TS -- WILL BE UND] ! M>K IF WE TAKE IT AT TWICE ?AT AM\NT1 SAY @s#b1114 

,GR\ND R5T PROP]1 & 9T]E/ UPON MORTGAGES UPON L& CANNOT BE MU* LESS4 

,?US WE HAVE3 

,TAXATION @s#b1#e114 

,9T]E/ #c1114 

,R5T #b1114 

,TOTAL @s#g1#e114 

,:I*1 ) A POPULATION ( AB\T #a111 MAKES @s#g#e P] HEAD1 = EA* MAN1 WOMAN & BABY2 OR1 TAK+ AN AV]AGE FAMILY AT FIVE P]SONS1 @s#c#g#e P] FAMILY4 ,& ?IS :]E ! AV]AGE 9COME P] FAMILY IS LESS ?AN @s#f4 

,L,I,B,],T,Y 

,WE HAVE SE5 ?AT PRIVILEGE1 9 ITS V>I\S =MS1 IS ! 5G9E BY :I* 9DU/RY IS DEPRIV$ ( A L>GE P>T ( ITS PRODUCT2 & ?AT1 9 ORD] TO P]MIT ! PRODUC] TO RETA9 HIS :OLE PRODUCT1 IT IS NECESS>Y ?AT PRIVILEGE %\LD BE ABOLI%$4 

,:5 PRIVILEGE IS ABOLI%$1 & ! WORK] RETA9S ALL ?AT HE PRODUCES1 !N WILL COME ! P[]FUL TR5D T[>D EQUALITY ( MAT]IAL REW>D = LABOR ?AT WILL PRODUCE SUB/ANTIAL F9ANCIAL & SOCIAL EQUALITY1 9/EAD ( ! M]E POLITICAL EQUALITY ?AT N[ EXI/S4 

,TO BR+ AB\T EQUALITY1 IT IS UNNECESS>Y TO USE ANY >TIFICIAL MEANS = ! DI/RIBUTION ( PRODUCTS3 IT IS ONLY NECESS>Y TO GIVE FREE PLAY TO ! NATURAL =CES ?AT GOV]N PRODUCTION & EX*ANGE4 

,& ) EQUALITY WILL COME FRAT]NITY3 NO LONG] ! RI* TRAMPL+ ON ! POOR2 NO LONG] PROSP]ITY = ONE1 ONLY AT ! PRICE ( IMPOV]I%M5T = ! O!R2 NO LONG] ! PETTY SOCIAL /RIFE = PREC$5CE4 

,DI/9CTION & HONOR WILL BE AW>D$ TO P]SONAL M]IT2 AS1 EV5 N[1 WE HONOR AN ,AGASSIZ1 A ,D>W91 A ,TOL/OY & A ,CURIE -- NAMES ?AT WILL SURVIVE :5 ALL ! FAM\S F9ANCI]S ( ! DAY >E =GOTT51 OR PILLORI$ ) ?OSE ( BUCCANE]S & ASSASS9S4 

,:5 ! FA!RS ( ! ,AM]ICAN ,REPUBLIC HAD ABOLI%$ TITLES ( NOBILITY1 ) PRIMOG5ITURE & 5TAIL1 BY :I* ! L& WAS GIV5 TO ! FEW2 :5 !Y HAD E/ABLI%$ ! RULE ( ! MAJORITY & REPRES5TATIVE ASSEMBLIES2 !Y ?\<T ?AT !Y HAD ABOLI%$ PRIVILEGE4 

,! EV5T %[S ?AT !Y HAD NOT4 ,DEMOCRACY HAS HAD ITS DAY2 & HAS PROV$ ITS TOTAL 9ABILITY TO ABOLI% OR EV5 TO CONTROL PRIVILEGE4 ,ON ! CONTR>Y1 9 ?IS DEMOCRATIC C\NTRY1 PRIVILEGE GR[S & OV]RUNS ALL LIMITS1 GRASP+ EV]Y?+ 9 SI<T1 IGNOR+ ALL CLAIMS ( REASON & HUMANITY1 F> BEYOND ANY?+ IT HAS ATTEMPT$ UND] ! OLD MON>*ICAL SY/EMS ( ,EUROPE4 

,BEH9D EA* POLITICAL P>TY /&S A GR\P ( RI* M51 :O HAVE BE5 MADE RI* BY PRIVILEGE1 :I* SECRETLY CONTROLS ALL POLITICAL ACTION4 ,! GREAT L& [N]S -- ! RAILROADS1 & M9+ COMPANIES & OIL COMPANIES -- &1 /ILL MORE1 ! BANK+ CLIQUE1 :I* HOLDS ! MONEY PRIVILEGE1 JO9$ ) ! GREAT MANUFACTUR]S -- ! /EEL MILLS & WOOL5 MILLS & COTTON MILLS-- :I* FATT5 ON ! T>IFF -- ALL !SE HAVE !IR REPRES5TATIVES 9 EV]Y ,/ATE LEGISLATURE & 9 ! ,F$]AL ,CONGRESS1 :O SEE TO IT ?AT NO LEGISLATION IS 5ACT$ HO/ILE TO !IR 9T]E/S & PRIVILEGES4 

,)\T ! P]MISSION ( !SE M51 NOT A C&IDATE = (FICE1 FROM VILLAGE CON/ABLE TO ,PRESID5T1 CAN BE NOM9AT$1 LET ALONE ELECT$4 ,& IF1 BY *ANCE1 A ,LIB]AL OR ,SOCIALI/IC C&IDATE SLIPS PA/1 HE F9DS HIMSELF ABLE TO ACCOMPLI% ONLY PETTY RE=MS2 HE D>ES NOT1 EV5 IF HE W]E ABLE1 TO /RIKE AT ! F\NDATIONS ( PRIVILEGE4 

,WE BOA/ ?AT ! MAJORITY CAN CONTROL1 IF IT *OOSE1 ?R\< ! BALLOT4 ,PRACTICALLY ?IS IS IMPOSSIBLE4 ,NO MAN CAN GIVE ! TIME ?AT IS NECESS>Y TO ACQUA9T HIMSELF ) ! M]ITS ( ! 9NUM]ABLE C&IDATES1 & HAVE TIME LEFT = C>RY+ ON HIS DAILY BUS9ESS4 ,(T51 TOO1 IT HAPP5S ?AT ! C&IDATE ( NEI!R P>TY IS SATISFACTORY1 :5 VOT+ = EI!R BECOMES A F>CE4 

,BESIDES ?IS1 REPRES5TATIVE GOV]NM5T IS AN IMPOSSIBILITY 9 ITSELF4 ,NO ONE MAN CAN REPRES5T ANO!R2 /ILL LESS CAN HE REPRES5T A CON/ITU5CY ( HUNDR$S OR ?\S&S4 ,HE CANNOT KN[ !IR COLLECTIVE 9T]E/S1 /ILL LESS !IR 9DIVIDUAL 9T]E/S4 ,! RESULT IS ?AT HE DEVOTES HIMSELF TO :AT HE DOES KN[ -- HIS [N 9T]E/S4 

,?US ! POLITICAL CONTROL FALLS 9TO ! H&S ( M5 :O MAKE IT !IR SOLE BUS9ESS -- M5 :O EI!R HOLD (FICE OR HOPE TO HOLD (FICE OR EXPECT1 9 SOME 9DIRECT WAY1 TO PR(IT BY ! RESULTS ( ELECTIONS4 ,SOME ( !SE DEVELOP 9TO POLITICAL LEAD]S OR 0BOSSES01 :O >E 9 T\* ) ! RI* CLIQUE BEH9D ! SC5ES1 ?AT PUTS UP ! MONEY NE$$ = MASS MEET+S1 PROCESSIONS1 CAMPAIGN LIT]ATURE & ALL ! LEGITIMATE EXP5SES ( AN ELECTION1 AS WELL AS ! ILLEGITIMATE EXP5SES1 T]M9AT+ 9 DIRECT BRIB]Y ( BO? VOT]S & ( ELECT$ (FICIALS & REPRES5TATIVES4 

,ALL ATTEMPTS TO E/ABLI% A COLLECTIVI/ ,SOCIALI/IC S*EME ( SOCIETY BY GOV]NM5TAL ME?ODS1 >E PR$E/9$ TO FAILURE3 !Y >E SURE TO BECOME MIR$ 9 ! SL\< ( POLITICS4 

,= ! SAME REASON1 ALL ! PALLIATIVES ?AT FROM TIME TO TIME >E ADVANC$ -- M9ORITY REPRES5TATION1 DIRECT PRIM>IES1 ! REF]5DUM1 ! 9ITIATIVE & ! RECALL -- ALL >E NUGATORY1 & CAN GIVE NO P]MAN5T RELIEF4 ,PEOPLE CANNOT DEVOTE ! NECESS>Y TIME TO PUBLIC AFFAIRS1 IF !Y >E TO ATT5D PROP]LY TO !IR PRIVATE AFFAIRS4 

,WE >E URG$ TO BE 0GOOD CITIZ5S10 TO TAKE P>T 9 W>D PRIM>IES1 TO VOTE AT ELECTIONS4 ,IT IS IMPOSSIBLE4 ,EV5 AT ! ELECTIONS ( PRIVATE CLUBS1 AS LONG AS ALL RUNS SMOO?LY1 H>DLY ONE 9 T5 ( ! MEMB]S VOTES4 ,IF ! MANAGEM5T IS NOT SATISFACTORY1 RESIGNATIONS P\R 94 ,BUT FROM ! GOV]NM5TAL CLUB !RE IS NO POSSIBILITY ( RESIGN+3 WE >E =C$ TO PAY \R DUES1 :E!R WE LIKE IT OR NOT4 

,AP>T FROM SU* COMP>ATIVELY PETTY PRACTICAL DIFFICULTIES1 ! FUNDAM5TAL !ORETICAL DIFFICULTY REMA9S1 ?AT GOV]NM5T1 9 ALL ITS =MS1 IS BAS$ UPON PRIVILEGE -- ! PRIVILEGE ( TAXATION -- & !RE=E CANNOT ABOLI% PRIVILEGE4 

,EV5 IF WE GRANT ?AT ALL RE=MS >E ACCOMPLI%$1 ?AT GOV]NM5T HAS SUCCESSFULLY OV]?R[N ! L& PRIVILEGE & ! MONEY PRIVILEGE1 WE %ALL F9D ?AT1 9 OV]?R[+ !SE1 WE HAVE BUT =TIFI$ ! GOV]NM5TAL PRIVILEGE4 

,NO GOV]NM5TAL SY/EM ( CURR5CY RE=M HAS EV] BE5 PROPOS$ ?AT DID NOT 9VOLVE ! MONOPOLY ( MONEY BY ! GOV]NM5T ITSELF4 

,NO S*EME ( L& RE=M1 NOT EV5 ! S+LE TAX PROPOSITION1 CAN BE C>RI$ \T1 )\T SOME PLAN = SEIZ+ AB&ON$ L& & AGA9 R5T+ IT2 :I* MEANS ?AT GOV]NM5T W\LD BECOME ! SUPREME L&LORD4 

,PRIVILEGE CAN NEV] OV]?R[ PRIVILEGE4 

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,WE >E COMPELL$1 !RE=E1 TO DISC>D ALL GOV]NM5TAL1 ?AT IS TO SAY1 COMPULSORY1 MODES ( ORGANIZATION1 9 \R SE>* = SOME WAY ( ABOLI%+ PRIVILEGE4 

,PRIVILEGE1 BY ITS V]Y NATURE1 MEANS RE/RICTION4 ,A PRIVILEGE TO DO C]TA9 ?+S CANNOT BE GRANT$ TO ONE1 )\T PROHIBIT+ OR RE/RICT+ O!RS FROM DO+ ! SAME ?+4 ,:AT WE SEEK TO DO AWAY )1 !RE=E1 IS NOT PRIVILEGE DIRECTLY1 BUT ! RE/RICTION UPON ACTION ( SOME1 ?AT RESULTS 9 PRIVILEGE TO O!RS4 

,Y\ CANNOT GRANT TO ONE MAN ! PRIVILEGE ( HOLD+ L& \T ( USE1 )\T PROHIBIT+ O!RS FROM US+ ! L& SO HELD4 ,Y\ CANNOT GRANT TO ONE MAN ! PRIVILEGE ( (F]+ CURR5T PROMISSORY NOTES1 )\T PROHIBIT+ O!RS FROM A SIMIL> ACT4 

,WE >E 9 SE>*1 !N1 ( A SY/EM ( SOCIAL ORGANIZATION ?AT %ALL PREV5T ANY ONE FROM RE/RICT+ ! ACTS ( O!RS2 ?AT %ALL 9SURE TO ALL FRE$OM ( 9DIVIDUAL ACTION & FRE$OM ( CONTRACT ) O!RS1 SO ?AT NO?+ %ALL BE PROHIBIT$ BETWE5 9DIVIDUALS TO :I* BO? P>TIES CONS5T4 

,SU* FRE$OM ( ACTION IS :AT WE MEAN :5 WE SPEAK ( P]SONAL LIB]TY2 & 9 SEEK+ A SOCIAL ORGANIZATION ?AT %ALL 9SURE FRE$OM ( ACTION1 WE SEEK = ONE ?AT WILL UPHOLD LIB]TY4 

,SOME =M ( SOCIAL ORGANIZATION TO DEF5D LIB]TY SEEMS TO BE ESS5TIAL2 O!RWISE ! LIB]TY ( EA* 9DIVIDUAL W\LD BE AT ! M]CY ( ANY ONE /RONG] ?AN HE1 OR ( ANY GR\P ( TWO OR MORE :O MI<T UNITE TO 9VADE HIS LIB]TY4 

,MOREOV] IT IS IMPOSSIBLE = A MAN LIV+ ) O!RS TO 5JOY SU* ABSOLUTE LIB]TY AS HE MI<T EX]CISE1 IF HE W]E ! SOLE 9HABITANT ( ! WORLD3 HE MU/ MAKE SOME CONCESSIONS TO H>MONIZE HIS ACTIONS ) ?OSE ( O!RS4 ,EVID5TLY ! LIB]TY ?AT IS TO BE DEF5D$ IS NOT ! LIB]TY TO KILL OR ROB4 

,:AT1 !N1 >E ! LIMITS ( LIB]TY 9 SOCIAL LIFE8 ,:AT ACTIONS >E TO BE P]MITT$1 & :AT PROHIBIT$8 ,H[ CAN WE PROHIBIT ANY?+1 )\T !REBY ]ECT+ PRIVILEGE8 

,ALL ACTIONS MAY BE CLASSIFI$ UND] TWO HEADS1 AS NON9VASIVE & 9VASIVE ACTIONS4 ,9VASIVE ACTIONS >E SU* AS RE/RICT LIB]TY ( ACTION ON ! P>T ( O!RS3 NON9VASIVE ACTIONS >E ?OSE :I* ACCOMPLI% NO SU* RE/RICTION4 

,TO KILL A MAN IS TO 9VADE HIS LIB]TY ( ACTION1 AS IT COMPLETELY CUTS HIM (F FROM ! POSSIBILITY ( ANY ACTION4 ,TO ROB HIM 9VADES HIS LIB]TY1 AS IT DEPRIVES HIM ( ! P[] ( DO+ :AT HE WANTS TO DO ) HIS PRODUCT4 ,! ROBB]Y & MURD] ON A GR& SCALE1 ?AT >E DONE BY PRIVILEGE1 >E EQUALLY 9VASIVE ( LIB]TY4 

,PRIVILEGE1 9DE$1 IS 9VASIVE ACTION4 

,EVID5TLY ! ACTIONS TO BE PROHIBIT$ >E ! 9VASIVE ACTIONS2 & ! ACTIONS TO BE P]MITT$ & DEF5D$ >E ! NON9VASIVE ACTIONS4 

,COMPLETE 9DIVIDUAL LIB]TY 9 SOCIAL LIFE MEANS LIB]TY TO DO ANY?+ ?AT IS NOT 9VASIVE ( ! LIB]TY ( O!RS4 

,AS PHRAS$ BY ,H]B]T ,SP5C]1 9 ,SOCIAL ,/ATICS1 LIB]TY MEANS 0?AT EA* %ALL DO :ATEV] IT MAY PLEASE HIM TO DO1 PROVID$ HE 9FR+ES NOT ! EQUAL LIB]TY ( O!RS40 

------- 

,! SOCIAL ORGANIZATION ( ! FUTURE1 !N1 WILL BE AN ORGANIZATION TO DEF5D LIB]TY4 

,IT MU/ BEG9 BY (F]+ ITS S]VICES1 NOT BY IMPOS+ !M4 ,! FUNDS = ITS SUPPORT IT MU/ OBTA91 NOT BY TAXATION1 BUT BY VOLUNT>Y SUBSCRIPTION4 ,IT MU/ (F] TO DEF5D Y\R LIB]TY IF Y\ *OOSE TO PAY = IT2 NOT COMPEL Y\ TO BE DEF5D$1 :E!R Y\ WANT TO OR NOT4 

,ONE CASE :]E ?IS WAS DONE UND] PRES5T CONDITIONS HAPP5$ TO COME UND] MY OBS]VATION4 ,A SMALL SUBURBAN SETTLEM5T1 TOO SMALL TO HAVE EV5 A VILLAGE GOV]NM5T1 WAS EXPOS$ TO ! FREQU5T DEPR$ATIONS ( BURGL>S4 ,AN 5T]PRIS+ MEMB] E/ABLI%$ A PRIVATE POLICE =CE1 & (F]$ TO PROTECT H\SES FROM BURGL>S = A MOD]ATE *>GE4 ,MANY SUBSCRIB$1 & !IR H\SES W]E C>EFULLY WAT*$1 :ILE NONSUBSCRIB]S TOOK !IR *ANCES4 ,IT IS NE$LESS TO SAY ?AT IF A BURGL>Y HAD OCCURR$ 9 ONE ( ! SUBSCRIB]S' H\SES1 ! SUBSCRIPTIONS W\LD HAVE FALL5 (F RAPIDLY4 

,UND] SU* A SY/EM1 Y\ PAY = :AT Y\ GET1 & Y\ GET :AT Y\ PAY =2 OR1 IF Y\ DON'T GET IT1 Y\ DON'T PAY = IT4 

,OBJECTIONS 9NUM]ABLE MAY BE URG$ BY PEOPLE :O >E 9CAPABLE ( GRASP+ BROAD PR9CIPLES4 ,DEM&S = A CLE> DESCRIPTION ( ! FUTURE SOCIETY 9 ALL ITS DETAILS1 ) 9=MATION AS TO H[ IT IS TO BE BR\<T AB\T1 WILL BE MADE BY O!RS4 

,IT IS IMPOSSIBLE TO PROPHESY ! FUTURE 9 P>TICUL>S2 /ILL MORE IMPOSSIBLE TO =ETELL JU/ H[ ! *ANGE WILL COME AB\T2 BUT !RE SEEMS TO BE NO S]I\S REASON :Y SU* A VOLUNT>Y SY/EM %\LD NOT BE EXT5D$ TO ALL PUBLIC AFFAIRS4 

,C\RTS W\LD BECOME >BITRATORS1 ) NO P[] TO 5=CE !IR DECREES1 SAVE :5 ! LOCAL ,LIB]TY ,DEF5SE ,LEAGUE MI<T BE CALL$ UPON4 

,ROADS C\LD BE MA9TA9$ BY ROAD BUILD+ SOCIETIES1 LOCAL & G5]AL4 ,LI<?\SES BY BO>DS ( TRADE & %IP [N]S' SOCIETIES4 

,RAILROADS1 9 ! ABS5CE ( DIVID5DS1 W\LD BE 9 ! H&S ( ONLY SU* /OCKHOLD]S AS HAD SOME P]SONAL 9T]E/ 9 !IR MANAGEM5T2 OR W\LD REV]T 5TIRELY TO ! EMPLOYES ORGANIZ$ TO C>RY !M ON4 

,FRE$OM ( L& = USE W\LD BE ASS]T$ & MA9TA9$ & FRE$OM 9 ! ISSU+ ( CURR5CY AS WELL4 

,) ! 9CUBUS ( ,PRIVILEGE REMOV$1 PRODUC]S W\LD RETA9 ALL !IR PRODUCT4 ,WEAL? & POV]TY1 & ! IGNORANCE & CRIME ?AT POV]TY BEGETS1 W\LD DISAPPE>4 ,A NEW WORLD W\LD DAWN UPON US1 :]E 9DU/RY & COM=T W\LD BE = ALL1 & :]E JOY & GLADNESS W\LD TAKE ! PLACE ( C>E & MIS]Y4 

,JU/ H[ ?IS IS TO COME AB\T1 NO ONE CAN TELL4 ,POSSIBLY ?9K+ PEOPLE1 SEE+ ! ADVANTAGES1 MAY 9CREASE 9 NUMB]S SUFFICI5TLY TO REFUSE TO PAY R5T & TAXES1 & TO =CE FROM GOV]NM5T ! LIB]TY TO ORGANIZE A FREE BANK+ SY/EM4 

,MORE PROBABLY ?+S WILL GO ON AS !Y >E1 UNTIL A CRA% COMES4 ,! PRES5T SY/EM1 PU%$ TO ITS EXTREME1 WILL FALL 9 RU94 ,HUNDR$S ( ?\S&S ( IMPOV]I%$ WRET*ES ,V#gILL BESIEGE ! S\P H\SES1 & BEG = %ELT] 9 ! *UR*ES4 ,BUS9ESS WILL BE PRO/RATE4 ,BANKS WILL FAIL BY ! HUNDR$S4 ,/OCKS WILL PAY 9F9ITESIMAL DIVID5DS4 ,BONDS WILL FAIL TO YIELD 9T]E/4 ,! 0REPTILE PRESS01 AS ,JOHN ,SW9TON US$ TO CALL IT1 WILL ATTRIBUTE EV]Y?+ TO ''LACK ( CONFID5CE04 

,!N A FEW ( ?OSE :O KN[ WILL E/ABLI% BANKS1 :I* ! GOV]NM5T WILL BE P[]LESS TO PROHIBIT4 ,L&1 FALL5 9TO WOR?LESSNESS AS A R5T PRODUC+ P[]1 WILL LIE OP5 = USE4 ,GRADUALLY ! NEW SOCIETY WILL BUILD ITSELF UP1 UPON ! PILE ( C>CASSES LEFT BY ! EXPIR+ CIVILIZATION4 

,9 :ATEV] WAY IT MAY COME1 MAY IT COME QUICKLY4 

,A,P,P,5,D,I,X ,I4 

,! EQUALIZATION 9 ! EX*ANGE ( PRODUCTS1 :I* IS REPRES5T$ AS RESULT+ FROM ! *AFF]+ ( TWO 9DIVIDUALS1 IS1 9 A DEVELOP$ SOCIETY1 ACCOMPLI%$ BY COMPETITION4 

,?IS WORD 0COMPETITION0 IS A SC>ECR[ TO MANY :O SEE CLE>LY 5\< ?AT ! ONLY SOLUTION TO ! 9DU/RIAL PROBLEM LIES 9 ! RET5TION BY ! PRODUC] ( HIS :OLE PRODUCT2 BUT :O DEEM IT NECESS>Y1 9 ORD] TO REA* ?AT 5D1 ?AT SOME SUP]IOR P[] %\LD CONTROL ALL S\RCES ( PRODUCTION1 & DEAL \T ! PRODUCTS TO ! WORK]S 9 SOME FIX$ PROPORTION4 ,!SE >E CALL$ 0COLLECTIVI/S02 & !Y ?9K ?AT IT IS POSSIBLE TO =M SU* AN ORGANIZATION1 :I* %ALL BE FREE FROM ! DEFECTS 9H]5T 9 GOV]NM5T4 

,IT IS NOT SURPRIS+ ?AT !Y %Y AT ! WORD 0COMPETITION01 = BY 0COMPETITION0 !Y PICTURE TO !MSELVES NO?+ BUT ! PRES5T <A/LY /RUGGLE ( WORK] AGA9/ WORK]1 TO AVOID BE+ PU%$ 9TO ! ABYSS4 

,AT PRES5T1 NOT ONLY ! NONPRODUC+ CLASSES >E HELD BY PRIVILEGE AS ITS S]VITORS1 RECEIV+ :AT PAY PRIVILEGE *OOSES TO GRANT1 BUT ALL :O WORK = WAGES >E R$UC$ TO ! SAME CONDITION4 ,!Y RECEIVE FROM PRIVILEGE1 NOT !IR :OLE PRODUCT1 BUT A M]E FRACTION ( IT1 SO ?AT ! T]M 0WAGE SLAVES0 IS NOT A RHETORICAL EMBELLI%M5T1 BUT A PRECISE /ATEM5T ( AN ECONOMIC FACT4 

,:5 PRIVILEGE F9DS IT IMPOSSIBLE TO SELL ITS PRODUCT1 BECAUSE ! PRODUC]S1 :O %\LD BE ALSO ! PUR*AS]S1 >E )\T ! MEANS :]E) TO BUY1 9/EAD ( RAIS+ !IR PAY TO GIVE !M P[] TO BUY & ?US EXT5D ! M>KET1 PRIVILEGE CUTS D[N !IR PAY /ILL L[] & RE/RICTS PRODUCTION TO SUIT ! DIM9I%$ SALES4 

,WORSE ?AN ALL1 PRIVILEGE CA/S \T ?\S&S ( WORK]S TO ROT ON ! /REET -- @5WORK]S :O W\LD BE BO? PRODUC]S & CONSUM]S IF !Y W]E P]MITT$ BY PRIVILEGE4 

,IT IS TO AVOID ?IS HELL ( BE+ \T ( WORK ?AT CAUSES ! PRES5T SCRAMBLE ( SO-CALL$ COMPETITION4 ,IT IS COMPETITION TO BE P]MITT$ TO WORK2 & NO ONE :O HAS EXP]I5C$ ! FRI<TFUL S5SATION ( NOT BE+ ABLE TO F9D EMPLOYM5T WILL ?9K 0HELL0 TOO /RONG TO DESCRIBE IT4 

,M5 :O >E \T ( WORK >E DESP]ATE1 & WILL WORK = A B>E PITTANCE TO AVOID />VATION1 EXCEPT+ ALWAYS AN 9TELLIG5T M9ORITY1 :O REFUSE TO WORK = ALMO/ NO?+1 & DELIB]ATELY EMBRACE A LIFE ( IDL5ESS & BEGG>Y1 :OM PRIVILEGE /IGMATIZES AS 0PR(ESSIONAL TRAMPS40 

,! O!RS1 :O >E ALSO \T ( WORK1 BUT :O WILL WORK = A M9IMUM1 PRIVILEGE HI<LY E/EEMS AS A MEANS ( R$UC+ /ILL FUR!R BY !IR COMPETITION ! AM\NT ?AT IT MU/ PAY ITS SLAVES4 ,PRIVILEGE REG>DS 0! >MY ( ! UNEMPLOY$0 AS A PROVID5TIAL PROVISION TO KEEP D[N :AT PRIVILEGE CALLS ! CO/ ( LABOR2 & WILL+LY DOLES \T SMALL *>ITIES TO KEEP !M FROM TOTAL />VATION4 

,AMONG ! EMPLOY]S & M]CANTILE CLASSES COMPETITION IS ! SAME CUT?ROAT /RUGGLE TO BE P]MITT$ TO WORK4 ,! /OREKEEP] OR MANUFACTUR] :O CANNOT OBTA9 MONEY OR CR$IT FROM ! BANK1 BECAUSE HE CANNOT PAY ! AM\NT DEM&$ BY PRIVILEGE1 IS =C$ 9TO BANKRUPTCY1 =C$ TO CLOSE UP HIS BUS9ESS & BEG9 LIFE ANEW2 P]HAPS =C$ 9TO ! RANKS ( ! WAGE WORK]S1 IF 9DE$ HE IS NOT LEFT QUITE /R&$ & HOPELESS AMONG ! UNEMPLOY$4 

,LITTLE WOND] ?AT ! M]E WORD 0COMPETITION0 >\SES %UDD]+ T]ROR & ANGRY PROTE/6 

,! COMPETITION ?AT DET]M9ES EX*ANGE PRICES 9 A /ATE ( FRE$OM IS AN 5TIRELY DIFF]5T MATT]4 ,IT IS NOT A MAD /AMP$E TO ESCAPE DE/RUCTION BUT ! RATIONAL EF=T ( M5 :O >E ALREADY WELL PROVID$ = TO IMPROVE !IR CONDITION4 

,BY ! OP5+ UP ( ! S\RCES ( PRODUCTION1 & BY ! FREE+ ( EX*ANGE FROM ! %ACKLES 9 :I* IT IS N[ HELD1 !RE WILL RESULT ABUNDANT EMPLOYM5T = EV]YBODY4 ,! >MY ( ! UNEMPLOY$ WILL VANI%4 ,!RE WILL BE MORE WORK TO BE DONE ?AN !RE >E M5 TO DO IT4 ,NOBODY WILL LACK WORK NOR FE> />VATION4 

,:5 EV]YBODY IS EMPLOY$1 & EA* IS ABLE TO DICTATE ! T]MS ( HIS EMPLOYM5T1 BECAUSE WORK WILL BE CRY+ = M51 NOT M5 = WORK1 AL?\< ! WORD 0COMPETITION0 REMA9S ! SAME1 ! CONDITION ?AT IT D5OTES WILL BE COMPLETELY *ANG$4 ,IT IS A PITY ?AT SOME O!R WORD C\LD NOT BE 9V5T$ TO DESCRIBE IT4 

,IT WILL BE A /RUGGLE1 NOT ( MAN AGA9/ MAN TO GET EMPLOYM5T1 BUT ( EA* TO F9D ! SORT ( WORK = :I* HE IS BE/ SUIT$1 SURE1 MEAN:ILE1 ( A GOOD LIV+1 EV5 ?\< ! WORK ?AT HE IS DO+ DOES NOT QUITE SUIT HIM4 

,! /RUGGLE WILL BE1 NOT TO PRODUCE ! POORE/ POSSIBLE WORK1 9 ORD] TO L[] ! PRICE & =CE A SALE1 BUT TO DO ! BE/ WORK POSSIBLE1 AT A PRICE :I* T5DS CONT9UALLY T[>D A NORMAL FIX$ PRICE1 NOT)/&+ SMALL FLUCTUATIONS4 

,! /RUGGLE WILL BE = ! M5 & ! L& TO ADAPT !MSELVES TO EA* O!R1 SO ?AT ! V>Y+ QUALITIES ( L& & ! V>Y+ QUALITIES ( M5 WILL BECOME FITT$ TOGE!R TO PRODUCE V>I\S PRODUCTS 9 GREATE/ ABUNDANCE4 

,?US COMPETITION1 9 ITS NEW S5SE1 BECOMES ! MO/ P]FECT SPONTANE\S COOP]ATION2 NOT ! QUASI-MILIT>Y COOP]ATION ( COMPULSION1 BUT ! NATURAL COOP]ATION ( FREE *OICE1 = A REW>D EQUAL TO ! :OLE PRODUCT1 DET]M9$ BY ! 9EVITABLE WORK+ ( ECONOMIC RELATIONS4 

,BY COMPETITION1 9 ?IS QUITE DIFF]5T S5SE1 ! PRICE IS SPONTANE\SLY R$UC$ TO ! CO/ ( PRODUCTION1 ! CO/ BE+ ! EXP5SE = MAT]IAL1 OV]HEAD *>GES & ALL O!R EXP5SES1 PLUS ! WAGES1 9 ! ECONOMIC S5SE ( ! PRODUC]1 :I* CONT9UALLY T5D TO EQUALITY4 

,SU* COMPETITION AS ?IS1 :]E ! PRODUC] IS NOT 9 CONT9UAL P]IL ( HIS LIFE1 :5 LIFE IS SECURE ANYWAY1 & ! DESIRE TO EXCEL IS ! ONLY /IMULUS1 IS ! ECONOMIC EQUIVAL5T ( ?AT SPIRIT ( EMULATION T[>D :I* COLLECTIVI/S HAVE PO9T$ AS !IR IDEAL4 

,A,P,P,5,D,I,X ,I,I4 

,ECONOMIC R5T IS SAID TO BE 9H]5T 9 ! ADVANTAGE OBTA9$ BY ! PRODUC] :O OCCUPIES A SUP]IOR SITE -- SUP]IOR 9 F]TILITY1 ACCESSIBILITY OR O!RWISE4 

,IT IS ADMITT$ ?AT ! M>KET PRICE IS FIX$ BY ! CO/ ( PRODUCTION UND] ! MO/ ADV]SE CIRCUM/ANCES4 ,?US A F>M] :OSE F>M WAS T5 MILES DI/ANT FROM ! M>KET W\LD HAVE TO ADD ! CO/ ( TRANSPORTATION = T5 MILES TO ! PRICE ( HIS PRODUCT4 ,ONE :OSE F>M WAS ONLY ONE MILE DI/ANT W\LD HAVE A PROPORTIONALLY LESS AM\NT TO PAY = TRANSPORTATION2 BUT HE C\LD OBTA9 ! SAME PRICE AS ! MORE DI/ANT ONE4 ,! ADDITIONAL AM\NT ABOVE ! CO/ ?US OBTA9$ BY ! OCCUPANT ( ! NE>] SITE IS HELD TO BE ! ECONOMIC R5T4 

,?IS IS ! CELEBRAT$ ,RIC>DIAN !ORY ( R5T2 &1 AT FIR/ SI<T1 IT APPE>S TO BE IRREFUTABLE4 

,I AM /RONGLY 9CL9$ TO ?9K ?AT ! !ORY IS ]RONE\S2 ?AT IT IS1 9 HOMELY PHRASE1 PUTT+ ! C>T BE=E ! HORSE4 

,IT IS COMMONLY SAID ?AT ! MO/ VALUABLE L& BR+S ! HI<E/ R5T1 ?AT LESS VALUABLE L& BR+S LESS R5T1 ?AT ! AM\NT ( R5T ?AT CAN BE OBTA9$ IS 9 DIRECT PROPORTION TO ! VALUE ( ! L&1 & IMM$IATELY RESULTS FROM IT4 ,ORD9>ILY NO ONE W\LD DISPUTE ?IS PROPOSITION4 

,AN OPPOSITE VIEW1 H[EV]1 MAY BE TAK54 ,9/EAD ( SAY+ ?AT ! MO/ VALUABLE L& BR+S ! MO/ R5T BECAUSE IT IS ! MO/ VALUABLE1 WE MAY TURN IT AB\T & SAY ?AT ! MO/ VALUABLE L& IS ! MO/ VALUABLE BECAUSE IT BR+S ! MO/ R5T4 ,?IS SEEMS TO BE ! SAME ?+3 IT IS REALLY QUITE DIFF]5T4 

,9 C>RY+ ON !IR V>I\S WORKS ( PRODUCTION1 M5 DO NOT ALL WANT ! SAME PIECE ( L&1 NOR EV5 SIMIL> PIECES4 ,! F>M] W\LD HAVE NO USE = A CITY LOT = PRODUCTIVE PURPOSES AT ALL4 ,UND] ! PRES5T SY/EM HE C\LD 9DE$ BY HIS P[] ( MONOPOLI/IC HOLD+ OBTA9 A PRICE FROM SOMEBODY :O C\LD USE IT2 BUT1 )\T ?IS P[]1 SU* A LOT W\LD BE QUITE USELESS TO HIM = PRODUCTIVE PURPOSES4 

,ON ! O!R H&1 HIS F>M ( =TY ACRES W\LD BE EQUALLY USELESS TO A PR(ESSIONAL MAN1 SAY A PHYSICIAN4 ,& NEI!R ! F>M NOR ! LOT W\LD BE ( ANY USE TO A DEEP SEA FI%]MAN4 

,PEOPLE REQUIRE DIFF]5T QUANTITIES ( L& & DIFF]5T LOCALITIES1 ACCORD+ TO ! *>ACT] ( ! 9DU/RY 9 :I* !Y 5GAGE4 ,= SOME M]E DESK ROOM 9 AN (FICE IS ALL ?AT !Y NE$3 = O!RS1 MANY ACRES >E NECESS>Y4 ,BUT ! DESK-ROOM MAN CAN DO NO?+ ) ! ACRES2 :ILE ! ACRES MAN W\LD BE JU/ AS MU* AT A LOSS TO C>RY ON HIS BUS9ESS ) ONLY DESK ROOM4 

,N[ ! MONOPOLY ( ALL L& MAKES IT POSSIBLE = ! HOLD]S ( L& TO DEM& A C]TA9 AV]AGE AM\NT FROM ALL :O WORK ON ! L&1 ?AT IS1 FROM EV]YBODY1 :E!R ! P>TICUL> L& EA* ONE NE$S BE MU* OR LITTLE4 

,& ?IS APPE>S TO BE ! REASON :Y CITY L& IS COMMONLY RECKON$ TO BE MORE VALUABLE ?AN L& 9 ! C\NTRY4 ,CITY WORK]S DO NOT NE$ MU* L& 9 !IR PURSUITS -- W\LD NOT BE ABLE TO USE IT IF !Y HAD IT4 ,BUT MONOPOLY TAKES AN AV]AGE EQUAL %>E FROM EA*1 & ! R5T ( A GROC] /ORE ON A TW5TY-FIVE BY A HUNDR$ FOOT LOT MAY EQUAL OR EXCE$ ?AT = A L>GE F>M4 

,SO ?AT L& ( SMALL >EA1 UPON :I* MANY PEOPLE CAN WORK1 P]MITS ! EXACTION ( A HI<] R5T BY MONOPOLY1 & IS !RE=E ACC\NT$ MORE VALUABLE4 

,:5 ! ELEVATOR1 & ITS (FSPR+1 ! TALL (FICE BUILD+1 W]E 9V5T$1 P]MITT+ WORK]S TO BE PIL$ UP TW5TY /ORIES HI<1 9/EAD ( FIVE AS BE=E1 ! AM\NT ( R5T ?AT C\LD BE EXTRACT$ FROM EA* ( !M REMA9$ ! SAME1 BUT ! AM\NT ?AT C\LD BE OBTA9$ P] SQU>E FOOT ( GR\ND WAS PROPORTIONALLY 9CREAS$1 & ! L& BECAME BY JU/ SO MU* MORE VALUABLE4 

,A M9E IS MORE VALUABLE ?AN ! FIELDS AB\T IT1 BECAUSE HUNDR$S ( WORK]S CAN PRODUCE 9 A LIMIT$ >EA4 ,FROM EA* ONE R5T IS EXACT$1 NOT DIRECTLY1 IT IS TRUE1 BUT BY ! R$UCTION 9 WAGES ?AT M9]S SUFF]4 

,9 A /ATE ( FRE$OM1 :5 L& CEAS$ TO BE MONOPOLIZ$1 ALL ?IS W\LD CEASE4 ,! PRODUC] W\LD USE AS MU* OR AS LITTLE L& AS MI<T BE REQUIR$ BY HIS VOCATION2 & L& W\LD NO LONG] HAVE ANY VALUE1 BECAUSE NO R5T C\LD BE D$UCT$ FROM ! PRODUCT ( ! WORK]S4 

,IT IS NECESS>Y = ! PRODUCTION ( ALL ! V>I$ PRODUCTS ( CIVILIZATION1 ?AT !RE %\LD BE DIFF]5T K9DS ( L&1 SOME >ABLE1 SOME M9]AL1 SOME WAT]P[]S1 SOME T[NS & VILLAGES4 ,= EA* V>IETY ( EA* DIFF]5T K9D ( PRODUCT1 M9OR DIFF]5CES 9 L& >E NE$$2 &1 9 ! 5D1 BY A CONT9UAL PROCESS ( ADJU/M5T1 EA* PIECE ( L& W\LD BE US$ = ! PURPOSE = :I* IT WAS BE/ FITT$4 

,DIFF]5CES 9 ! NATURAL QUALITIES ( L& BE> A CLOSE ANALOGY TO DIFF]5CES 9 ! NATURAL ABILITY ( P]SONS4 ,SO F> FROM BE+ A CAUSE ( 9EQUALITY 9 9COME1 SU* DIFF]5CES1 :E!R 9 ! L& OR ! 9DIVIDUAL1 >E ESS5TIAL = EQUALITY4 ,AN EQUALITY NOT DOL$ \T AS AN EQUAL WAGE BY A QUASI-MILIT>Y GOV]NM5T1 BUT A P[]FUL T5D5CY TO SUB/ANTIAL NATURAL EQUALITY1 AS ! SEA T5DS TO A LEVEL SURFACE1 9 SPITE ( ! WAVES ?AT CONT9UALLY V>Y TEMPOR>ILY ITS PLACIDITY4 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
,NOVEMB] #c1 #aiae 3 ,! ,ECONOMICS ( ,LIB]TY -- ,PUBLICATION4 
,APRIL #a#f1 #bb 3 ,! ,ECONOMICS ( ,LIB]TY -- ,ADD$4 
,JANU>Y #c1 #bbb 3 ,! ,ECONOMICS ( ,LIB]TY -- ,UPDAT$4 

 FILE G5]AT$ FROM 3  
HTTP3_/_/REVOLTLIB4COM_/