This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1846 edition. Excerpt: ... II. Capital. By capital, when used generally, we understand the whole of the material world which man can appropriate, as well as those talents, natural or acquired, which are the springs of his exertions. In this sense of the word, it signifies all property material and mental, or every thing ...
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1846 edition. Excerpt: ... II. Capital. By capital, when used generally, we understand the whole of the material world which man can appropriate, as well as those talents, natural or acquired, which are the springs of his exertions. In this sense of the word, it signifies all property material and mental, or every thing valuable to man. Among other things, it clearly comprehends land. But sometimes we speak of capital, in opposition to land; and, in this case, it comprehends every thing valuable, except the ground; for it certainly includes all the parts and productions of the soil which are severed from it. In this sense, the division nearly resembles the legal distribution of property into real and personal. Both these definitions of capital are used repeatedly, and with equal frequency, by every writer on political economy. If capital is contradistinguished from land, the separation is made by a most indefinite and obscure boundary. Canals, roads and bridges, are as much a part of capital, as any portable machines, fashioned out of the produce or parts of the soil. The same may be said of fences, drains, footways, and in general of all the ostensible monuments of labour in an improved farm. But is not the soil itself, also, referable to the very same class, after it has been worked up with manure and composts, so as to be highly fertilized? Is not the whole surface of an improved farm, therefore, to be considered as capital, rather than as land? And when a person buys a hundred acres of improved land, how can he say what part of the price is paid for land, and what part for capital? We speak indeed of capital vested in land, and use the phrase, Trade. In stating the proportion of exports to imports, it has justly been observed, that no notice can ever be taken, ..
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