The Evolution of Modern Capitalism: A Study of Machine Production - J. A. Hobson

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upon Political Economy have brought much metaphysical acumen to bear upon definitions of Capital, and have reached very widely divergent conclusions as to what the term ought to mean, ignoring the clear and fairly consistent meaning the term actually possesses in the business world around them. The business world has indeed two views of Capital, but they are consistent with one another. Abstractly, money or the control of money, sometimes called credit, is Capital. Concretely, capital consists of all forms of marketable matter which embody labour. Land or nature is excluded except for improvements: human powers are excluded as not being matter; commodities in the hands of consumers are excluded because they are no longer marketable. Thus the actual concrete forms of capital are the raw materials of production, including the finished stage of shop goods; and the plant and implements used in the several processes of industry, including the monetary implements of exchange. Concrete business capital is composed of these and of nothing but these.[1] In taking modern industrial phenomena as the subject of scientific inquiry it is better to accept such terminology as is generally and consistently received by business men, than either to invent new terms or to give a private significance to some accepted term which shall be different from that given by other scientific students, and, if we may judge from past experience, probably inferior in logical exactitude to the current meaning in the business world.

      § 3. The chief material factor in the evolution of Capitalism is machinery. The growing quantity and complexity of machinery applied to purposes of manufacture and conveyance, and to the extractive industries, is the great special fact in the narrative of the expansion of modern industry.

      It is therefore to the development and influence of machinery upon industry that we shall chiefly direct our attention, adopting the following method of study. It is first essential to obtain a clear understanding of the structure of industry or "the industrial organism" as a whole, and of its constituent parts, before the new industrial forces had begun to operate. We must then seek to ascertain the laws of the development and application of the new forces to the different departments of industry and the different parts of the industrial world, examining in certain typical machine industries the order and pace of the application of the new machinery and motor to the several processes. Turning our attention again to the industrial organism, we shall strive to ascertain the chief changes that have been brought about in the size and structural character of industry, in the relations of the several parts of the industrial world, of the several trades which constitute industry, of the processes within these trades, of the businesses or units which comprise a trade or a market, and of the units of capital and labour comprising a business. It will then remain to undertake closer studies of certain important special outcomes of machinery and factory production. These studies will fall into three classes. (1) The influences of machine-production upon the size of the units of capital, the intensification and limitation of competition; the natural formation of Trusts and other forms of economic monopoly of capital; trade depressions and grave industrial disorders due to discrepancies between individual and social interests in the working of modern methods of production. (2) Effects of machinery upon labour, the quantity and regularity of employment, the character and remuneration of work, the place of women in industry (3) Effects upon the industrial classes in the capacity of consumers, the growth of the large industrial town and its influences upon the physical, intellectual, moral life of the community. Lastly, an attempt will be made to summarise the net influences of modern capitalist production in their relation to other social progressive forces, and to indicate the relations between these which seem most conducive to the welfare of a community measured by generally accepted standards of character or happiness.

      § 4. Since every industrial act in a modern community has its monetary counterpart, and its importance is commonly estimated in terms of money, it will be evident that the growth of capitalism might be studied with great advantage in its monetary aspect. Corresponding to the changes in productive methods under mechanical machinery we should find the rapid growth of a complex monetary system reflecting in its international and national character, in its elaborate structure of credit, the leading characteristics which we find in modern productive and distributive industry. The whole industrial movement might be regarded from the financial or monetary point of view. But though such a study would be capable of throwing a flood of light upon the movements of concrete industrial factors at many points, the intellectual difficulties involved in simultaneously following the double study, in constantly passing from the more concrete to the more abstract contemplation of industrial phenomena, would tax the mental agility of students too severely, and would greatly diminish the chance of a substantially accurate understanding of either aspect of modern industry. We shall therefore in this study confine our attention to the concrete aspect of capitalism, merely indicating by passing references some of the direct effects upon industrial methods, especially in the expansion and complexity of markets, of the elaborate monetary system of modern exchange.

      § 5. The inherent difficulty which besets every literary presentation of the study of a living and changing organism is here present in no ordinary degree. A book of physiology is necessarily defective in that it can neither present the just simultaneity of phenomena which occur together, nor the just sequence of phenomena which are successive. Diagrams may serve effectively to set forth tolerably simple simultaneity, but a complex diagram inevitably fails of its object; for it confuses the sight of one who seeks to simultaneously grasp the whole, and thus compels a successive examination of different parts which is generally inferior to skilled narration, in that it affords no security of the fittest order of examination of the parts. For certain simple relations between the movements of a few definite objects a working model may be serviceable; but when complex changes of shape, pace, and local relations exist, when intricate interaction takes place, and when new phenomena arise affecting by their presence all former ones, little can be effected by such visual presentment. Still less can a succession of diagrams assist us to realise the continuity of the working of such shifting forces as are presented in industrial movements.

      Thus while the impossibility of adequate experimentation, the difficulties of scientific observations of phenomena so vast in scope and so intricate in their relations, make the student of sociological subjects more dependent upon printed records for his material than is the case in most other sciences, these printed records induce a sequence of thought antagonistic to the grasp of a living and moving unity. This cause is primarily responsible for the failure of many of the ablest and subtlest economic treatises to impress upon the reader a clear conception of the industrial world as a single "going concern." Each piece of the mechanism is clearly described, and the reader is informed how it fits into the parts which are most closely related to it, but no simultaneous grasp of the mechanism as a working whole is attained. When we graft upon the idea of a mechanism that character of continuous self-development which transforms it into an "organism," the synthesis of the changing phenomena is still more difficult to comprehend. These difficulties can only be overcome by a recognition that the scientific imagination must play a larger part here than it does in those sciences whose subject-matter is more amenable to direct observation. In the latter the chief function of the imagination will be the increase of knowledge by means of hypotheses which tentatively transcend the region of known facts.

      The attempts to construct a deductive economic science upon a piece-meal basis by framing special and separate theories of wages, rent, value, the functions of money, and so forth, are now recognised to be in large measure failures precisely because they involve the fundamental scientific fallacy of supposing that the several parts of an organic whole can be separately studied, and that from this study of the parts we can construct a correct idea of the whole. As in economic theory so in the comprehension of industrial history, no detailed investigation of a number of different heaps of facts

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