which is now annually produced. Machinery causes a greater quantity of wealth to be created with the assistance of a smaller amount of labour and capital. But the productiveness of capital is popularly estimated according to a different standard; for capital is conceived to be productive when the profits obtained by the capitalist are large. For instance, a farmer previous to the present period of agricultural depression, might have said:—It is true that in consequence of the advance in agricultural science more produce is grown upon a farm now than a few years since; but the rents which the farmers pay have increased; and therefore the profits of the farmer are not larger now than formerly. His capital, therefore, gave him no greater return, and he might for these reasons have considered that the productiveness of capital had not increased. This, no doubt, might have been the case, as far as the farmer himself was concerned; but the productiveness of capital depends upon the amount of wealth produced, and not upon the particular manner in which this wealth may be distributed amongst the different parties who have a claim to be remunerated. The laws which determine the relative value of the remuneration received by landlords, capitalists, and labourers, will be explained in those chapters which treat of the distribution of wealth.
Hitherto, the great social and economic importance of securing the greatest efficiency of labour, by giving the labourer some pecuniary interest in the work in which he is employed, has been most imperfectly understood. The relations between employers and employed will never become satisfactory until they are more united by the bonds of mutual interest. Too many of our labourers pass a life of hopeless drudgery; they in no way share their master's prosperity. In some of the succeeding chapters of this work, the great advantages of co-partnership and cooperation will be shown; for it will be explained that under such systems not only has the labourer been socially and morally improved, but capital and labour have in this way been rendered more productive, by calling forth the highest and most skilled efforts of the labourer. Improved relations between employers and employed might render unnecessary a great propor-