Terms and Conditions (Welfare Edition)

<p>British Left lexicon of political keywords.</p> <p><em>The diminution of the capital stock of the society, or of the funds destined for the maintenance of industry, however, as it lowers the wages of labour, so it raises the profits of stock, and consequently the interest of money. By the wages of labour being lowered, the owners of what stock remains in society can bring their goods at less expense to market before, and less stock being employed in supplying the market than before, they can sell them dearer. Their goods cost them less, and they get more for them. Their profits, therefore, being augmented at both ends, can well afford a large interest. The great fortunes so suddenly and easily acquired in Bengal and other British settlements in the East Indies may satisfy us that, as the wages of labour are very low, so the profits of stock are very high in those ruined countries.</em></p> <p>Adam Smith, The Wealth of Nations, Book 1, ch.IX, The Profits of Stock</p> <p><em>This item is publicly available as part of the <a style="background: #f2e315; font-weight: 500;" href="https://nn.www.librarystack.org/" target="_blank" rel="noopener noreferrer">Library Stack Public Branch at NN Contemporary Art</a>.</em></p>