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Synopsis
Excerpt from Capital and Interest: A Critical History of Economical Theory
The portion of total "profit" obtained by the private employer or undertaker, as such, is here eliminated; or, rather, it is made definite and measurable in being divided among the managing director, the ordinary directors, and the secretary, who are paid a fixed fee, salary, or, accurately and simply, a wage.
A careful consideration of the balance sheet of any such company will guard us against a common misunderstanding. Such a balance sheet will generally show two funds - a Depreciation Fund and an Insurance Fund. The former, sometimes called Sinking, Wear and Tear, Repairs, or Replacement of Capital Fund, secures that fixed capital, or its value, is replaced in the proportion in which it is worn out, and thus provides a guarantee that the value of the parent capital is not encroached upon, or inadvertently paid away in dividend. The latter, sometimes called Equalisation of Dividend Fund, is a provision for averaging the losses that are sure to occur over a series of years, and are really a portion of the current expenses. It is only after these funds are provided for that the dividend is paid over to the shareholders, and this accentuates two important facts: (1) that interest properly so called is something distinct from any portion of parent capital, and (2) that it is not accounted for by insurance against risks.
The question now is, Is such a dividend pure interest? Here we have to reckon with the familiar fact that limited companies, under similar conditions, pay the most various rates of dividend. If then we accept "dividend" as the equivalent of "interest" we shall have to conclude that varying rates of interest are obtainable on equal amounts of capital. On looking closer, however, we find the dividing line again reasserting itself. If a sound industrial company is known to be paying a dividend higher than a certain definite percentage on its capital, the va...
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- PublisherForgotten Books
- Publication date2018
- ISBN 10 1330456599
- ISBN 13 9781330456590
- BindingPaperback
- LanguageEnglish
- Number of pages478
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Capital and Interest: A Critical History of Economical Theory (Classic Reprint)
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CAPITAL AND INTEREST; A CRITICAL HISTORY OF ECONOMIC THEORY
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Forgotten Books, London, 2015
ISBN 10: 1330456599
ISBN 13: 9781330456590
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Capital and Interest: A Critical History of Economical Theory (Classic Reprint)
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Paperback. Condition: New. Print on Demand. This book delves into the age-old debate surrounding the nature and justification of interest. Tracing the evolution of thought from ancient times to the 18th century, the author meticulously examines the arguments for and against interest, highlighting the shifting perspectives across different historical and cultural contexts. From the staunch opposition of the Church in medieval times to the emergence of economic theories in the Enlightenment era, the book unveils a fascinating intellectual journey. It critically analyzes various schools of thought, including the Productivity, Use, and Abstinence theories, exposing their strengths and weaknesses in explaining the phenomenon of surplus value. By dissecting the arguments of prominent thinkers like Adam Smith, Ricardo, and Marx, the author sheds light on the complex relationship between capital, labor, and the generation of wealth. This book challenges conventional assumptions and invites readers to engage in a deeper exploration of the ethical and economic implications of interest. Ultimately, the book's insights offer a profound understanding of the role of interest in shaping economic systems and the distribution of resources. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781330456590_0
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Capital and Interest A Critical History of Economical Theory Classic Reprint
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Capital and Interest: A Critical History of Economical Theory (Classic Reprint)
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