CONTENTS 



These implements are like a race of iron negroes, and are producers as 



truly as live negroes would be . . . .314 



Indirectly, wage capital is also a producer in the same way . . 314 



And indeed, till they saw that this argument could be turned against 



themselves, it was strongly urged by the socialists . . 315 



Practically, however, the justification of income from capital . . 316 



rests on the fact that the power of capital to yield income is what 



mainly makes men anxious to produce it ; . . . 316 



since if income-yielding capital could not be acquired and amassed, 



wealthy men could make no provision for their families, . . 317 



nor could wealth give pleasure to those who might at any moment be 



beggars . . . . . . . .318 



Moreover, if incomes were not heritable, wealth would produce none of 



those social results, such as continuous culture, etc., which make 



it valuable ........ 319 



The wealth that ceased with the men that actually made it would 



produce a society of beasts . . . . 319 



Wealth is desirable because it is the physical basis of an enlarged life ; 320 

 and there must thus be continuity in the possession of wealth . . 320 



Hence the great wealth-producer demands the possession not only of 



what he produces directly, but of what he produces indirectly 



through his past products . . . . . .321 



The majority not only may, but do, acquire a share of the increment 



produced by the great man ; . . . . . 322 



but whatever this share may be, it can never be such as to make social 



conditions equal . . . . . . .322 



CHAPTER III 



EQUALITY OF EDUCATIONAL OPPORTUNITY 



The wealthy class, owing to inheritance, is always much more numerous 

 than the great men actually engaged at any given time in produc- 

 tion ........ 3 2 4 



But though inheritance gives a certain permanence to the wealthy 

 class, the families belonging to it are constantly, if slowly, 

 changing, ...... 3 2 5 



and new men are constantly forcing their way into it . . . 326 



