uctive　power　of　labour；　by　dividing　it；　and　to　afford　a　more　precise　aim　to　economy；　by　multiplying　the　enjoyments　which　wealth　procures。　Thus　men；　combined　in　society；　produced　more　than　if　each　had　laboured　separately；　and　they　preserve　better　what　they　have　produced；　because　they　feel　the　value　of　it　better。　　　　　Exchange　first　arose　from　superabundance：　〃Give　me　that　article；　which　is　of　no　service　to　you；　and　would　be　useful　to　me；；；　said　one　of　the　contacting　parties；　〃and　I　will　give　you　this　in　return；　which　is　of　no　service　to　me；　and　would　be　useful　to　you。〃　Present　utility　was　not；　however；　the　sole　measure　of　things　exchanged。　Each　estimated　for　himself　the　selling　price；　or　the　trouble　and　time　bestowed　in　the　production　of　his　own　commodity；　and　compared　it　with　the　buying　price；　or　the　trouble　and　time　necessary　for　procuring　the　required　commodity　by　his　own　efforts；　and　no　exchange　could　take　place　till　the　two　contacting　parties；　on　calculating　the　matter；　had　each　discovered　that　it　was　better　thus　to　procure　the　commodity　wanted　than　to　make　it　for　himself。　This　accidental　advantage　soon　pointed　out　to　both　a　constant　source　of　advantage　in　trading；　whenever　the　one　offered　an　article　which　he　excelled　in　making；　for　an　article　which　the　other　excelled　in　making；　for　each　excelled　in　what　he　made　often；　each　was　unskillful　and　slow　at　what　he　made　but　seldom。　Now；　the　more　exclusively　they　devoted　themselves　to　one　kind　of　work；　the　more　dexterity　did　they　acquire　in　it；　the　more　effectually　did　they　succeed　in　rendering　it　easy　and　expeditious。　This　observation　produced　the　division　of　trades；　the　husbandman　quickly　perceived；　that　he　could　not　make　as　many　agricultural　tools　by　himself；　in　a　month；　as　the　blacksmith　would　make　for　him　in　a　day。　　　　　The　same　principle　which　at　first　separated　the　trades　of　the　husbandman；　shepherd；　smith；　and　weaver；　continued　to　separate　those　trades　into　an　indefinite　number　of　departments。　Each　felt　that；　by　simplifying　the　operation　committed　to　him；　he　would　perform　it　in　a　manner　still　more　speedy　and　perfect。　The　weaver　renounced　the　business　of　spinning　and　dyeing；　the　spinning　of　hemp；　cotton；　wool；　and　silk；　became　each　separate　employment；　weavers　were　still　farther　subdivided；　according　to　the　fabric　and　the　destination　of　their　stuffs；　and　at　every　subdivision；　each　workman；　directing　his　attention　to　a　single　object；　experienced　an　increase　in　his　productive　powers。　In　the　interior　of　each　manufactory；　this　division　was　again　repeated；　and　still　with　the　same　success。　Twenty　workmen　all　laboured　at　the　same　thing；　but　each　made　it　undergo　a　different　operation：　and　the　twenty　workmen　found　that　they　had　accomplished　twenty　times　as　much　work　as　when　each　had　laboured　separately。　　　　　Much　more　work　was　executed　in　the　world　by　the　division　of　labour；　but；　at　the　same　time；　much　more　was　required　to　supply　the　consumption。　The　wants　and　the　enjoyments　of　the　Solitary；　who　laboured　for　himself；　were　both　very　limited。　Food；　clothing；　and　lodging；　he　indeed　required；　but　he　did　not　so　much　as　think　of　the　delicacies；　by　which　the　satisfaction　of　those　wants　might　be　converted　into　pleasure；　and　still　less　of　the　artificial　desires；　induced　by　society；　which　in　their　gratification　become　new　sources　of　enjoyment。　The　Solitary's　aim　was　merely　to　amass；　that　he　might　afterwards　repose。　Before　him　at　no　great　distance；　was　a　point　in　the　accumulation　of　wealth；　beyond　which　it　would　have　been　foolishness　to　accumulate　more；　because　his　consumption　could　not　be　increased　proportionably。　But　the　wants　of　the　social　man　were　infinite；　because　the　society's　labour　offered　him　enjoyment　infinitely　varied。　Whatever　wealth　he　might　amass；　he　could　never　have　occasion　to　say　it　is　enough；　he　still　found　means　to　convert　it　into　pleasure；　and　to　imagine　at　least　that　he　applied　it　to　his　service。　　　　　Trade；　the　generic　name　given　to　the　total　mass　of　exchangers；　complicated　the　relation　required　to　subsist　between　production　and　consumption；　yet　far　from　diminishing；　it　increased　its　importance。　At　first；　every　one　procured　what　he　himself　intended　to　consume；　but　when　each　had　come　to　work　for　all；　the　production　of　all　must　be　consumed　by　all；　and　each；　in　what　he　produced；　must　have　an　eye　to　the　final　demand　of　the　society；　for　which　he　destined　the　fruit　of　his　labour。　This　demand；　though　not　well　ascertained　by　him；　was　limited　in　quantity。　for；　in　order　to　continue　his　expenditure；　every　one　must　confine　it　by　certain　restrictions；　and　the　sum　of　those　private　expenditures　constituted　that　of　the　society。　The　distinction　between　capital　and　income；　which　in　the　Solitary's　case　was　still　confused；　became　essential　in　society。　The　social　man　was　under　the　necessity　of　adjusting　his　consumption　to　his　income；　and　the　society；　of　which　he　formed　part；　were　compelled　to　observe　the　same　rule；　without　incurring　ruin；　they　could　not　annually　consume　more　than　their　annual　income；　leaving　their　capital　untouched。　All　that　they　produced；　however；　was　destined　for　consumption；　and　if　their　annual　products；　when　carried　to　the　destined　market；　found　no　purchaser；　reproduction　was　arrested；　and　the　nation　ruined　as　before。　We　shall　attempt　to　explain　this　double　relation；　at　once　so　essential　and　so　delicate；　by　showing；　on　the　one　hand；　how　income　springs　from　capital；　on　the　other；　how　what　is　income　for　one　may　be　capital　for　a　second。　　　　　To　the　Solitary；　every　kind　of　wealth　was　a　provision　made　beforehand　against　the　moment　of　necessity；　yet　still　in　this　provision　he　distinguished　two　things　…　the　part　which　it　suited　his　economy　to　keep　in　reserve　for　immediate；　or　nearly　immediate　use；　and　the　part　which　he　would　not　need　before　the　time　when　he　might　obtain　it　by　a　new　production。　One　portion　of　his　corn　was　to　support　him　till　the　next　harvest；　another　portion；　set　apart　for　seed；　was　to　bring　forth　its　fruit　the　following　year。　　　　　The　formation　of　society；　the　introduction　of　exchange；　allowed　him　almost　indefinitely　to　multiply　this　seed；　…　this　fruit…bearing　portion　of　accumulated　wealth。　It　is　what　we　name　capital。　　　　　The　ground　and　his　animals　were　all　that　man　could　force　to　work　in　concert　with　him；　but；　in　society；　the　rich　man　could　force　the　poor　to　work　in　concert　with　him。　After　having　set　apart　what　corn　was　necessary　till　the　next　harvest；　it　suited　him　to　employ　the　remaining　surplus　of　corn　in　feeding　other　men；　that　they　might　cultivate　the　ground　and　make　fresh　corn　for　him：　that　they　might　spin　and　weave　his　hemps　and　wools；　that；　in　a　word；　they　might　take　out　of　his　hands　the　commodity　ready　for　being　consumed；　and　at　the　expiration　of　a　certain　period；　return　him　another　commodity；　of　a　greater　value；　likewise　destined　for　consumption。　Wages　were　the　price　at　which　the　rich　man　obtained　the　poor　man's　labour　in　exchange。　The　division　of　labour　had　produced　the　distinction　of　ranks。　The　person　who　had　limited　his　efforts　to　perform　only　one　very　simple　operation　in　a　manufacture；　had　made　himself　dependent　on　whoever　chose　to　employ　him。　He　no　longer　produced　a　complete　work；　but　merely　the　part　of　a　work；　in　which　he　required　not　only　the　cooperation　of　other　workmen；　but　also　raw　materials；　proper　implements；　and　a　trader　to　undertake　the　exchange　of　the　article　which　he　had　contributed　to　finish。　Whenever　he　bargained　with　a　master…workman　for　the　exchange　of　labour　against　subsistence；　the　condition　he　stood　in　was　always　disadvantageous；　since　his　need　of　subsistence　and　his　inability　to　procure　it　of　himself；　were　far　greater　than　the　master's　need　of　labour；　and　therefore　he　almost　constantly　narrowed　his　demand　to　bare　necessaries；　without　which　the　stipulated　labour　could　not　have　proceeded；　whilst　the　master　alone　profited　from　the　increase　of　productive　power　brought　about　by　the　division　of　labour。　　　　　The　master；　who　hired　workmen；　was　situated；　in　all　points；　exactly　as　the　husbandman　who　sows　the　ground。　The　wages　paid　to　his　workmen　were　a　kind　of　seed　which　he　entrusted　to　them；　and　expected　in　a　given　time　to　bring　forth　fruit。　Like　the　husbandman；　he　did　not　sow　all　his　productive　wealth；　a　part　of　it　had　been　devoted　to　such　buildings；　or　machines；　or　implements；　as　make　labour　more　easy　and　productive；　just　in　the　way　that　a　part　of　the　husbandman's　wealth　was　devoted　to　permanent　works；　destined　to　render　the　ground　more　fertile。　It　is　thus　that　we　see　the　different　kinds　of　wealth　springing　up　and　separating；　whilst　each　exerts　a　different　influence　on　its　own　reproduction。　The　funds　of　consumption；　such　as　domestic　necessaries；　do　not　any　longer　produce　fruit；　after　each　has　secured　them　for　his　own　use；　fixed　capital；　such　as　improvement　of　the　soil；　canals　of　irrigation；　and　machinery；　during　the　progress　of　its　own　slow　consumption；　co…operates　with　labour　of　which　it　augments　the　products；　and；　lastly；　circulating　capital；　such　as　seed；　wages；　and　raw　materials；　destined　to　be　wrought；　is　consumed　annually；　or　even　more　rapidly；　in　order　to　be　again　re…produced。　It　is　essentially　important　to　remark；　that　those　three　kinds　of　wealth　are　all　equally　advancing　towards　consumption。　But　the　first　when　consumed　is　absolutely　destroyed；