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||I, 2|What is the basis of capital, that is, of private property in the products of other men’s labour?

“Even if capital itself does not merely amount to theft or fraud, it still requires the co‐operation of legislation to sanctify inheritance.” (Say, [Traité d’économie politique,] t. I, p. 136, note.)⁴

How does one become a proprietor of productive stock? How does one become owner of the products created by means of this stock?

By virtue of positive law. (Say, t. II, p. 4.)

What does one acquire with capital, with the inheritance of a large fortune, for instance?

“The person who [either acquires, or] succeeds to a great fortune, does not necessarily [acquire or] succeed to any political power [.…] The power which that possession immediately and directly conveys to him, is the power of purchasing; a certain command over all the labour, or over all the produce of labour, which is then in the market.” (Wealth of Nations, by Adam Smith, Vol. I, pp. 26–27 [Garnier, t. I, p. 61].)⁵

Capital is thus the governing power over labour and its products. The capitalist possesses this power, not on account of his personal or human qualities, but inasmuch as he is an owner of capital. His power is the purchasing power of his capital, which nothing can withstand.

Later we shall see first how the capitalist, by means of capital, exercises his governing power over labour, then, however, we shall see the governing power of capital over the capitalist himself.

What is capital?

“A certain quantity of labour stocked and stored up to be employed.” (Adam Smith, op. cit., Vol. I, p. 295 [Garnier, t. II, p. 312].)

Capital is stored‐up labour.

(2) Fonds, or stock,⁶ is any accumulation of products of the soil or of manufacture. Stock is called capital only when it yields to its owner a revenue or profit. (Adam Smith, op. cit., p. 243 [Garnier, t. II, p. 191].