All businesses require capital, management and labor, and business executives, wanting to grow and maintain profitable enterprises, have a strong incentive to keep costs, including labor, as low as possible.
Thus, the capital owner is not a parasite or a rentier but a worker - a capital worker. A distinction between labor work and capital work suggests the lines along which we could develop economic institutions capable of dealing with increasingly capital-intensive production, as our present institutions cannot.
The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably.
A man who is without capital, and who, by prohibitions upon banking, is practically forbidden to hire any, is in a condition elevated but one degree above that of a chattel slave. He may live; but he can live only as the servant of others; compelled to perform such labor, and to perform it at such prices, as they may see fit to dictate.
It is preferable to regard labour, including, of course, the personal services of the entrepreneur, and his assistants, as the sole factor of production, operating in a given environment of technique, natural resources, capital equipment and effective demand. This is why we have been able to take labour as the sole physical unit which we require in our economic system, apart from units of money and of time.
Had I made capital on my prettiness, I should have closed the doors of public employment to women for many a year, by the very means which now makes them weak, underpaid competitors in the great workshop of the world.
Attempting to build a language wall around Quebec is precisely the wrong policy to follow. It will keep out of Quebec exactly what we need to attract by way of talent and capital; it will drive our best - francophones as well as allophones and anglophones, with their talents and capital - to leave Quebec.
Capital can seldom be made productive, without undergoing several changes both of form and of place, the risk of which is always more or less alarming to persons unaccustomed to the operations of industry; whereas, on the contrary, landed property produces without any change of either quality or position.
I want us to be able to preserve our level of prosperity. We must constantly remind ourselves that Germany has been eating into its capital. It is only through successful management that we can once again secure our foundation of prosperity and social security.