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Showing posts with the label capital

Economics: Theory of Rent (Part I

CARVED IN STONE above the Royal Exchange in the City of London is the Biblical legend "The earth is the Lord's and the fullness thereof", to which we reply "The earth is the landlord's and the rent therefrom". In the same Biblical strain we add "And he reaps where he does not sow".

 The ancient forms of rent paid to a feudal lord, or lord of the manor, or to the Church, were usually levied in kind, and met either by the supply of a portion
of the produce from the land, or by performing unpaid labour on land belonging to these groups. These old social relations of feudal society have been replaced with other higher social relations of production associated with the land and its capacity to attract rent. Land use, including agriculture, has been specifically adapted to the needs of capitalism. The vast bulk of society's food is obtained from the land, and takes the form of commodities, i.e. articles
produced for sale and profit. Cons…