alist, on the other the wage-labourer.

Capital pre-supposes wage-labour, and wage-labour pre-supposes capital.
One is a necessary condition to the existence of the other. The two
mutually call each other into existence. Does an operative in a
cotton-factory produce nothing but cotton goods? No, he produces
capital. He produces values that give fresh command over his labour, and
that, by means of such command, create fresh values.

Every individual capital is a larger or smaller concentration of means
of production, with a corresponding command over a larger or smaller
labour-army. Every accumulation becomes the means of new accumulation.
The growth of social capital is affected by the growth of many
individual capitals.

With the accumulation of capital, therefore, the number of capitalists
grows to a greater or less extent. Two points characterise this kind of
concentration which grows directly out of, or rather is identical with,
accumulation. First, the increasing concentration of the social means of
production in the hands of individual capitalists is, other things
remaining equal, limited by the degree of increase of social wealth.
Secondly, the part of social capital domiciled in each particular sphere
of production is divided among many capitalists who face one another as
independent commodity-producers competing with each other.

Accumulation and the concentration accompanying it are, therefore, not
only scattered, but the increase of each functioning capital is thwarted
by the formation of new and the subdivision of old capitals.
Accumulation, therefore, presents itself on the one hand as increasing
concentration of the means of production and of the command over labour;
on the other, as repulsion of many individual capitalists one from
another.

JOHN STUART MILL

Principles of Political Economy

John Stuart Mill, the eldest son of the philosopher, James Mill,
was born in London on May 20, 1806. His early education was
remarkable. At the age of fourteen he had an extensive knowledge of
Greek, Latin, and mathematics, and had begun to study logic and
political economy. In 1823 he received an appointment at the India
Office, and in the same year he became a member of a small
Utilitarian society which met at Jeremy Bentham's house, and soon
became the leader of the Utilitarian school. Mill's great work on
the "Principles of Political Economy," with some of