OCR Text |
Show oo THE EVOLUTION OF CAPITAL. Capital and labor are two fundamental funda-mental factors in production, and each factor Is most efficient when combined com-bined with the other. The primitive1 man had little or no capital to work with and practically his entire efforts were, spent In providing a bare subsistence: sub-sistence: he lived from day to day with little provision for the future. The gradual process of saving and capital accumulation has resulted in the manifold Increase in per capita production and the higher standard of living which prevails today The simple sim-ple fact Is that under capitalistic production pro-duction the man power of the nation has Increased in efficiency until it is no longer necessary for the whole pop ulatlon to be egaged In producing food, clothing, and other actual necessities of life A part of our productive power pow-er Is directed toward building roads, schools, art galleries, or developing and perfecting further instruments of production It is a cumulative process. Secretary Andrew W. Mellon in the World's Work for May. on |