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William Stanley Jevons

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Over-production is not possible in all branches of industry at once, but it is possible in some as compared to others.
--
Chapter V, Theory of Labour, p. 172

 
William Stanley Jevons

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England was nothing, compared to continental nations until she had become commercial…until about the middle of the last century, when a number of ingenious and inventive men, without apparent relation to each other, arose in various parts of the kingdom, succeeded in giving an immense impulse to all the branches of the national industry; the result of which has been a harvest of wealth and prosperity, perhaps without a parallel in the history of the world.

 
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What economists call over-production is but a production that is above the purchasing power of the worker, who is reduced to poverty by Capital and State. Now, this sort of over-production remains fatally characteristic of the present capitalist production, because — Proudhon has already shown it — workers cannot buy with their salaries what they have produced and at the same time copiously nourish the swarm of idlers who live upon their work.
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These characteristics of our economical system are its very essence. Without them, it cannot exist; for, who would sell his labor power for less than it is capable of bringing in, if he were not forced thereto by the threat of hunger?
And those essential traits of the system are also its most crushing condemnation.

 
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