It gives effect to its directions by means of its control of capital, in the form of wage-capital.
Ability, using wage-capital as its implement of direction, gives rise to fixed capital, in the form of the elaborate implements of modern production, which are the material embodiments of the knowledge, ingenuity, and energy of the highest minds.
REPUDIATION OF MARX BY MODERN SOCIALISTS.
THEIR RECOGNITION OF DIRECTIVE ABILITY.
The more educated socialists of to-day, when the matter is put plainly before them, admit that the argument of the preceding chapters is correct, and repudiate the doctrine of Marx that "labour" is the sole producer.
Examples of this admission on the part of American socialists.
The socialism of Marx, however, still remains the socialism of the more ignorant classes, and also of the popular agitator.
It is, moreover, still used as an instrument of agitation by many who personally repudiate it. The case of Mr. Hillquit.
The doctrine of Marx, therefore, still requires exposure.
Further, it is necessary to understand this earlier form of socialistic theory in order to understand the later.
REPUDIATION OF MARX BY MODERN SOCIALISTS, CONTINUED.
THEIR RECOGNITION OF CAPITAL AS THE IMPLEMENT OF DIRECTIVE ABILITY.
THEIR NEW POSITION, AND THEIR NEW THEORETICAL DIFFICULTIES.