The real value of all the different component parts of price... is measured by the quantity of labour which they can... purchase or command. Labour measures the value, not only of that part of price which resolves itself into labour, but of that which resolves itself into rent, and of that which resolves itself into profit... In the price of corn, for example, one part pays the rent of the landlord, another pays the wages or maintenance of the labourers and labouring cattle employed in producing it, and the third pays the profit of the farmer.
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Smith also differentiated clearly between the use value and the exchange value of a good. A hundred years later, Marx would begin Das Kapital with a similar analysis. Smith's assertion that the tradable price of a good covered three areas of cost - labour, rent and profit - also opened up two important issues. A century later Marx would cite greed as a reason why those who controlled capital - the life-blood of trade - could seek to maximise the profit element of the cost of a good, a practice that would inevitably lead to the increased exploitation of the labour involved, since their contribution to the cost could be controlled, even depressed. And in Smith's own analysis the likely effects of price rises in a good would be to put up rents, thus eventually benefiting landlords and landowners. Thus even in Smith's work, those who represented the more powerful interests would be the ones to reap the lion's share of the benefits of trade, even the lion's share of growth in the economy or expansion of trade.
Smith saw business owners as a group as nothing less than likely conspirators in raising prices. He stated this quite explicitly.
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
He also warns against charitable intentions, especially ones where those with commercial interest participate or organise, since these often offer justification for the gatherings where interested parties could meet and conspire.
A regulation which enables those of the same trade to tax themselves, in order to provide for their poor, their sick, their widows and orphans, by giving them a common interest to manage, renders such assemblies necessary
So that is why, despite their laudable aims and significant achievements, we eventually do not trust movements such as freemasons, lions, rotaries or charitable endeavours funded by corporate riches.
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