BOOK IV. The Reasonable Hopes of Labour—Their Magnitude,

THE REASONABLE HOPES OF LABOUR—THEIR MAGNITUDE, AND THEIR BASIS

I. How the Future and Hopes of the Labouring Classes are bound up with the Prosperity of the Classes who exercise Ability—

Short Summary of the preceding Arguments 237 The preceding Arguments from the Labourer’s Point of View 240 The Share of Labour in the growing Products of Ability 242 The amount produced by Labour 244 The amount taken by Labour 245 Continuous Recent Growth of the Receipts of Labour 246 Growth of the Receipts of Labour during Queen Victoria’s Reign 248 Actual Gains of Labour beyond the Dreams of Socialism 250 Two Points to be considered 252

II. Of the Ownership of Capital, as distinct from its Employment by Ability—

Land and its Owners 253 Passive Ownership of Capital 255 The Class that Lives on Interest 256 The Hope of Interest as a Motive 257 Capital created and saved mainly for the sake of Interest 258 Family Feeling 260 The Bequest of Capital 261 Interest a Necessary Incident as the Price of the Use of Capital 262 A Part of the Interest of Capital constantly appropriated by Labour 264 Interest not to be confused with Large Profits 266 Interest not to be confused with the Profits of Sagacity 268 Enormous gains of Labour at the expense of Ability 270 Labour and the Existing System 272

III. Of the Causes owing to which, and the Means by which Labour participates in the Growing Products of Ability—

A Miserable Class co-existing with General Progress 273 Relative Decrease of Poverty 276 Two Causes of Popular Progress 277 The Riches of a Minority 278 How they are produced 279 The Rich Man’s Progress 280 The Rivalry of the Rich 282 The Gain of Labour 283 Popular Progress and Growth of Population 284 The Gain of Labour limited by the Power of Ability 286 The Natural Gain of Labour 288 Its relation to Politics 289 Self-Help and State Help 290

IV. Of Socialism and Trade Unionism—the Extent and Limitation of their Power in increasing the Income of Labour—

So-called Socialism in England different from Formal Socialism 291 An Element of Socialism necessary to every State 294 The Socialistic question entirely a question of degree 296 Socialism not directly operative in increasing the Income of Labour 298 Trade Unionism 300 How it strengthens Labour 301 How the power of striking grows with the growth of Wages 302 Natural Limits of the Powers of Trade Unionism 304 Labour and Ability 306 Higgling on Equal Terms 307 The Power represented by Strikes not Labour, but Labouring Men 308 Leaders of Labouring Men rarely Leaders of Labour 310 The Power of Trade Unionism important, though limited 312 Certain remaining points 314

V. Of the enormous Encouragement to be derived by Labour from a true View of the Situation; and of the Connection between the Interests of the Labourer and Imperial Politics—

A Recapitulation 315 The Practical Moral 317 The True Functions of Trade Unionism and Socialism 318 The Natural Progress of Labour a Stimulus to Effort 320 The Future of Labour judged from its Past Progress 322 The one thing on which the Hopes of Labour depend 324 The Real Bargain of Labour not with Capital but Ability 326 Subordination to Ability no Indignity to Labour 328 The Moral Debt of Ability to Labour 330 Labour, Nature, and Ability 332 The Home and Foreign Food 333 Imperial Politics and the National Income 334 The Labourer’s home 336

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