,9T]E/ & ,PR9CIPLE3 ,! ,CIRCULATION ( ,CAPITAL1 ,NOT ,CAPITAL ,ITSELF1 ,GIVES ,BIR? TO ,PROGRESS 

#ahdi 

,PEOPLE 3 

,AU?OR 3 ,PI]RE-,JOSEPH ,PR\DHON 

,TAGS 3 CIRCULATION ( CAPITAL1 POLITICAL ECONOMY1 EQUAL ACTIVITY1 ECONOMY =ESI<T1 SOCIETY'S DUTY1 CAPITAL1 S]VICE1 9T]E/1 SOCIALISM1 L5D+4 

,TEXT 3 

  

,PHOTO BY ,ALEX&RE ,S*LOSS]1,C,C ,B,Y ,LIC5SE ,!SE LETT]S1 ADDRESS$ TO ,FR$]IC ,BA/IAT1 AN ECONOMI/1 ORIG9ALLY APPE>$ 9 A DEBATE PUBLI%$ 9 ,! ,VOICE ( ! ,PEOPLE1 9 #a#h#d#i4 

,9T]E/ & ,PR9CIPAL 

,! ,CIRCULATION ( ,CAPITAL1 ,NOT ,CAPITAL ,ITSELF1 ,GIVES ,BIR? TO ,PROGRESS  

 ,?US IT IS ) 9T]E/ ON CAPITAL1 LEGITIMATE :5 A LOAN WAS A S]VICE R5D]$ BY CITIZ5 TO CITIZ51 BUT :I* CEASES TO BE SO :5 SOCIETY HAS ACQUIR$ ! P[] TO ORGANIZE CR$IT GRATUIT\SLY = EV]YBODY4  ,?IS 9T]E/1 ,I SAY1 IS CONTRADICTORY 9 ITS NATURE1 9 ?AT1 ON ! ONE H&1 ! S]VICE R5D]$ BY ! L5D] IS 5TITL$ TO REMUN]ATION1 & ?AT1 ON ! O!R1 ALL WAGES SUPPOSE EI!R A PRODUCTION OR A SACRIFICE1 :I* IS NOT ! CASE ) A LOAN4  ,! REVOLUTION :I* IS EFFECT$ 9 ! LEGITIMACY ( L5D+ ORIG9ATES !RE4  ,?AT IS H[ ,SOCIALISM /ATES ! QUE/ION2 ?AT1 !RE=E1 IS ! GR\ND ON :I* ! DEF5D]S ( ! OLD REGIME MU/ TAKE !IR /&4 

,TO CONF9E ONE'S SELF TO TRADITION1 TO LIMIT ONE'S SELF TO SAY+ A LOAN IS A S]VICE R5D]$ :I* \<T1 !RE=E1 TO BE COMP5SAT$1 )\T 5T]+ 9TO ! CONSID]ATIONS :I* T5D TO ANNIHILATE 9T]E/1 IS NOT TO REPLY4 ,SOCIALISM1 ) R$\BL$ 5]GY1 PROTE/S1 & SAYS3 ,I HAVE NO?+ TO DO ) Y\R S]VICE1--S]VICE = Y\1 BUT ROBB]Y = ME1--AS LONG AS IT IS POSSIBLE = SOCIETY TO FURNI% ME ) ! SAME ADVANTAGES :I* Y\ (F] ME1 & ?AT )\T REW>D4  ,TO IMPOSE ON ME SU* A S]VICE 9 SPITE ( MYSELF1 BY REFUS+ TO ORGANIZE ! CIRCULATION ( CAPITAL1 IS TO MAKE ME SUBMIT TO AN UNJU/ DISC\NT1 IS TO ROB ME4 

 ,?US Y\R :OLE >GUM5T 9 FAVOR ( 9T]E/ CONSI/S 9 CONF\ND+ EPO*S1--,I MEAN TO SAY1 9 CONF\ND+ ?AT :I* IS LEGITIMATE 9 L5D+ ) ?AT :I* IS NOT1--:]EAS ,I1 ON ! CONTR>Y1 C>EFULLY DI/+UI% BETWE5 !M4  ,I WILL PROCE$ TO MAKE ?IS 9TELLIGIBLE TO Y\ BY AN ANALYSIS ( Y\R LETT]4 

 ,I TAKE UP Y\R >GUM5TS ONE BY ONE4 ,9 MY FIR/ REPLY ,I MADE ! OBS]VATION ?AT HE :O L5DS DOES NOT DEPRIVE HIMSELF ( HIS CAPITAL4  ,Y\ REPLY3 ,:AT MATT]S IT1 IF HE HAS CREAT$ HIS CAPITAL = ! EXPRESS PURPOSE ( L5D+ IT8 

 ,9 SAY+ ?AT Y\ BETRAY Y\R [N CAUSE4  ,Y\ ACQUIESCE1 BY ?OSE WORDS1 9 MY ANTI!SIS1 :I* CONSI/S 9 SAY+3 ,! HIDD5 REASON :Y L5D+ AT 9T]E/1 LEGITIMATE YE/]DAY1 IS NO LONG] SO TODAY1 IS BECAUSE L5D+1 9 ITSELF1 DOES NOT 9VOLVE PRIVATION4  ,I NOTE ?IS CONFESSION4 

 ,BUT Y\ CL+ TO ! 9T5TION3 ,:AT MATT]S IT1 Y\ SAYS IF ! L5D] HAS CREAT$ HIS CAPITAL = ! EXPRESS PURPOSE ( L5D+ IT8 

 ,TO :I* ,I REPLY3 ,& :AT DO ,I C>E1 9DE$1 = Y\R 9T5TION1 IF ,I HAVE REALLY NO NE$ ( Y\R S]VICE1 IF ! PRET5D$ S]VICE :I* Y\ WI% TO DO ME BECOMES NECESS>Y ONLY ?R\< ! ILL-WILL & 9CAPACITY ( SOCIETY8 ,Y\R CR$IT RESEMBLES ?AT :I* ! PIRATE GIVES TO HIS CAPTIVE1 :5 HE GIVES HIM HIS LIB]TY 9 RETURN = A RANSOM4  ,I PROTE/ AGA9/ Y\R CR$IT AT FIVE P] C5T1 BECAUSE SOCIETY IS ABLE & \<T TO GIVE IT TO ME AT Z]O P] C5T2 &1 IF IT REFUSES TO DO SO1 ,I ACCUSE IT1 AS WELL AS Y\1 ( ROBB]Y2 ,I SAY ?AT IT IS AN ACCOMPLICE1 AN ABETTOR1 AN ORGANIZ] ( ROBB]Y4 

 ,COMP>+ A LOAN TO A SALE1 Y\ SAY3 ,Y\R >GUM5T IS AS VALID AGA9/ ! LATT] AS AGA9/ ! =M]1 = ! HATT] :O SELLS HATS DOES NOT DEPRIVE HIMSELF4 

 ,NO1 = HE RECEIVES = HIS HATS--AT LEA/ HE IS REPUT$ TO RECEIVE = !M--!IR EXACT VALUE IMM$IATELY1 NEI!R MORE NOR LESS4  ,BUT ! CAPITALI/ L5D] NOT ONLY IS NOT DEPRIV$1 S9CE HE RECOV]S HIS CAPITAL 9TACT1 BUT HE RECEIVES MORE ?AN HIS CAPITAL1 MORE ?AN HE CONTRIBUTES TO ! EX*ANGE2 HE RECEIVES 9 ADDITION TO HIS CAPITAL AN 9T]E/ :I* REPRES5TS NO POSITIVE PRODUCT ON HIS P>T4  ,N[1 A S]VICE :I* CO/S NO LABOR TO HIM :O R5D]S IT IS A S]VICE :I* MAY BECOME GRATUIT\S3 ?IS Y\ HAVE ALREADY TOLD US Y\RSELF4 

 ,AFT] HAV+ RECOGNIZ$ ! NON-PRIVATION ATT5DANT UPON A LOAN1 Y\ ADMIT FUR!R 0?AT IT IS NOT !ORETICALLY IMPOSSIBLE ?AT 9T]E/1 :I* TODAY CON/ITUTES AN 9TEGRAL P>T ( ! PRICE ( COMMODITIES1 MAY BECOME ! SAME = ALL1 & !REBY BE ABOLI%$40 0,BUT10 Y\ ADD1 0= ?IS O!R ?+S >E NE$$ ?AN A NEW BANK4  ,LET ,SOCIALISM 5D[ ALL M5 ) EQUAL ACTIVITY1 SKILL1 HONE/Y1 ECONOMY1 =ESI<T1 NE$S1 DESIRES1 VIRTUES1 VISES1 & *ANCES EV51 & !N IT WILL HAVE SUCCE$$40 

 ,SO ?AT Y\ 5T] UPON ! QUE/ION ONLY TO IMM$IATELY AVOID IT4  ,SOCIALISM1 AT ! PO9T :I* IT HAS N[ REA*$1 JU/LY CLAIMS ?AT IT IS BY MEANS ( A RE=M 9 BANK+ & TAXATION ?AT WE CAN >RIVE AT ?IS BALANCE ( 9T]E/S4 ,9/EAD ( PASS+ OV]1 AS Y\ DO1 ?IS CLAIM ( ,SOCIALISM1 /OP H]E & REFUTE IT3 Y\ WILL !REBY DEMOLI% ALL ! UTOPIAS ( ! WORLD4  ,= ,SOCIALISM AFFIRMS--& )\T ?IS AFFIRMATION ,SOCIALISM C\LD NOT EXI/1 IT W\LD BE A NON5TITY--?AT IT IS NOT BY 5D[+ ALL M5 ) EQUAL 0ACTIVITY1 SKILL1 HONE/Y1 ECONOMY1 =ESI<T1 NE$S1 DESIRES1 VIRTUES1 VISES1 & *ANCES EV50 ?AT WE %ALL SUCCE$ 9 BALANC+ 9T]E/ & EQUALIZ+ 9COMES2 IT MA9TA9S ?AT WE MU/1 ON ! CONTR>Y1 BEG9 BY C5TRALIZ+ CR$IT & ABOLI%+ 9T]E/1 9 ORD] TO EQUALIZE FACULTIES1 NE$S1 & *ANCES4  ,LET !RE BE NO MORE ROBB]S AMONG US1 & WE %ALL BE ALL VIRTU\S1 ALL HAPPY6 ,?AT IS ,SOCIALISM'S CRE$4  ,I FEEL ! KE5E/ REGRET 9 TELL+ Y\ ( IT1 BUT REALLY Y\R ACQUA9TANCE ) ,SOCIALISM IS SO SLI<T ?AT Y\ RUN AGA9/ IT )\T SEE+ IT4 

 ,Y\ P]SI/ 9 ATTRIBUT+ TO CAPITAL ALL SOCIAL PROGRESS 9 ! DOMA9 ( WEAL?1 :ILE ,I1 = MY P>T1 ATTRIBUTE IT TO CIRCULATION2 & Y\ SAY ?AT H]E ,I MI/AKE ! CAUSE = ! EFFECT4 

 ,BUT1 9 MA9TA9+ SU* A PROPOSITION1 Y\ UNWITT+LY REFUTE Y\R [N >GUM5T4  ,J4 ,B4 ,SAY HAS %[N--& ( ?IS FACT Y\ >E NOT IGNORANT--?AT ! TRANSPORTATION ( A VALUE1 BE ?AT VALUE CALL$ MONEY OR M]*&ISE1 IS A VALUE 9 ITSELF2 ?AT IT IS AS REAL A PRODUCT AS :EAT & W9E2 ?AT CONSEQU5TLY ! S]VICE ( ! M]*ANT & BANK] DES]VES TO BE REMUN]AT$ EQUALLY ) ?AT ( ! HUSB&-MAN & W9E-GR[]4  ,IT IS ON ?IS GR\ND ?AT Y\ /& :5 Y\ CLAIM WAGES = ! CAPITALI/ :O1 BY L5D+ HIS CAPITAL1 ! RETURN ( :I* IS GU>ANTE$ HIM1 P]=MS ! (FICE ( TRANSPORTATION1 ( CIRCULATION4  ,9 L5D+1 Y\ SAID 9 Y\R FIR/ LETT]1 ,I R5D] A S]VICE1 ,I CREATE A VALUE4  ,SU* W]E Y\R WORDS1 :I* WE HAVE ADMITT$3 9 ?IS RESPECT WE BO? AGRE$ ) ! MA/]4 

 ,I AM JU/IFI$1 !N1 9 SAY+ ?AT IT IS NOT CAPITAL ITSELF1 BUT ! CIRCULATION ( CAPITAL1--?AT K9D ( S]VICE1 PRODUCT1 M]*&ISE1 VALUE1 OR REALITY1 :I* POLITICAL ECONOMY CALLS MOVEM5T OR CIRCULATION1 & :I*1 9DE$1 CON/ITUTES ! :OLE SUBJECT-MATT] ( ECONOMIC SCI5CE1--?AT CAUSES WEAL?4  ,WE REMUN]ATE ALL :O R5D] ?IS S]VICE2 BUT WE AFFIRM ?AT1 AS F> AS CAPITAL1 PROP]LY SPEAK+1 OR MONEY IS CONC]N$1 IT IS SOCIETY'S DUTY TO R5D] IT TO US GRATUIT\SLY2 ?AT IF IT DOES NOT DO SO1 !RE IS FRAUD & ROBB]Y4  ,DO Y\ N[ UND]/& ! REAL PO9T ON :I* ! SOCIAL QUE/ION TURNS8 

 ,AFT] HAV+ EXPRESS$ Y\R REGRET AT ! DIVISION ( CAPITALI/S & LABOR]S 9TO TWO HO/ILE CLASSES1--:I* SURELY IS NOT ! FAULT ( ,SOCIALISM1--Y\ TAKE ! V]Y USELESS TR\BLE ( %[+ ME BY ILLU/RATIONS ?AT EV]Y LABOR] IS 9 SOME DEGREE A CAPITALI/1 & DOES A WORK ( CAPITALIZATION1--?AT IS1 USURY4  ,& :O1 PRAY1 EV] DREAM$ ( D5Y+ IT8 ,:O HAS TOLD Y\ ?AT :AT WE RECOGNIZE AS LEGITIMATE ONCE 9 ! CAPITALI/1 WE CONDEMN AT ! SAME TIME 9 ! LABOR]8 

,YES1 WE KN[ ?AT ! PRICE ( ALL M]*&ISE & S]VICE MAY BE ANALYZ$ AT ! PRES5T DAY AS FOLL[S3-- 
   
   ,RAW MAT]IAL2 
   ,COMP5SATION ( TOOLS1 & 9CID5TAL EXP5SES2 
   ,WAGES ( LABOR4 
   ,9T]E/ ( CAPITAL4 
   

 ,?US IT IS 9 ALL K9DS ( BUS9ESS1--AGRICULTURE1 9DU/RY1 COMM]CE1 & TRANSPORTATION4  ,!SE >E ! F\R*ES CAUD9ES ( EV]Y ONE :O IS NOT A P>ASITE1 BE HE CAPITALI/ OR LABOR]4  ,Y\ NE$ NOT 5T] 9TO LONG DETAILS UPON ?IS SUBJECT1 V]Y 9T]E/+ ?\< !Y >E & CLE>LY DELI<TFUL TO Y\R IMAG9ATION4 

 ,I REPEAT3 ,! PROBLEM ( ,SOCIALISM IS TO MAKE ?IS F\R? ELEM5T :I* 5T]S 9TO ! PRICE ( COMMODITIES--9T]E/ ON CAPITAL--EQUAL = ALL PRODUC]S1 & CONSEQU5T NUGATORY4  ,WE MA9TA9 ?AT ?IS IS POSSIBLE2 ?AT1 IF ?IS IS POSSIBLE1 IT IS SOCIETY'S DUTY TO PROCURE GRATUIT\S CR$IT = ALL2 ?AT1 FAIL+ TO DO ?IS1 IT WILL NOT BE A SOCIETY1 BUT A CONSPIRACY ( CAPITALI/S AGA9/ LABOR]S1 A COMPACT = PURPOSES ( ROBB]Y & MURD]4 

 ,UND]/& !N1 ONCE = ALL1 ?AT IT IS NOT NECESS>Y TO %[ US H[ CAPITAL IS =M$1 H[ IT ACCUMULATES ?R\< 9T]E/1 H[ 9T]E/ 5T]S 9TO ! PRICE ( PRODUCTS1 H[ ALL LABOR]S >E !MSELVES GUILTY ( ! S9 ( USURY3 WE HAVE LONG KN[N ALL !SE ?+S1 JU/ AS WE >E CONV9C$ ( ! P]SONAL HONE/Y ( ANNUITANTS & PROPRIETORS4 

 ,WE SAY3 ,! ECONOMIC SY/EM BAS$ ON ! FICTION ( ! PRODUCTIVITY ( CAPITAL1 JU/IFIABLE ONCE1 IS H5CE=? ILLEGITIMATE4  ,ITS 9EFFICACY & MALFEASANCE HAVE BE5 EXPOS$2 IT IS ! CAUSE ( ALL EXI/+ MIS]Y1 ! PRES5T MA9/AY ( ?AT OLD FICTION ( REPRES5TATIVE GOV]NM5T :I* IS ! LA/ =M ( TYRANNY AMONG M54 

 ,I WILL NOT DETA9 MYSELF ) ! PURELY RELIGI\S CONSID]ATIONS ) :I* Y\R LETT] CLOSES4  ,RELIGION1 ALL[ ME TO SAY1 HAS NO?+ TO DO ) POLITICAL ECONOMY4  ,A REAL SCI5CE IS SUFFICI5T UNTO ITSELF2 O!RWISE1 IT CANNOT EXI/4  ,IF POLITICAL ECONOMY NE$S ! SANCTION ( RELIGION TO MAKE UP = ! 9ADEQUACY ( ITS !ORIES1 & IF1 9 ITS TURN1 RELIGION1 AS AN EXCUSE = ! B>R5NESS ( ITS DOGMAS1 PLEADS ! EXIG5CIES ( POLITICAL ECONOMY1 ! RESULT WILL BE ?AT POLITICAL ECONOMY & RELIGION1 9/EAD ( MUTUALLY SU/A9+ EA* O!R1 WILL ACCUSE EA* O!R1 & BO? WILL P]I%4 

 ,BEG91 !N1 BY DO+ JU/ICE1 & LIB]TY1 FRAT]NITY1 & WEAL? WILL 9CREASE2 EV5 ! HAPP9ESS ( ANO!R LIFE WILL BE ONLY ! SUR]4  ,IS ! 9EQUALITY ( CAPITALI/IC 9COME1 YES OR NO1 ! PRIM>Y CAUSE ( ! PHYSICAL1 MORAL1 & 9TELLECTUAL POV]TY :I* TODAY AFFLICTS SOCIETY8 ,IS IT NECESS>Y TO EQUALIZE ! 9COME ( ALL M51 TO MAKE ! CIRCULATION ( CAPITAL GRATUIT\S BY ASSIMILAT+ IT TO ! EX*ANGE ( PRODUCTS1 & TO DE/ROY 9T]E/8 ,?AT IS :AT ,SOCIALISM ASKS1 & IT MU/ HAVE AN ANSW]4 

 ,SOCIALISM1 9 ITS MO/ POSITIVE CONCLUSIONS1 FURNI%ES ! SOLUTION 9 ! DEMOCRATIC C5TRALIZATION & GRATUITY ( CR$IT1 COMB9$ ) A S+LE TAX1 TO REPLACE ALL O!R TAXES1 & TO BE LEVI$ ON CAPITAL4 

 ,LET ?IS SOLUTION BE V]IFI$2 LET ITS APPLICATION BE TRI$4 ,?AT IS ! ONLY WAY TO REFUTE ,SOCIALISM2 EXCEPT ?AT IS DONE1 WE %ALL %\T L\D] ?AN EV] \R W>-CRY3 ,PROP]TY IS ROBB]Y6 

,FROM 3 ,AN>*Y ,>*IVES4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahdh 3 ,9T]E/ & ,PR9CIPLE3 ,! ,CIRCULATION ( ,CAPITAL1 ,NOT ,CAPITAL ,ITSELF1 ,GIVES ,BIR? TO ,PROGRESS -- ,PUBLICATION4 
,FEBRU>Y #a1 #bag 3 ,9T]E/ & ,PR9CIPLE3 ,! ,CIRCULATION ( ,CAPITAL1 ,NOT ,CAPITAL ,ITSELF1 ,GIVES ,BIR? TO ,PROGRESS -- ,ADD$4 
,DECEMB] #c1 #bba 3 ,9T]E/ & ,PR9CIPLE3 ,! ,CIRCULATION ( ,CAPITAL1 ,NOT ,CAPITAL ,ITSELF1 ,GIVES ,BIR? TO ,PROGRESS -- ,UPDAT$4 

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