By Karl Marx, Friedrich Engels

Marx and Engels's Communist Manifesto has turn into one of many world's so much influential political tracts considering the fact that its unique 1848 booklet. a part of the Rethinking the Western culture sequence, this variation of the Manifesto beneficial properties an intensive advent by way of Jeffrey C. Isaac, and essays by way of Vladimir Tismaneanu, Steven Lukes, Saskia Sassen, and Stephen Eric Bronner, every one renowned for his or her writing on questions imperative to the Manifesto and the background of Marxism. those essays tackle the Manifesto's historic heritage, its impression at the improvement of twentieth-century Communism, its strengths and weaknesses as a sort of moral critique, and its relevance within the post-1989, post-Cold battle global. This version additionally comprises a lot ancillary fabric, together with the numerous Prefaces released within the lifetimes of Marx and Engels, and Engels's "Principles of Communism."

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Smith maintains that what matters to a country is the real development of its productive resources—people, land, and capital—rather than its cash money holdings. A country with a large and well-developed productive base will in the end have more resources to pursue its policy goals through diplomatic and military means. Smith, in fact, believes that the nation is best off with the smallest gold stock it can manage, because holding gold diverts capital from productive enterprises that turn a profit.

In a rough and average sense this is probably true, but there are many circumstances in which profit and interest rates can move in opposite directions. Certainly capitalists cannot afford to pay interest rates above their profit rates for very long (though they may do so temporarily in order to stay in business for the long haul), and competition among capitalists for funds generally will tend to pull interest rates above zero. The profit rate falls with accumulation Smith argues that profit rates (like real wages) will vary from place to place and over time, so that it is impossible to settle on one level of the profit rate as normal or appropriate.

Since Britain depended on its naval strength to defend itself against continental European powers, a pool of experienced seamen and ongoing ship-building facilities were an important national security asset. Smith endorses these navigation measures on this ground, despite his recognition that under laissez-faire British capital would not be able to appropriate the average profit rate in shipping and ship-building, and that these sectors would become much smaller. This general concern continues to arise in contemporary political economic debates.

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