Note 627 — Chapter V · : PROUDHON AND THE SOCIALISM OF 1848

Propriété, 1er Mémoire, pp. 131-132. It is true that Proudhon adds that without land and capital labour would be unproductive. But he soon forgets his qualifications when he proceeds to draw conclusions, especially when he comes to give an exposition of the Exchange Bank, where we meet with the following sentence: “Society is built up as follows: All the raw material required is gratuitously supplied by nature, so that in the economic world every product is really begot of labour, and capital must be considered unproductive.” Elsewhere he writes: “To work is not necessarily to produce anything.” (Solution du Problème social, Œuvres, vol. vi, pp. 361 et seq., and p. 187.)