Note 195-9 — Chapter V

Tantièmes occupy a middle place between wages and the undertaker's profit; dividends a middle place between undertaker's profit and the interest of capital. On this is based Rodbertus's view, that an increase of joint stock companies raises ceteris paribus the rate of interest, and an increase of productive associations the rate of wages, for the reason that in each instance, there is some admixture of "undertaker's profit," or reward of enterprise.