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Additional resources for Means and Ends: The Idea of Capital in the West, 1500-1970
44 Turgot shows that his conception of the production process is a physical one and not based on value, refusing to reason in terms of added value, nor could this be otherwise in a pre-industrial context. Land and Labour, 1650–1800 33 Section V clearly endorses this idea; it sanctions the pre-eminence of the husbandman (‘who produces’) over the artisan (‘who works up materials’). It also states that the husbandman is ‘the prime mover in the circulation of labour’, since ‘it is he who causes the soil to produce the wages of every Artisan’.
On the subject of exchange,84 Molina confirmed the principle of the purchasing power parity, but did away with the constraints of differentia loci and differentia temporis. 85 In this way legitimacy was given to instantaneous speculation, without any further need to resort to ‘protraction’. On the question of usury,86 Molina took up the ideas of Juan de Medina (1490–1546), who had defended interest as the reward for the risk borne by the lender. 88 But by now it was clearly only a case of conscience.
In the first place is the emphyteusis, a potentially perpetual real right to land possession asserted by means of the regular payment of a real and/or monetary rent to the owner who still kept the so-called ‘paramount rights’. ’50 On the other hand, in Turgot’s view, the distribution of share-cropping and leasing out, which are both linked to a growing concept of fuller ownership, depends on the level of wealth that has been achieved. For the owner, renting out is certainly the more advantageous method51 since it guarantees steady revenue.