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In this chapter Ruskin considers the concept of wealth and contrasts “mercentile economy,” the accumulation of money, with true wealth. Political economists, says Ruskin, only think about mercantile economy. Ignoring true wealth, they regard their discipline simply as the science of getting rich. Riches gives you power over other men, but rich men, because they understand only mercentile economy, don't use this power well. Their money circulates through the nation like the flow of blood through a diseased person. Ruskin uses two examples to show that in the mercentile economy, getting richer makes another person poorer. It's a zero-sum game.True wealth is measured by the number of prosperous, noble people that a nation can show. When England finally recognizes this, she will point to her people and say “These are my jewels.”
Political economists respond that political economy is simply the science of getting rich and that it has enriched all the capitalists of Europe. In fact, businessmen don’t know political economy. They know only mercantile economy and only the part of mercentile economy that made them rich. Furthermore they refuse to recognize that in the mercantile economy being rich requires that someone else be poor (“a zero sum game”). Political economy is about adding to the total well-being of the nation. Conscientous farmers, housewives, shpwrights, and many others all contribute. Mercantile economy (commercial wealth) is simply about one person’s claim upon and power over the labor of someone else. It does not necessarily contribute to the state’s well being. Men think of riches in terms of commercial wealth because it is can instantly be converted into property, while property is harder to convert into commercial wealth They think this also because we typically can’t enjoy our property unless we have the power over someone’s labor—as illustrated by the example of the rich man who cannot find a servant.
What rich men really want is control over those who have little. And, our riches are worth more when most people are poor. For example, if there is but one rich person, the musician will have to sing for what that person will pay. One fallacy of political economy is that the inequality of wealth is inherently advantageous to the nation. In fact, inequalities can arise in either a just or unjust manner and can be either beneficial or destructive.Thus the circulation of wealth in a nation is like the circulation of blood—it may be healthy or else diseased.
Let’s imagine two shipwrecked sailors who begin farming together, achieve prosperity, and then decide to divide the land into two separate farms. One farmer becomes ill and requires assistance from the other. He therefore signs a binding agreement to work the fields of the other farmer after he recovers. Collectively, this little society is poorer due to the illness of one of the two men, but a huge inequality of wealth will likely arise so that one farmer can live in idleness while the other toils. Inequalities can arise in various ways. The important point is that the establishment of mercantile wealth often arises with the decline of the totality of real wealth.
Envision two farmers and a merchant who controls the trade between them. Suppose the merchant manipulates supply and demand between the two farmers. Eventually, the two impoverished farmers become the merchant’s servants. We see that wealth always has a moral dimension. It may arise justly from productive energy or from merciless tyranny (exploitation). Nothing is as disgraceful as the economic principle to buy at the cheapest price and sell at the dearest. What really matters is the social justice that underlies all your transactions.
The power over other men that is achieved by money is always imperfect. Furthermore, many of the joys of life cannot be bought with gold. Moral power, “invisible gold,” is just as real as bullion. Political scientists should take heed of this. The authority conferred by wealth seems to be failing now in England. Servants, wanting their pay, disobey. The true veins of wealth are the veins of men, and the true purpose of wealth is producing active, happy people—though modern wealth appears to work the other way. Perhaps England will one day reject the doctrine of monetary wealth and declare that its people are the nation’s jewels.