ket.
About the goods market business and industrial interests turn in early modern times ; and to this early-modern system of industrial life the current doctrines of political economy are adapted, as iudicated above.
La economía del crédito —el sistema de vida económica del pasado inmediato y del presente— ha supuesto un avance sobre la economía monetaria en el aspecto que distingue principalmente a esta última.
El mercado de bienes, por supuesto, en términos absolutos sigue siendo un factor económico tan poderoso como siempre, pero ya no es el factor dominante en el tráfico comercial e industrial, como solía serlo.
El mercado de capitales ha tomado el primer lugar a este respecto. El mercado de capitales es el rasgo económico moderno que crea e identifica a la «economía del crédito» superior como tal. En esta economía del crédito se recurre habitualmente al mercado como vía de escape para los valores monetarios acumulados y como fuente de suministro de capital.
El comercio bajo el antiguo régimen era un tráfico de mercancías; bajo el nuevo régimen se añade, como rasgo dominante y característico, el comercio de capitales. Tanto en el mercado de capitales como en el de mercancías hay comerciantes profesionales, así como
■ The commodities bought aod sold in tbe goods market are the OQtcome of a process of production and are useful for a material purpose ; those bought and sold in the capital market are the outcome ol a process of valuation aud aie useful for purposes of pecuuiaiy buyers and sellers who resort to the market to dispose of their holdings and to supply their needs of what the raarket affords.
In either class of trading the ends sought by those engaged in the business are generically the same. The endeavora of those who are in the business of trading, who buy in order to sell and sell in order to buy, are directed to the pecuniary gain that is to be got through an advantageous discrepancy between the price paid and the price obtained ; but on the part of those who resort to the market to supply their needs the end sought is not the same
Yo en los dos casos. El último comprador de mercancías compra para el consumo, pero el último negociador de capital
I buys for the sake of the ulterior profit ; in subBtance he buys in order to sell again at an [advance. The advance which he has in view is to come out of the prospective earnings of the capital for which he negotiates. What he has in view as his ulterior end in the transaction is the conversion of the values for which he negotiates into a larger outcome of money values, — whatever process of production and the like may intervene between the inception and the goal of liis traffic'
[ El valor de cualquier bloque dado de capital, por lo tanto,
I turns on its eaming-capacity ; or, as the mathematical expression has it, the value of capital is a funo-
1 Véase Marx, El capital (4.ª ed.), lib. I, cap. II.