ABSTRACT
§ 1. Inadequate defences for trade unionism are found in ‘the economy of high wages’ and the alleged power to give labour a share in ‘booms.’ —§ 2. So far as minimum costs are concerned, there is harmony of capital and labour, though labour is not necessarily precluded from pressing for rises of wages.—§ 3. The surplus forms the economic objective of the labour movement. Where it arises labour can get some of it, if strongly organised. Such surplus, got by labour, will usually be productive of efficiency.—§ 4. The endeavour to get surplus is the main motive of labour-politics, and social reforms are chiefly valued as strengthening the power of collective bargaining.
