ABSTRACT
The subjective essence of private property, private property as activity for itself, as subject, as person, is labor. Man himself is no longer in a condition of external tension with the external substance of private property; he has himself become the tension-ridden being of private property. It incorporates private property in the very essence of man, and it is no longer, therefore, conditioned by the local/national characteristics of private property regarded as existing outside itself. That is to say, its external and mindless objectivity is annulled by the fact that private property is incorporated in man himself, and man himself is recognized as its essence. For the physiocrats, however, labor is in the first place only the subjective essence of landed property. All wealth has become industrial wealth, the wealth of labor, and industry is realized labor—just as the factory system is the realized essence of industry and as industrial capital is the realized objective form of private property.
