which would have given him a glimpse of the "true inwardness" of the latest phase of capitalistic development. He would have noticed, for instance, that a tremendous amount of the "means of production" which are produced in capitalistic countries and are not directly exported, is used within those countries in such a manner, that is, in effect, equal to export. Such are the building of transcontinental railroads, interoceanic canals, and steamship lines designed to serve as an incident to the export of products from capitalism into the non-capitalistic or half-capitalistic world. Furthermore, in so far even as such "public improvements" are used wholly within the limits of capitalism (and a tremendous amount of the "means of production" is used for such purposes), they have the peculiar effect of removing large quantities of surplus-product from the market, at least temporarily. It is the peculiar nature of such means of production that their usefulness or uselessness can not be definitely ascertained until fully completed and operated for some time. The result is that immense masses of such "means of production" are constantly produced without any actual necessity therefor, and often for purely speculative purposes. While these "means of production" are being produced, and it takes years to complete them, the wheels of capitalistic production revolve merrily, without hitch or stop, notwithstanding the fact that the work may be absolutely useless in whole or in part, and that the value supposed to be created in their production, or at least a large part thereof, will never be realized. The wiseacres of capitalism, like Tugan-Baranowsky, listen to the siren-song of these merrily revolving wheels, and draw in their imagination alluring pictures of the endlessness of capitalism wound around an endless chain of "means of production." Of course, there is bound to come a rude awakening. The production of these particular "means of production" turns out to be the merest waste. But that is another story ..........
In order to appreciate the importance of this point (and
