average of from six to seven years, a period during which modern industry passes through the successive phases of prosperity, overproduction, crisis, thus completing the inevitable cycle.
Doubtless, if the price of all commodities falls—and this is the necessary consequence of free trade—I can buy far more for a franc than before. And the workingman's franc is as good as any other man's. Therefore, free trade must be advantageous to the workingman. There is only one little difficulty in this, namely that the workman, before he exchanges his franc for other commodities, has first exchanged his labor for the money of the capitalist. If in this exchange he always received the said franc while the price of all other commodities fell, he would always be the gainer by such a bargain. The difficulty does not lie in proving that, the price of all commodities falling, more commodities can be bought for the same sum of money.
Economists always take the price of labor at the moment of its exchange with other commodities, and altogether ignore the moment at which labor accomplishes its own exchange with capital. When it costs less to set in motion the machinery which produces commodities, then the things necessary for the maintenance of this machine, called workman, will also cost less. If all commodities are cheaper, labor, which is a commodity too, will also fall in price, and we shall see later that this commodity, labor, will fall far lower in proportion than all other commodities. If the workingman still pins his faith to the arguments of the economists, he will find, one fine morning, that the franc has dwindled in his pocket, and that he has only five sous left.
Thereupon the economists will tell you:—
"We admit that competition among the workers will
