In each country, there are three types of agents in each generation: capitalists, debtors, and bankers.
However, the demand for the capitalists' endowment good is island-specific.
Painstakingly linking shareholders to census and tax returns, the author effectively locates these capitalists within their local and regional settings.
Still, large capitalists did not have to fear for their survival as a class-unless, of course, the new regime decided to dispense with capitalism altogether.
Another objection is that capitalists don't deserve their profits and losses because desert rests on virtue or vice alone and capitalists' characters vary.
Second, the first thesis is the result of the capitalist's contribution to the welfare of others.
In general, capitalists deserve profits and losses for their contribution to the general welfare.
First, capitalists do deserve profits and losses but not on the basis of their contribution to the general welfare.
