The proletarian needs to know and be convinced that his interest, his main and crucial interest, is that capital be plentiful around him.

Frédéric Bastiat
Complete Works, Volume 7, pages 248 to 255 (in French)
Almanach républicain, 1849

While attacks against capital are arising and before the long exchange of letters occurred later in 1849 between Frédéric Bastiat and Pierre-Joseph Proudhon published under the title Free Credit, this text rich in explanations on the concept of capital, shows how it is necessary that “society must be in the most favourable conditions for the growth and accumulation [of capital]”.

After assessing the attacks qualifying capital as despicable and appalling, Frédéric Bastiat explores with Robinson Crusoë the reasons why it is not and shows why it is not only necessary but also legitimate.

Then, he shows how it is beneficial, including for those who do not possess any (the proletarians cited in today’s quote).

Eventually, he concludes that, far from fighting the accumulation of capital, it needs to be stimulated and he shows that the only way for this is that the State implements institutions aiming at “searching the three indispensable conditions to the capital formation, viz. safety, freedom, thrift”. Indeed, the capitalist can only be induced to increase his capital if he can reasonably believe that he will be able to keep it and use it as he wishes to. Look for the poor countries nowadays and you will systematically find a country where property rights are scorned or not guaranteed properly – this necessary condition (albeit not sufficient) to the formation of capital does not exist there.