Men having capital, the product of labor to invest, form themselves into companies or associations and consolidate their capital that they may reap a greater profit from their investments … The men who labor, taking this action of the men of capital as a criterion to go by, have formed themselves into companies or associations that they reap a greater profit from the investment of their capital, which is labor. That capital of the former is the creation of man; that latter as the creation of God, and of the two is entitled to the most consideration, since no capital could exist unless labor created it.

The form of association, however, which if mankind continue to improve, must be expected in the end to predominate, is not that which can exist between a capitalist as chief, and work-people without a voice in the management, but the association of the labourers themselves on terms of equality, collectively owning the capital with which they carry on their operations, and working under managers elected and removable by themselves.

People do not cooperate under the division of labor because they love or should love one another. They cooperate because this best serves their own interests. Neither love nor charity nor any other sympathetic sentiments but rightly understood selfishness is what originally impelled man to adjust himself to the requirements of society, to respect the rights and freedoms of his fellow men and to substitute peaceful collaboration for enmity and conflict.

The highest production and living standards cannot be achieved without a new and human spirit in the industrial world. No industry can succeed without the co-operation of capital, management and labour. Each must be encouraged. Each must be fairly rewarded. Between the three there must be mutual understanding and respect.

We are not taking full advantage of the assets at our command. Capital and labour are alike strangled by vested prejudices and traditions. Both are capable of producing infinitely more wealth for the benefit of the community than they are now creating. It is of no avail to spend time on distribution if production lags behind the common need. The best means of achieving production seems to be the most urgent task of our industrial and political leaders at this hour.

Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.

It is impossible to have workers' control within a capitalist society. Capitalism, by its very nature, produces contradictions which cannot be resolved until and unless we change the system of society...The unions could only have class collaboration and compromise with the mixed economy, and those who advanced the theory of workers' control in present-day society were putting forward an intellectual, Utopian dream, idealistic, unworkable and unattainable.

It is neither capital nor labor but management that brings success, since management will attract capital, and capital can employ labor.

Even the slave owner is restricted in his ability to manipulate his labor supply, for he must protect his investment in slaves by feeding them during times when they do not labor. In contrast, capitalist entrepreneurs can hire and fire laborers or very their wages in response to changing circumstances.