CLARK'S REFORMULATION OF THE CAPITAL CONCEPT 143 
book The Philosophy of Wealth," and apparently until 1888, gave 
it no mention in his published writings. The chjef theoretical 
pillar of George’s doctrine was the Ricardian rent theory, and 
Walker, even while assailing George, had avowed himself to be 
“a Ricardian of the Ricardians,” declaring that “Ricardo’s rent 
doctrine can no more be impugned than the sun in heaven.” * 
He would have none of Bastiat and Carey, who had sought to 
reduce the origin of all land values to labor. Yet Walker some- 
what unconventionally treated capital in the aspect of value 
as “a capital sum” to be invested * as well in land, “in the soil,” 
as in agricultural improvements, and not as any particular group 
or kind of economic agents. No formal definition of capital in 
the old terms of “produced” means of production appears, yet 
Walker is not conscious of any departure from “the general body 
of orthodox economic doctrines,” the “validity” of which he 
thinks he is merely confirming. 
Events were just at that time crowding each other fast in the 
single tax propaganda. Progress and Poverty was translated into 
many languages and was said to have had a larger sale than 
any other book ever written by an American. In 1886 George was 
nominated and ran for the mayoralty of New York City, and 
of the three candidates he polled the second-highest number of 
votes. In 1887 George was a candidate for the Secretaryship of 
New York State but was defeated. No other economic subject at 
the time was comparable in importance in the public eye with the 
doctrine of Progress and Poverty. 
At this moment Clark stepped into the arena of discussion 
armed with a new weapon, a valuation, or investment, concept of 
capital. His little monograph wears the mien of pure theory, 
and lingers for a time as its author himself says “in a region of 
abstract thought.” But having in mind the circumstances just 
described, one can hardly fail to see on almost every page 
reflections of the contemporary single-tax discussion. In the brief 
preface is expressed the hope that “it may be found that these 
principles settle questions of agrarian socialism.” Repeatedly the 
discussion turns to “the capital that vests itself in land,” declared 
* Largely a republication of a series of articles the publication of which 
was begun ten years earlier. See preface to first edition. 
® Op. cit., p. 86. 
* Eg. op. cit., pp. 33, 34. 
* Op. cit., p. 86.