WAGES, PROFITS AND INTEREST 183 
undeveloped ; and, in the third place, capital 
is exported from' rich countries to poor 
countries so that, in consequence, the rate 
of interest in the rich countries is kept up. 
As regards this last point, the warning \vill 
not be out of place that we must not 
jump to the conclusion that the prohibition 
of the export of capital would necessarily 
be beneficial — or the reverse — to the 
non-capitalists in a rich country. Were 
the exportation of capital prohibited, much 
of the capital which would otherwise have 
been exported would not have been saved ; 
and the exported capital makes cheaper 
the goods imported into the country. For 
instance, English capital which goes to 
Canada helps to furnish us with cheaper bread. 
The key-stone in the theory of distribu 
tion is left to discuss, that is the manner 
in which the remuneration of the employer 
is governed. His remuneration is sometimes 
spoken of as profit, but “ profit ” is an 
equivocal term which is sometimes employed 
to indicate gross interest, and sometimes 
to indicate what the employer makes in his 
business, whether his earnings are of the 
nature of interest or of reward for the work 
that he does. In order to avoid ambiguity,