"A direct allotment of a share of profits is one of the most ancient methods of rewarding labor. If not actually older than the wage system it was at least widely prevalent before money wages were commonly paid. In agriculture it is seen in the metayer system of continental Europe, to which "farming on shares" in New England corresponds. In the fishing industry, where the system seems to be peculiarly applicable, the pay of the crew is almost universally in proportion to the catch. On the economic and social effects of share farming the judgements of competent observers have differed widely. Adam Smith thought that it could never be the interest of meters to lay out any part of their own savings on the further improvement of the land ... Sismondi ... whose opportunities for observation were superior to those enjoyed by any other writer that has treated this subject, gives emphatic testimony in favor of the system, as conducive to prosperity, moral order, and content."
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Carroll Davidson Wright:
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