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Izabal Travel on He asserts that when the division of labor has thoroughly been introduced, a person’s own labor can satisfy little of her wants and needs. Furthermore, distribution and exchange would also take time. Therefore, it is necessary to store up sufficient supplies to carry them through these periods. Accumulation of stock is, therefore, the prerequisite to the division of labor. Once the capital is sufficiently accumulated and we move from an independent commodity-producing setting into a capitalist one, according to Smith, capital becomes a property that yields its owner a flow of income, in the form of profits. Under these circumstances, the accumulation of capital becomes the capital accumulation 113 principal source of economic progress, and profits become the source of new capital. He believed that the original accumulation was the result of abstinence by entrepreneurs. Izabal Travel 2016.

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