Meaning: This quote by Henry Carey, an American economist, reflects his criticism of the economic system that he believed created a widening gap between producers and consumers. In this quote, Carey expresses concern about the rise of intermediaries who profit from the labor and resources of others, leading to a decrease in the power of producers and an increase in the number of individuals reliant on the products of others' labor. Carey's quote highlights the potential negative consequences of a system that allows for the exploitation of labor and resources by intermediaries, ultimately leading to an imbalance of power and wealth distribution.

Henry Carey was a prominent economist and advocate of the American School of economics, which championed protectionist policies and government intervention in the economy to promote domestic industry and economic development. He was a vocal critic of the laissez-faire economic policies that dominated much of the 19th century, particularly in Britain, and argued for a more interventionist approach to economic management.

Carey's quote reflects his belief that the proliferation of intermediaries in the economic system was detrimental to both producers and consumers. He argues that these intermediaries, who profit from the labor and resources of others, serve to diminish the power of the producers while increasing the number of individuals who are reliant on the products of others' labor. In other words, Carey is critical of the growing influence and control exerted by middlemen or intermediaries in the economic system, which he believed led to a concentration of wealth and power in the hands of a few at the expense of the majority.

The quote also suggests Carey's concern about the potential exploitation of labor and resources by these intermediaries. By living off the product of the land and labor of others, the intermediaries are seen as extracting value without contributing to the production process, thus diminishing the power and agency of the actual producers. This exploitation, according to Carey, not only harms the producers but also contributes to the increase in the number of individuals who are dependent on the products and services provided by others, thereby perpetuating a cycle of dependence and inequality.

Carey's critique can be seen as a reflection of broader debates about the role of intermediaries in the economy and the impact of their activities on the distribution of wealth and power. In his time, the rise of industrial capitalism and the expansion of global trade led to the emergence of new forms of intermediaries such as merchants, financiers, and middlemen who played crucial roles in connecting producers and consumers. However, Carey's perspective highlights the potential negative consequences of allowing these intermediaries to wield excessive control and influence in the economic system.

In conclusion, Henry Carey's quote sheds light on his critical perspective regarding the role of intermediaries in the economic system. Through his words, he expresses concern about the increasing power and influence of those who profit from the labor and resources of others, leading to a diminishment of power for producers and an increase in the number of individuals reliant on the products of others' labor. Carey's quote serves as a reminder of the potential consequences of unchecked intermediation in the economy and raises important questions about the distribution of wealth and power in society.