Re: [OPE] fascism / opposing imperialist military interventioninLibya

Well, Lenin argues that there is a fusion of bank capital with large-scale industry, this gives rise to a financial oligarchy, and this oligarchy dominates the capitalist economy (and indeed politics) - a sort of monolithic or monumental domination.

Certainly, there does exist a financial oligarchy, but it doesn't have the sort of absolute power ascribed to it by Leninists. In fact, as I pointed out long ago, the more that the ownership, control, management and use of capital assets are separated, the more problematic the "rule of capital" in fact becomes.

J.
  ----- Original Message -----
  From: Paula
  To: Outline on Political Economy mailing list
  Sent: Wednesday, April 13, 2011 10:54 PM
  Subject: Re: [OPE] fascism / opposing imperialist military interventioninLibya

  Jurriaan wrote:
  “I understand Lenin to be claiming the omnipotence of (large) banks RELATIVE TO other industries or sectors of capitalist activity”.

  You profoundly misunderstand him, then.
  Paula

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Received on Wed Apr 13 18:28:20 2011