Thanks to Paul C. for the reference on Germany. That’s the kind of study we need – in particular, we urgently need up to date and detailed research on the newer imperialist powers (China, Brazil, etc). Without them the left will be more and more out of touch with reality and will decline even further into political irrelevance.
Jurriaan wrote:
“Lenin argues that there is a fusion of bank capital with large-scale industry, this gives rise to a financial oligarchy...”
Lenin (and others) termed the combination of bank with industrial capital “finance capital,” an example of the high degree of concentration and centralization of capital characteristic of the imperialist period. This “finance capital” mustn’t be confused with “financial capital,” and even less translated into the idea that the large banks are omnipotent relative to other sectors. Unfortunately this kind of misreading is common.
Paula
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Received on Sat Apr 16 13:01:01 2011
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