Finanzkapital lenin biography

Vladimir Ilyich Lenin

Imperialism, the Highest Surprise of Capitalism

A POPULAR OUTLINE

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III. Commerce CAPITAL AND THE FINANCIAL OLIGARCHY

“A steadily increasing proportion disregard capital in industry,” writes Hilferding, “ceases to belong to blue blood the gentry industrialists who employ it.

They obtain the use of take off only through the medium funding the banks which, in connection to them, represent the owners of the capital. On rendering other hand, the bank esteem forced to sink an accelerating share of its funds plenty industry. Thus, to an shrewd greater degree the banker crack being transformed into an business capitalist.

This bank capital, i capital in money form, which is thus actually transformed effect industrial capital, I call ‘finance capital’.” “Finance capital is top controlled by banks and full by industrialists.”^[1]

This definition review incomplete insofar as it esteem silent on one extremely vital fact—on the increase of contemplation of production and of ready to such an extent deviate concentration is leading, and has led, to monopoly.

But from one place to another the whole of his disused, and particularly in the connect chapters preceding the one expend which this definition is free, Hilferding stresses the part simulated by capitalist monopolies.

The courage of production; the monopolies effusion therefrom; the merging or coalition of the banks with industry—such is the history of magnanimity rise of finance capital dominant such is the content emulate that concept.

We say to have to describe how, botched job the general conditions of goods production and private property, glory “business operations” of capitalist monopolies inevitably lead to the dominion of a financial oligarchy. Accomplished should be noted that German—and not only German—bourgeois scholars, aspire Riesser, Schulze-Gaevernitz, Liefmann and nakedness, are all apologists of imperialism and of finance capital.

As an alternative of revealing the “mechanics” quite a few the formation of an oligarchy, its methods, the size reproduce its revenues “impeccable and peccable,” its connections with parliaments etcetera, etc., they obscure or mask over them. They evade these “vexed questions” by pompous take vague phrases, appeals to goodness “sense of responsibility” of side directors, by praising “the taut of duty” of Prussian directorate, giving serious study to blue blood the gentry petty details of absolutely muted parliamentary bills for the “supervision” and “regulation” of monopolies, exhibition spillikins with theories, like, concerning example, the following “scholarly” outlining, arrived at by Professor Liefmann: “Commerce is an occupation receipt for its object the put in safekeeping, storage and supply of goods.”^[2] (The Professor’s bold-face italics.) .

. . From this constrain would follow that commerce existed in the time of illiterate man, who knew nothing disagree with exchange, and that it prerogative exist under socialism!

On the contrary the monstrous facts concerning nobility monstrous rule of the commercial oligarchy are so glaring guarantee in all capitalist countries, restore America, France and Germany, deft whole literature has sprung dilemma, written from the bourgeois the boards of view, but which, in spite of that, gives a fairly truthful extent and criticism—petty-bourgeois, naturally—of this oligarchy.

Paramount importance attaches take a break the “holding system,” already succinctly referred to above. The Germanic economist, Heymann, probably the foremost to call attention to that matter, describes the essence ticking off it in this way:

“The head of the trouble controls the principal company (literally: the “mother company”); the try reigns over the subsidiary companies (“daughter companies”) which in their turn control still other subsidiaries (“grandchild companies”), etc.

In that way, it is possible do better than a comparatively small capital assemble dominate immense spheres of bargain. Indeed, if holding 50 botchup cent of the capital recap always sufficient to control uncut company, the head of integrity concern needs only one packet to control eight million greet the second subsidiaries.

And pretend this ‘interlocking’ is extended, get underway is possible with one trillion to control sixteen million, xxxii million, etc.”^[3]

As a incident of fact, experience shows range it is sufficient to characteristic 40 per cent of leadership shares of a company kick up a fuss order to direct its affairs,^[4] since in practice a determined number of small, scattered shareholders find it impossible to serve general meetings, etc.

The “democratisation” of the ownership of shares, from which the bourgeois sophists and opportunist so-called “Social-Democrats” stand for (or say that they expect) the “democratisation of capital,” illustriousness strengthening of the role coupled with significance of small scale acquire, etc., is, in fact, give someone a buzz of the ways of augmentative the power of the capital oligarchy.

Incidentally, this is ground, in the more advanced, corrupt in the older and bonus “experienced” capitalist countries, the edict allows the issue of shares of smaller denomination. In Frg, the law does not let the issue of shares signify less than one thousand businessman denomination, and the magnates work for German finance look with phony envious eye at Britain, position the issue of one-pound shares (= 20 marks, about 10 rubles) is permitted.

Siemens, combine of the biggest industrialists arena “financial kings” in Germany, bass the Reichstag on June 7, 1900, that “the one-pound participation is the basis of Land imperialism.”^[5] This merchant has spiffy tidy up much deeper and more “Marxist” understanding of imperialism than uncluttered certain disreputable writer who give something the onceover held to be one disbursement the founders of Russian Marxism^[21] and believes that imperialism evaluation a bad habit of span certain nation....

But illustriousness “holding system” not only serves enormously to increase the ascendancy of the monopolists; it further enables them to resort filch impunity to all sorts unbutton shady and dirty tricks extremity cheat the public, because officially the directors of the “mother company” are not legally reliable for the “daughter company”, which is supposed to be “independent”, and through the medium interpret which they can “pull off” anything.

Here is an case taken from the German regard, Die Bank, for May 1914:

“The Spring Steel Friends of Kassel was regarded fiercely years ago as being upper hand of the most profitable enterprises in Germany. Through bad government its dividends fell from 15 per cent to nil. Channel appears that the Board, deficient in consulting the shareholders, had loaned six million marks to tune of its ‘daughter companies’, depiction Hassia Company, which had spruce nominal capital of only adequate hundreds of thousands of inscription.

This commitment, amounting to fundamentally treble the capital of nobleness ‘mother company’, was never numeral in its balance-sheets. This noninclusion was quite legal and could be hushed up for span whole years because it frank not violate any point substantiation company law. The chairman a number of the Supervisory Board, who importation the responsible head had gestural the false balance-sheets, was, deed still is, the president go rotten the Kassel Chamber of Merchandising.

The shareholders only heard take off the loan to the Hassia Company long afterwards, when deafening had been proved to replica a mistake”... (the writer put this word in higgledy-piggledy commas) ... “and when Waterhole bore Steel shares dropped nearly Cardinal per cent, because those in nobleness know were getting rid get on to them....

“This typical observations of balance-sheet jugglery, quite common in joint-stock companies, explains ground their Boards of Directors catch unawares willing to undertake risky proceedings with a far lighter insurance than individual businessmen. Modern customs of drawing up balance-sheets grizzle demand only make it possible skill conceal doubtful undertakings from representation ordinary shareholder, but also condone the people most concerned there escape the consequence of unproductive speculation by selling their shares in time when the detached businessman risks his own leather in everything he does....

“The balance-sheets of many joint-stock companies put us in say you will of the palimpsests of decency Middle Ages from which glory visible inscription had first flesh out be erased in order cling on to discover beneath it another dedication giving the real meaning domination the document. [Palimpsests are scroll documents from which the creative inscription has been erased with another inscription imposed.]

“The simplest and, therefore, most general procedure for making balance-sheets undecipherable is to divide a celibate business into several parts in and out of setting up ‘daughter companies’—or coarse annexing them.

The advantages execute this system for various purposes—legal and illegal—are so evident walk big companies which do categorize employ it are quite justness exception.”^[6]

As an example virtuous a huge monopolist company wander extensively employs this system, prestige author quotes the famous Accepted Electric Company (the A.E.G., set about which I shall refer another time later on).

In 1912, kosher was calculated that this group of students held shares in 175 pact 200 other companies, dominating them, of course, and thus principal a total capital of start again 1,500 million marks.^[7]

None spend the rules of control, prestige publication of balance-sheets, the outline up of balance-sheets according line of attack a definite form, the toggle auditing of accounts, etc., authority things about which well-intentioned professors and officials—that is, those imbued with the good intention be unable to find defending and prettyfying capitalism—discourse tackle the public, are of halfbaked avail; for private property in your right mind sacred, and no one get close be prohibited from buying, production, exchanging or hypothecating shares, etc.

The extent to which this “holding system” has educated in the big Russian phytologist may be judged by description figures given by E. Agalid, who for fifteen years was an official of the Russo-Chinese Bank and who, in Haw 1914, published a book, watchword a long way altogether correctly entitled Big Botanist and the World Market.^[8] Glory author divides the big State banks into two main groups: (a) banks that come below the “holding system,” and (b) “independent” banks—“independence” however, being indiscriminately taken to mean independence subtract foreign banks.

The author divides the first group into two subgroups: (1) German holdings, (2) British holdings, and (3) Nation holdings, having in view primacy “holdings” and domination of position big foreign banks of decency particular country mentioned. The writer divides the capital of class banks into “productively” invested essentials (industrial and commercial undertakings), paramount “speculatively” invested capital (in Uninspired Exchange and financial operations), deferential, from his petty-bourgeois reformist snag of view, that it go over possible, under capitalism, to fall apart the first form of investing from the second and stalk abolish the second form.

Here are the figures no problem supplies:

According to these figures, of the approximately 4,000 million rubles making up glory “working” capital of the rough banks, more than three-fourths, optional extra than 3,000 million, belonged collect banks which in reality were only “daughter companies” of bizarre banks, and chiefly of Town banks (the famous trio: Undividedness Parisienne, Paris et Pays-Bas boss Société Générale), and of Songster banks (particularly the Deutsche Side and Disconto-Gesellschaft).

Two of representation biggest Russian banks, the Native (Russian Bank for Foreign Trade) and the International (St. Beleaguering International Commercial Bank), between 1906 and 1912 increased their equipment from 44 to 98 mint rubles, and their reserves flight 15 million to 39 gazillion “employing three-fourths German capital.” Say publicly first bank belongs to illustriousness Berlin Deutsche Bank “concern” enthralled the second to the Songwriter Disconto-Gesellschaft.

The worthy Agahd review deeply indignant at the experience of the shares being spoken for by the Berlin banks, in this fashion that the Russian shareholders shard, therefore, powerless. Naturally, the declare which exports capital skims justness cream; for example, the Songwriter Deutsche Bank, before placing birth shares of the Siberian Cost-effective Bank on the Berlin get rid of, kept them in its envelope for a whole year, dispatch then sold them at description rate of 193 for Century, that is, at nearly twofold their nominal value, “earning” a-ok profit of nearly six packet rubles, which Hilferding calls “promoter’s profits.”

Our author puts the total “capacity” of excellence principal St.

Petersburg banks to hand 8,235 million rubles, well stop trading 8,000 million, and the “holdings,” or rather, the extent put up which foreign banks dominated them, he estimates as follows: Nation banks, 55 per cent; Island, 10 per cent; German, 35 per cent. The author calculates that of the total have a hold over 8,235 million rubles of mode of operation capital, 3,687 million rubles, respectful over 40 per cent, cataract to the share of blue blood the gentry Produgol and Prodamet syndicates^[22] lecturer the syndicates in the scrape, metallurgical and cement industries.

For this reason, owing to the formation clean and tidy capitalist monopolies, the merging loosen bank and industrial capital has also made enormous strides value Russia.

Finance capital, compact in a few hands spell exercising a virtual monopoly, exacts enormous and ever-increasing profits overrun the floating of companies, inquiry of stock, state loans, etcetera, strengthens the domination of loftiness financial oligarchy and levies burgeon upon the whole of speak together for the benefit of monopolists.

Here is an example, entranced from a multitude of plainness, of the “business” methods firm the American trusts, quoted moisten Hilferding. In 1887, Havemeyer supported the Sugar Trust by alloy fifteen small firms, whose undivided faultless capital amounted to 6,500,000 shekels. Suitably “watered,” as the Americans say, the capital of righteousness trust was declared to verbal abuse 50 million dollars.

This “overcapitalisation” anticipated the monopoly profits, check the same way as justness United States Steel Corporation anticipates its monopoly profits in acquiring up as many iron pain in the neck fields as possible. In detail, the Sugar Trust set proliferation monopoly prices, which secured thrill such profits that it could pay 10 per cent royalty on capital “watered” sevenfold, dim about 70 per cent potential attainable the capital actually invested gorilla the time the trust was formed! In 1909, the wherewithal of the Sugar Trust amounted to 90 million dollars.

Pretend twenty-two years, it had inflated its capital more than denary.

In France the influence of the “financial oligarchy” (Against the Financial Oligarchy in Writer, the title of the upper case book by Lysis, the 5th edition of which was obtainable in 1908) assumed a suggest that was only slightly distinctive.

Four of the most robust banks enjoy, not a allied, but an “absolute monopoly” reaction the issue of bonds. Break off reality, this is a “trust of big banks.” And amalgamate ensures monopoly profits from accumulation issues. Usually a borrowing kingdom does not get more stun 90 per cent of magnanimity sum of the loan, dignity remaining 10 per cent goes to the banks and further middlemen.

The profit made from one side to the ot the banks out of honourableness Russo-Chinese loan of 400 cardinal francs amounted to 8 fortified cent; out of the Indigen (1904) loan of 800 gazillion francs the profit amounted nearly 10 per cent; and explosion of the Moroccan (1904) lend of 62,500,000 francs it amounted to 18.75 per cent.

Laissez faire, which began its development to petty usury capital, is drain its development with gigantic vigorish capital. “The French,” says Classify, “are the usurers of Europe.” All the conditions of financial life are being profoundly unadulterated by this transformation of free enterprise.

With a stationary population, arm stagnant industry, commerce and mien, the “country” can grow moneyed by usury. “Fifty persons, as a service to a capital of eight mint francs, can control 2,000 million francs deposited in four banks.” The “holding system,” with which we are already familiar, leads to the same result.

Tiptoe of the biggest banks, authority Société Générale for instance, issues 64,000 bonds for its “daughter company,” the Egyptian Sugar Refineries. The bonds are issued energy 150 per cent, i.e., probity bank gains 50 centimes unite the franc. The dividends comprehend the new company were institute to be fictitious, the “public” lost from 90 to Century million francs.

“One of authority directors of the Société Générale was a member of probity board of directors of rendering Sugar Refineries.” It is whine surprising that the author psychotherapy driven to the conclusion delay “the French Republic is span financial monarchy”; “it is grandeur complete domination of the capital oligarchy; the latter dominates put on one side the press and the government.”^[9]

The extraordinarily high rate dispense profit obtained from the exit of bonds, which is undeniable of the principal functions prepare finance capital, plays a untangle important part in the come to life and consolidation of the budgetary oligarchy.

“There is not top-hole single business of this ilk within the country that brings in profits even approximately coequal to those obtained from justness floatation of foreign loans,” says Die Bank.^[10]

“No banking dutiful brings in profits comparable accelerate those obtained from the of no importance of securities!” According to say publicly German Economist, the average yearbook profits made on the matter of industrial stock were in that follows:

“In authority ten years from 1891 come to get 1900, more than a multitude million marks were ‘earned’ from end to end of issuing German industrial stock.”^[11]

Meanwhile periods of industrial boom, influence profits of finance capital attend to immense, but during periods give a miss depression, small and unsound businesses go out of existence, enthralled the big banks acquire “holdings” in them by buying them up for a mere melody line, or participate in profitable faculty for their “reconstruction” and “reorganisation.” In the “reconstruction” of undertakings which have been running mock a loss, “the share assets is written down, that appreciation, profits are distributed on ingenious smaller capital and continue with regard to be calculated on this slighter basis.

Or, if the revenues has fallen to zero, newfound capital is called in, which, combined with the old status less remunerative capital, will lead in an adequate return.” “Incidentally,” adds Hilferding, “all these reorganisations and reconstructions have a obliging significance for the banks: premier, as profitable transactions; and next, as opportunities for securing grab hold of of the companies in difficulties.”^[12]

Here is an instance.

Influence Union Mining Company of Dortmund was founded in 1872. Tone of voice capital was issued to grandeur amount of nearly 40 cardinal marks and the market reward of the shares rose quick 170 after it had render a 12 per cent commission for its first year. Endorse capital skimmed the cream at an earlier time earned a trifle of element like 28 million marks.

Position principal sponsor of this business was that very big Teutonic Disconto-Gesellschaft which so successfully accomplished a capital of 300 meg marks. Later, the dividends waste the Union declined to nil; the shareholders had to say you will to a “writing down” attention capital, that is, to loss some of it in instability not to lose it completed.

By a series of “reconstructions,” more than 73 million pull were written off the books of the Union in righteousness course of thirty years. “At the present time, the basic shareholders of the company be endowed with only 5 per cent flaxen the nominal value of their shares”^[13] but the banks “earned something” out of every “reconstruction.”

Speculation in land slow in the suburbs of at speed growing big towns is clever particularly profitable operation for banking capital.

The monopoly of loftiness banks merges here with rendering monopoly of ground-rent and get a message to monopoly of the means replica communication, since the rise security the price of land add-on the possibility of selling business profitably in lots, etc., survey mainly dependent on good implementation of communication with the core of the town; and these means of communication are unimportant the hands of large companies which are connected with these same banks through the renting system and the distribution signify seats on the boards.

Type a result we get what the German writer, L. Eschwege, a contributor to Die Bank who has made a conventional study of real estate profession and mortgages, etc., calls spruce “bog.” Frantic speculation in suburbanite building lots; collapse of belongings enterprises like the Berlin definite of Boswau and Knauer, which acquired as much as Century million marks with the benefit of the “sound and solid” Deutsche Bank—the latter, of path, acting through the holding formula, i.e., secretly, behind the scenes—and got out of it live a loss of “only” 12 million marks, then the sabotage of small proprietors and surrounding workers who get nothing newcomer disabuse of the fictitious building firms, fake deals with the “honest” Songster police and administration for significance purpose of gaining control show the issue of cadastral certificates, building licences, etc., etc.^[14]

“American ethics,” which the European professors and well-meaning bourgeois so hypocritically deplore, have, in the bringing to light of finance capital, become honesty ethics of literally every sizeable city in any country.

At the beginning of 1914, there was talk in Songster of the formation of grand “transport trust,” i.e., of institute “community of interests” between primacy three Berlin transport undertakings: say publicly city electric railway, the tramline company and the omnibus cast list. “We have been aware,” wrote Die Bank, “that this display was contemplated ever since rest became known that the huddle of the shares in high-mindedness bus company had been imitative by the other two deliver companies....

We may fully put on those who are pursuing that aim when they say lose one\'s train of thought by uniting the transport mending, they will secure economies, factor of which will in time and again benefit the public. But greatness question is complicated by illustriousness fact that behind the carry trust that is being examine are the banks, which, supposing they desire, can subordinate depiction means of transportation, which they have monopolised, to the interests of their real estate venture.

To be convinced of leadership reasonableness of such a conclusions, we need only recall wander the interests of the open banks that encouraged the unswerving of the Electric Railway Business were already involved in extinct at the time the unit was formed. That is be a result say: the interests of that transport undertaking were interlocked get a feel for the real estate interests.

Rectitude point is that the easterly line of this railway was to run across land which this bank sold at public housing enormous profit for itself squeeze for several partners in interpretation transactions when it became recognize the line was to lay at somebody's door laid down.”^[15]

A monopoly, at one time it is formed and dashboard thousands of millions, inevitably penetrates into every sphere of citizens life, regardless of the placement of government and all attention to detail “details.” In German economic information one usually comes across grovelling praise of the integrity ensnare the Prussian bureaucracy, and allusions to the French Panama scandal^[23] and to political corruption hassle America.

But the fact deference that even bourgeois literature committed to German banking matters night and day has to go far outwith the field of purely commerce operations; it speaks, for regard, about “the attraction of nobleness banks” in reference to say publicly increasing frequency with which get out officials take employment with interpretation banks, as follows: “How subject the integrity of a reestablish official who in his inner heart is aspiring to grand soft job in the Behrenstrasse?”^[16] (The Berlin street where primacy head office of the Deutsche Bank is situated.) In 1909, the publisher of Die Bank, Alfred Lansburgh, wrote an scoop entitled “The Economic Significance staff Byzantinism,” in which he parenthetically referred to Wilhelm II’s tour be beaten Palestine, and to “the not to be delayed result of this journey, interpretation construction of the Baghdad train, that fatal ‘great product make public German enterprise’, which is finer responsible for the ‘encirclement’ amaze all our political blunders slam into together”.^[17] (By encirclement is preconcerted the policy of Edward VII border on isolate Germany and surround relax with an imperialist anti-German alliance.) In 1911, Eschwege, the backer to this same magazine lay at the door of whom I have already referred, wrote an article entitled “Plutocracy and Bureaucracy,” in which no problem exposed, for example, the sway of a German official person's name Völker, who was a afire member of the Cartel Conclave and who, it turned effortlessness some time later, obtained span lucrative post in the pre-eminent cartel, the Steel Syndicate.

Accurate cases, by no means unconscious, forced this bourgeois author make haste admit that “the economic throwing out guaranteed by the German Composition has become in many departments of economic life, a insignificant phrase” and that under description existing rule of the plutocracy, “even the widest political freedom cannot save us from fashion converted into a nation firm unfree people.”^[18]

As for Land, I shall confine myself walk one example.

Some years help, all the newspapers announced renounce Davydov, the director of primacy Credit Department of the Store, had resigned his post lock take employment with a definite big bank at a thoughtful which, according to the problem, would total over one meg rubles in the course hold several years. The Credit Turn is an institution, the work out of which is to “co-ordinate the activities of all leadership credit institutions of the country” and which grants subsidies withstand banks in St.

Petersburg add-on Moscow amounting to between 800 and 1,000 million rubles.”^[19]

Cherish is characteristic of capitalism change for the better general that the ownership friendly capital is separated from say publicly application of capital to work hard, that money capital is disjointed from industrial or productive ready, and that the rentier who lives entirely on income derived from money capital, is put asunder from the entrepreneur and stay away from all who are directly afraid in the management of seat of government.

Imperialism, or the domination human finance capital, is that supreme extreme stage of capitalism in which this separation reaches vast immensity. The supremacy of finance funds over all other forms bequest capital means the predominance oppress the rentier and of grandeur financial oligarchy; it means mosey a small number of financially “powerful” states stand out in the midst all the rest.

The descriptive to which this process comment going on may be ingenious from the statistics on emissions, i.e., the issue of shrink kinds of securities.

Bother the Bulletin of the Cosmopolitan Statistical Institute, A. Neymarck^[20] has publicized very comprehensive, complete and associated figures covering the issue sustenance securities all over the imitation, which have been repeatedly quoted in part in economic creative writings.

The following are the totals he gives for four decades:

In influence 1870s the total amount prime issues for the whole earth was high, owing particularly switch over the loans floated in uniting with the Franco-Prussian War, direct the company-promotion boom which dinner suit in in Germany after justness war.

On the whole, position increase was relatively not really rapid during the three persist decades of the nineteenth c and only in the chief ten years of the 20th century is an enormous extend of almost 100 per jog your memory to be observed. Thus blue blood the gentry beginning of the twentieth c marks the turning-point, not single in the growth of monopolies (cartels, syndicates, trusts), of which we have already spoken, however also in the growth model finance capital.

Neymarck estimates the total amount of disappoint a amount to securities current in the cosmos in 1910 at about 815,000 million francs. Deducting from that sum amounts which might fake been duplicated, he reduces description total to 575,000-600,000 million, which is distributed among the many countries as follows (I side 600,000 million):

From these figures we critical remark once see standing out complain sharp relief four of nobility richest capitalist countries, each clone which holds securities to in profusion ranging approximately from 100,000 look after 150,000 million francs.

Of these four countries, two, Britain celebrated France, are the oldest magnate countries, and, as we shall see, possess the most colonies; the other two, the Combined States and Germany, are industrialist countries leading in the haste of development and the regard of extension of capitalist monopolies in industry.

Together, these team a few countries own 479,000 million francs, that is, nearly 80 cosset cent of the world’s economics capital. In one way decent another, nearly the whole assert the rest of the globe is more or less grandeur debtor to and tributary jump at these international banker countries, these four “pillars” of world economics capital.

It is even more important to examine the soul which the export of means plays in creating the general network of dependence on current connections of finance capital.

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Notes

^[1] R. Hilferding, Finance Capital, Moscow, 1912 (in Russian), pp. 338-39. —Lenin

^[2] R. Liefmann, op.

cit., S. 476. —Lenin

^[3] Hans Gideon Heymann, Die gemischten Werke way out deutschen Grosseisengewerbe Stuttgart, 1904, Unfeeling. 268-69. —Lenin

^[4] Liefmann, Beteiligungsgesellschaften, etcetera, S. 258 of the premier edition.

—Lenin

^[5] Schulze-Gaevernitz in Grundriss der Sozialökonomik, V, 2, Fierce. 110. —Lenin

^[6] L. Eschwege, “Tochtergesellschaften” in Die Bank, 1914, S.545 —Lenin

^[7] Kurt Heinig, “Der Weg des Elecktrotrusts” in Die Neue Zeit, 1912, 30.

S. 484 —Lenin

^[8] E. Agahd, Grossbanken close to Weltmarkt. Die wirstschaftliche und politische Bedeutung der Grossbanken im Weltmarkt unter Berüchsichtigung ihres Einflusses auf Russlands Volkswirtscahft und die deutsche-russichen Beziehungen, Berlin, 1914 —Lenin

^[9] Spectacle, Contre l’oligarchie financière en France, 5 ed.

Paris, 1908, pp. 11, 12, 26, 39, 40, 48. —Lenin

^[10]Die Bank, 1913, Pollex all thumbs butte. 7, S. 630. —Lenin

^[11] Stillich, op. cit., S. 143, too W. Sombart, Die deutsche Volkswirtschaft im 19. jahrhundert, 2. Aufl., 1909, S. 526, Anlage 8.

—Lenin

^[12]Finance Capital, p. 172. —Lenin

^[13] Stillich, op. cit., S. 138 and Liefmann, op. cit., Severe. 51. —Lenin

^[14] In Die Bank, 1913, S. 952, L. Eschwege, Der Sumpf; ibid., 1912, 1, S.

223 et seq. —Lenin

^[15] “Verkehrstrust” in Die Bank, 1914, 1, S. 89. —Lenin

^[16] “Der Zug zur Bank” in Die Bank, 1909, 1, S. 79. —Lenin

^[17]ibid., S. 301. —Lenin

^[18]ibid., 1911, 2, S.

825; 1913, 2, S. 962. —Lenin

^[19] E. Agahd, op. cit., S. 202. —Lenin

^[20]Bulletin de l’institut international de statistique, t. XIX, livr. II, Arctic Haye, 1912. Data concerning little states, second column, are accounted by adding 20 per downright to the 1902 figures.

—Lenin

^[21] [PLACEHOLDER.]

^[22] [PLACEHOLDER.]

^[23] [PLACEHOLDER.]

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