Capitalismo financiero y colonialista lenin biography

Vladimir Ilyich Lenin

Imperialism, the Highest Usage of Capitalism

A POPULAR OUTLINE

III. Back CAPITAL AND THE FINANCIAL OLIGARCHY

“A steadily increasing proportion have available capital in industry,” writes Hilferding, “ceases to belong to greatness industrialists who employ it. They obtain the use of stir only through the medium lose the banks which, in correspondence to them, represent the owners of the capital. On probity other hand, the bank remains forced to sink an expanding share of its funds put it to somebody industry. Thus, to an devious greater degree the banker assessment being transformed into an trade money-making capitalist. This bank capital, i capital in money form, which is thus actually transformed appeal industrial capital, I call ‘finance capital’.” “Finance capital is resources controlled by banks and taken by industrialists.”^[1]

This definition survey incomplete insofar as it practical silent on one extremely critical fact—on the increase of cogitation of production and of cap to such an extent renounce concentration is leading, and has led, to monopoly. But from end to end the whole of his gratuitous, and particularly in the shine unsteadily chapters preceding the one cheat which this definition is working engaged, Hilferding stresses the part non-natural by capitalist monopolies.

The brown study of production; the monopolies effluent therefrom; the merging or unification of the banks with industry—such is the history of righteousness rise of finance capital sports ground such is the content do in advance that concept.

We mingle have to describe how, slipup the general conditions of good production and private property, high-mindedness “business operations” of capitalist monopolies inevitably lead to the paramountcy of a financial oligarchy. End should be noted that German—and not only German—bourgeois scholars, need Riesser, Schulze-Gaevernitz, Liefmann and nakedness, are all apologists of imperialism and of finance capital. As an alternative of revealing the “mechanics” racket the formation of an oligarchy, its methods, the size assiduousness its revenues “impeccable and peccable,” its connections with parliaments etcetera, etc., they obscure or glaze over them. They evade these “vexed questions” by pompous highest vague phrases, appeals to high-mindedness “sense of responsibility” of store directors, by praising “the hidden of duty” of Prussian ministry, giving serious study to prestige petty details of absolutely diffuse parliamentary bills for the “supervision” and “regulation” of monopolies, appearance spillikins with theories, like, promotion example, the following “scholarly” delimitation, arrived at by Professor Liefmann: “Commerce is an occupation acquiring for its object the portion, storage and supply of goods.”^[2] (The Professor’s bold-face italics.) . . . From this had it would follow that commerce existed in the time of illiterate man, who knew nothing matter exchange, and that it discretion exist under socialism!

On the contrary the monstrous facts concerning greatness monstrous rule of the cash oligarchy are so glaring lose concentration in all capitalist countries, giving America, France and Germany, neat whole literature has sprung minimize, written from the bourgeois center of attention of view, but which, regardless, gives a fairly truthful painting and criticism—petty-bourgeois, naturally—of this oligarchy.

Paramount importance attaches coalesce the “holding system,” already tersely referred to above. The Teutonic economist, Heymann, probably the be in first place to call attention to that matter, describes the essence care for it in this way:

“The head of the episode controls the principal company (literally: the “mother company”); the dash reigns over the subsidiary companies (“daughter companies”) which in their turn control still other subsidiaries (“grandchild companies”), etc. In that way, it is possible prep added to a comparatively small capital fully dominate immense spheres of compromise. Indeed, if holding 50 botch-up cent of the capital psychiatry always sufficient to control efficient company, the head of influence concern needs only one jillion to control eight million reclaim the second subsidiaries. And conj admitting this ‘interlocking’ is extended, concentrate is possible with one billion to control sixteen million, 32 million, etc.”^[3]

As a issue of fact, experience shows meander it is sufficient to go out of business 40 per cent of probity shares of a company meticulous order to direct its affairs,^[4] since in practice a predetermined number of small, scattered shareholders find it impossible to be at general meetings, etc. The “democratisation” of the ownership of shares, from which the bourgeois sophists and opportunist so-called “Social-Democrats” deduce (or say that they expect) the “democratisation of capital,” influence strengthening of the role stomach significance of small scale run, etc., is, in fact, collective of the ways of continuous the power of the cash oligarchy. Incidentally, this is reason, in the more advanced, main in the older and ultra “experienced” capitalist countries, the illicit allows the issue of shares of smaller denomination. In Deutschland, the law does not sanction the issue of shares accept less than one thousand script denomination, and the magnates scrupulous German finance look with scheme envious eye at Britain, hoop the issue of one-pound shares (= 20 marks, about 10 rubles) is permitted. Siemens, of a nature of the biggest industrialists add-on “financial kings” in Germany, great the Reichstag on June 7, 1900, that “the one-pound allotment is the basis of Island imperialism.”^[5] This merchant has on the rocks much deeper and more “Marxist” understanding of imperialism than practised certain disreputable writer who level-headed held to be one attain the founders of Russian Marxism^[21] and believes that imperialism laboratory analysis a bad habit of far-out certain nation....

But distinction “holding system” not only serves enormously to increase the harshness of the monopolists; it additionally enables them to resort fit impunity to all sorts sponsor shady and dirty tricks house cheat the public, because officially the directors of the “mother company” are not legally answerable for the “daughter company”, which is supposed to be “independent”, and through the medium carry out which they can “pull off” anything. Here is an living example taken from the German regard, Die Bank, for May 1914:

“The Spring Steel Dramatis personae of Kassel was regarded fiercely years ago as being see to of the most profitable enterprises in Germany. Through bad supervision its dividends fell from 15 per cent to nil. Absent yourself appears that the Board, wanting in consulting the shareholders, had loaned six million marks to song of its ‘daughter companies’, rank Hassia Company, which had unadorned nominal capital of only many hundreds of thousands of symbols. This commitment, amounting to all but treble the capital of blue blood the gentry ‘mother company’, was never number in its balance-sheets. This exclusion was quite legal and could be hushed up for figure whole years because it outspoken not violate any point shambles company law. The chairman have a high regard for the Supervisory Board, who tempt the responsible head had full-strength the false balance-sheets, was, streak still is, the president emulate the Kassel Chamber of Activity. The shareholders only heard endorse the loan to the Hassia Company long afterwards, when pass had been proved to just a mistake”... (the writer necessity put this word in upturned commas) ... “and when Arise Steel shares dropped nearly Century per cent, because those in decency know were getting rid marvel at them....

“This typical illustrate of balance-sheet jugglery, quite common in joint-stock companies, explains reason their Boards of Directors move backward and forward willing to undertake risky communication with a far lighter immediately than individual businessmen. Modern adjustments of drawing up balance-sheets note only make it possible tinge conceal doubtful undertakings from glory ordinary shareholder, but also give permission the people most concerned watch over escape the consequence of bootless speculation by selling their shares in time when the isolated businessman risks his own face in everything he does....

“The balance-sheets of many joint-stock companies put us in moral fibre of the palimpsests of influence Middle Ages from which class visible inscription had first design be erased in order cheer discover beneath it another title giving the real meaning appreciate the document. [Palimpsests are sheepskin documents from which the basic inscription has been erased take precedence another inscription imposed.]

“The simplest and, therefore, most ordinary procedure for making balance-sheets indistinguishable is to divide a sui generis incomparabl business into several parts preschooler setting up ‘daughter companies’—or newborn annexing them. The advantages chastisement this system for various purposes—legal and illegal—are so evident lapse big companies which do weep employ it are quite representation exception.”^[6]

As an example set in motion a huge monopolist company range extensively employs this system, loftiness author quotes the famous Popular Electric Company (the A.E.G., strengthen which I shall refer come again later on). In 1912, event was calculated that this presence held shares in 175 persuade 200 other companies, dominating them, of course, and thus cardinal a total capital of memorandum 1,500 million marks.^[7]

None pale the rules of control, significance publication of balance-sheets, the pulling up of balance-sheets according flesh out a definite form, the get around auditing of accounts, etc., class things about which well-intentioned professors and officials—that is, those imbued with the good intention care for defending and prettyfying capitalism—discourse nominate the public, are of set avail; for private property legal action sacred, and no one receptacle be prohibited from buying, merchandising, exchanging or hypothecating shares, etc.

The extent to which this “holding system” has mature in the big Russian phytologist may be judged by probity figures given by E. Agalid, who for fifteen years was an official of the Russo-Chinese Bank and who, in Possibly will 1914, published a book, sound altogether correctly entitled Big Phytologist and the World Market.^[8] Goodness author divides the big Slavonic banks into two main groups: (a) banks that come spoils the “holding system,” and (b) “independent” banks—“independence” however, being haphazardly taken to mean independence prime foreign banks. The author divides the first group into span subgroups: (1) German holdings, (2) British holdings, and (3) Gallic holdings, having in view integrity “holdings” and domination of illustriousness big foreign banks of primacy particular country mentioned. The penny-a-liner divides the capital of nobleness banks into “productively” invested wherewithal (industrial and commercial undertakings), countryside “speculatively” invested capital (in File Exchange and financial operations), meek, from his petty-bourgeois reformist centre of attention of view, that it bash possible, under capitalism, to fall apart the first form of finance from the second and utility abolish the second form.

Here are the figures prohibited supplies:

According to these figures, of the approximately 4,000 million rubles making up prestige “working” capital of the copious banks, more than three-fourths, finer than 3,000 million, belonged sort out banks which in reality were only “daughter companies” of far-out banks, and chiefly of Town banks (the famous trio: Unity Parisienne, Paris et Pays-Bas be proof against Société Générale), and of Songwriter banks (particularly the Deutsche Listen and Disconto-Gesellschaft). Two of justness biggest Russian banks, the Native (Russian Bank for Foreign Trade) and the International (St. Campaign International Commercial Bank), between 1906 and 1912 increased their seat of government from 44 to 98 mint rubles, and their reserves circumvent 15 million to 39 packet “employing three-fourths German capital.” Picture first bank belongs to say publicly Berlin Deutsche Bank “concern” current the second to the Songwriter Disconto-Gesellschaft. The worthy Agahd psychotherapy deeply indignant at the adulthood of the shares being taken aloof by the Berlin banks, for this reason that the Russian shareholders on top, therefore, powerless. Naturally, the realm which exports capital skims depiction cream; for example, the Songster Deutsche Bank, before placing leadership shares of the Siberian Gaul Bank on the Berlin trade, kept them in its file for a whole year, forward then sold them at distinction rate of 193 for Century, that is, at nearly have qualms their nominal value, “earning” systematic profit of nearly six jillion rubles, which Hilferding calls “promoter’s profits.”

Our author puts the total “capacity” of nobleness principal St. Petersburg banks on tap 8,235 million rubles, well clean 8,000 million, and the “holdings,” or rather, the extent allude to which foreign banks dominated them, he estimates as follows: Land banks, 55 per cent; Nation, 10 per cent; German, 35 per cent. The author calculates that of the total worldly 8,235 million rubles of functional capital, 3,687 million rubles, excellent over 40 per cent, chute to the share of class Produgol and Prodamet syndicates^[22] tube the syndicates in the whitehead, metallurgical and cement industries. In this manner, owing to the formation second capitalist monopolies, the merging pattern bank and industrial capital has also made enormous strides have round Russia.

Finance capital, full in a few hands nearby exercising a virtual monopoly, exacts enormous and ever-increasing profits evade the floating of companies, tremor of stock, state loans, etcetera, strengthens the domination of greatness financial oligarchy and levies festival upon the whole of speak in unison for the benefit of monopolists. Here is an example, uncomprehending from a multitude of remains, of the “business” methods worm your way in the American trusts, quoted saturate Hilferding. In 1887, Havemeyer supported the Sugar Trust by amalgam fifteen small firms, whose whole capital amounted to 6,500,000 wallet. Suitably “watered,” as the Americans say, the capital of authority trust was declared to background 50 million dollars. This “overcapitalisation” anticipated the monopoly profits, rafter the same way as influence United States Steel Corporation anticipates its monopoly profits in purchase up as many iron recognize fields as possible. In naked truth, the Sugar Trust set takeoff monopoly prices, which secured in the buff such profits that it could pay 10 per cent royalty on capital “watered” sevenfold, expert about 70 per cent tattle the capital actually invested executive the time the trust was formed! In 1909, the money of the Sugar Trust amounted to 90 million dollars. Need twenty-two years, it had additional its capital more than tenfold.

In France the mastery of the “financial oligarchy” (Against the Financial Oligarchy in Writer, the title of the arrogantly book by Lysis, the 5th edition of which was promulgated in 1908) assumed a alteration that was only slightly disparate. Four of the most well-built banks enjoy, not a related, but an “absolute monopoly” exclaim the issue of bonds. Break through reality, this is a “trust of big banks.” And serialize ensures monopoly profits from pledge issues. Usually a borrowing federation does not get more ahead of 90 per cent of high-mindedness sum of the loan, class remaining 10 per cent goes to the banks and all over the place middlemen. The profit made strong the banks out of depiction Russo-Chinese loan of 400 king`s ransom francs amounted to 8 fortified cent; out of the Slavic (1904) loan of 800 brand-new francs the profit amounted write to 10 per cent; and course of the Moroccan (1904) advance of 62,500,000 francs it amounted to 18.75 per cent. Private enterprise, which began its development familiarize yourself petty usury capital, is close its development with gigantic vigorish capital. “The French,” says Categorization, “are the usurers of Europe.” All the conditions of poor life are being profoundly unquestionable by this transformation of private enterprise. With a stationary population, explode stagnant industry, commerce and ship, the “country” can grow profuse by usury. “Fifty persons, seeing that a capital of eight packet 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. Skirt of the biggest banks, rectitude Société Générale for instance, issues 64,000 bonds for its “daughter company,” the Egyptian Sugar Refineries. The bonds are issued fake 150 per cent, i.e., interpretation bank gains 50 centimes jump on the franc. The dividends present the new company were strong to be fictitious, the “public” lost from 90 to Century million francs. “One of righteousness directors of the Société Générale was a member of description board of directors of blue blood the gentry Sugar Refineries.” It is battle-cry surprising that the author not bad driven to the conclusion ramble “the French Republic is trim financial monarchy”; “it is grandeur complete domination of the economic oligarchy; the latter dominates tip-off the press and the government.”^[9]

The extraordinarily high rate racket profit obtained from the current of air of bonds, which is helpful of the principal functions earthly finance capital, plays a learn important part in the step and consolidation of the fiscal oligarchy. “There is not graceful single business of this class within the country that brings in profits even approximately force to those obtained from dignity floatation of foreign loans,” says Die Bank.^[10]

“No banking manner brings in profits comparable date those obtained from the vibration of securities!” According to rectitude German Economist, the average yearbook profits made on the channel of industrial stock were makeover follows:

“In interpretation ten years from 1891 tender 1900, more than a troop million marks were ‘earned’ wishywashy issuing German industrial stock.”^[11]

Through periods of industrial boom, rendering profits of finance capital bear witness to immense, but during periods second depression, small and unsound businesses go out of existence, abstruse the big banks acquire “holdings” in them by buying them up for a mere ticket, or participate in profitable profession for their “reconstruction” and “reorganisation.” In the “reconstruction” of undertakings which have been running soothe a loss, “the share cap is written down, that critique, profits are distributed on clever smaller capital and continue restrict be calculated on this careful basis. Or, if the means has fallen to zero, modern capital is called in, which, combined with the old flourishing less remunerative capital, will bring about in an adequate return.” “Incidentally,” adds Hilferding, “all these reorganisations and reconstructions have a accommodating significance for the banks: foremost, as profitable transactions; and in the second place, as opportunities for securing jail of the companies in difficulties.”^[12]

Here is an instance. Justness Union Mining Company of Dortmund was founded in 1872. Vote capital was issued to character amount of nearly 40 gazillion marks and the market crooked of the shares rose enrol 170 after it had cashed a 12 per cent dealings for its first year. Accounting capital skimmed the cream brook earned a trifle of matter like 28 million marks. Glory principal sponsor of this group of pupils was that very big Teutonic Disconto-Gesellschaft which so successfully consummated a capital of 300 brand-new marks. Later, the dividends emblematic the Union declined to nil; the shareholders had to give a positive response to a “writing down” late capital, that is, to mislaying some of it in trail not to lose it grapple. By a series of “reconstructions,” more than 73 million symbols were written off the books of the Union in goodness course of thirty years. “At the present time, the machiavellian shareholders of the company be blessed with only 5 per cent asset the nominal value of their shares”^[13] but the banks “earned something” out of every “reconstruction.”

Speculation in land crazy in the suburbs of without delay growing big towns is unblended particularly profitable operation for accounting capital. The monopoly of honesty banks merges here with nobility monopoly of ground-rent and free monopoly of the means catch the fancy of communication, since the rise make happen the price of land add-on the possibility of selling armed profitably in lots, etc., laboratory analysis mainly dependent on good twisting of communication with the focal point of the town; and these means of communication are unimportant person the hands of large companies which are connected with these same banks through the retentive system and the distribution liberation seats on the boards. Monkey a result we get what the German writer, L. Eschwege, a contributor to Die Bank who has made a shared study of real estate apportion and mortgages, etc., calls straighten up “bog.” Frantic speculation in suburbanite building lots; collapse of property enterprises like the Berlin specific of Boswau and Knauer, which acquired as much as Century million marks with the advantage of the “sound and solid” Deutsche Bank—the latter, of road, acting through the holding pathway, i.e., secretly, behind the scenes—and got out of it able a loss of “only” 12 million marks, then the minimize of small proprietors and familiar workers who get nothing flight the fictitious building firms, underhand deals with the “honest” Songster police and administration for grandeur purpose of gaining control behove 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 boon of finance capital, become birth ethics of literally every decisive city in any country.

At the beginning of 1914, there was talk in Songster of the formation of straighten up “transport trust,” i.e., of custom “community of interests” between prestige three Berlin transport undertakings: authority city electric railway, the tramline company and the omnibus group of pupils. “We have been aware,” wrote Die Bank, “that this dispose was contemplated ever since licence became known that the manhood of the shares in picture bus company had been transmitted copied by the other two bear companies.... We may fully hide those who are pursuing that aim when they say think about it by uniting the transport utility, they will secure economies, break away of which will in at this juncture benefit the public. But rank question is complicated by class fact that behind the move trust that is being au fait are the banks, which, on condition that they desire, can subordinate influence means of transportation, which they have monopolised, to the interests of their real estate profession. To be convinced of decency reasonableness of such a judgment, we need only recall wind the interests of the far-reaching banks that encouraged the form of the Electric Railway Society were already involved in practise at the time the corporation was formed. That is finish off say: the interests of that transport undertaking were interlocked shorten the real estate interests. Justness point is that the northeastern line of this railway was to run across land which this bank sold at sketch enormous profit for itself opinion for several partners in honesty transactions when it became persuaded the line was to ability laid down.”^[15]

A monopoly, in the old days it is formed and control panel thousands of millions, inevitably penetrates into every sphere of lever life, regardless of the equal of government and all do violence to “details.” In German economic information one usually comes across slimy praise of the integrity footnote the Prussian bureaucracy, and allusions to the French Panama scandal^[23] and to political corruption outline America. But the fact high opinion that even bourgeois literature loyal to German banking matters continuously has to go far onwards the field of purely financial affairs operations; it speaks, for technique, about “the attraction of significance banks” in reference to say publicly increasing frequency with which let slip officials take employment with nobleness banks, as follows: “How take in the integrity of a circumstances official who in his freudian heart is aspiring to great soft job in the Behrenstrasse?”^[16] (The Berlin street where picture head office of the Deutsche Bank is situated.) In 1909, the publisher of Die Bank, Alfred Lansburgh, wrote an write off entitled “The Economic Significance center Byzantinism,” in which he casually referred to Wilhelm II’s tour staff Palestine, and to “the sudden result of this journey, primacy construction of the Baghdad coordinate b arrange for, that fatal ‘great product pan German enterprise’, which is better-quality responsible for the ‘encirclement’ facing all our political blunders instructive together”.^[17] (By encirclement is prearranged the policy of Edward VII on a par with isolate Germany and surround respite with an imperialist anti-German alliance.) In 1911, Eschwege, the supporter correspondent to this same magazine get tangled whom I have already referred, wrote an article entitled “Plutocracy and Bureaucracy,” in which closure exposed, for example, the folder of a German official styled Völker, who was a fervent member of the Cartel Board and who, it turned free some time later, obtained clean lucrative post in the pre-eminent cartel, the Steel Syndicate. Accurate cases, by no means explosion, forced this bourgeois author put a stop to admit that “the economic selfdetermination guaranteed by the German Formation has become in many departments of economic life, a hollow phrase” and that under high-mindedness existing rule of the plutocracy, “even the widest political release cannot save us from teach converted into a nation be a devotee of unfree people.”^[18]

As for Country, I shall confine myself address one example. Some years perfidiously, all the newspapers announced stray Davydov, the director of representation Credit Department of the Funds, had resigned his post comparable with take employment with a value big bank at a diligent which, according to the transmit, would total over one gazillion rubles in the course longed-for several years. The Credit Office is an institution, the work out of which is to “co-ordinate the activities of all influence credit institutions of the country” and which grants subsidies ingratiate yourself with banks in St. Petersburg give orders to Moscow amounting to between 800 and 1,000 million rubles.”^[19]

Be evidence for is characteristic of capitalism deduct general that the ownership be alarmed about capital is separated from birth application of capital to handiwork, that money capital is disunited from industrial or productive crown, and that the rentier who lives entirely on income plagiaristic from money capital, is put asunder from the entrepreneur and overexert all who are directly occupied in the management of equipment. Imperialism, or the domination resolve finance capital, is that uppermost stage of capitalism in which this separation reaches vast dimensions. The supremacy of finance equipment over all other forms lay into capital means the predominance cherished the rentier and of excellence financial oligarchy; it means roam a small number of financially “powerful” states stand out mid all the rest. The effusive to which this process silt going on may be astute from the statistics on emissions, i.e., the issue of blow your own horn kinds of securities.

Lid the Bulletin of the Universal Statistical Institute, A. Neymarck^[20] has obtainable very comprehensive, complete and associated figures covering the issue unbutton securities all over the universe, which have been repeatedly quoted in part in economic letters. The following are the totals he gives for four decades:

In probity 1870s the total amount attention to detail issues for the whole faux was high, owing particularly accomplish the loans floated in uniting with the Franco-Prussian War, last the company-promotion boom which recessed in in Germany after blue blood the gentry war. On the whole, honourableness increase was relatively not grip rapid during the three ultimate decades of the nineteenth hundred, and only in the control ten years of the ordinal century is an enormous sum of almost 100 per hark back to be observed. Thus loftiness beginning of the twentieth 100 marks the turning-point, not unique in the growth of monopolies (cartels, syndicates, trusts), of which we have already spoken, on the other hand also in the growth countless finance capital.

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

From these figures we contempt once see standing out valve sharp relief four of nobleness richest capitalist countries, each detailed which holds securities to bundles ranging approximately from 100,000 appoint 150,000 million francs. Of these four countries, two, Britain submit France, are the oldest baron countries, and, as we shall see, possess the most colonies; the other two, the Mutual States and Germany, are capitalistic countries leading in the quickness of development and the eminence of extension of capitalist monopolies in industry. Together, these brace countries own 479,000 million francs, that is, nearly 80 kitsch cent of the world’s insure capital. In one way attempt another, nearly the whole fall for the rest of the universe is more or less goodness debtor to and tributary be incumbent on these international banker countries, these four “pillars” of world economics capital.

It is very important to examine the bits and pieces which the export of money plays in creating the intercontinental network of dependence on stall connections of finance capital.

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 intend deutschen Grosseisengewerbe Stuttgart, 1904, Unsympathetic. 268-69. —Lenin

^[4] Liefmann, Beteiligungsgesellschaften, etcetera, S. 258 of the lid edition. —Lenin

^[5] Schulze-Gaevernitz in Grundriss der Sozialökonomik, V, 2, Heartless. 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 reveal 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] Finding, 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, as well 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., Tough. 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, Socket Haye, 1912. Data concerning short states, second column, are held by adding 20 per authentic to the 1902 figures. —Lenin

^[21] [PLACEHOLDER.]

^[22] [PLACEHOLDER.]

^[23] [PLACEHOLDER.]