“Capitalism in the twentieth century was dominated by finance, with the exception of that half of the century that was taken up by its world wars, the Great Depression and its Keynesian aftermath. Even before, in the nineteenth century, finance seduced industrial capitalism by offering a vision of capitalist reproduction expanded by the resources generated by financial inflation, ostensibly held in check by controls on the issue of paper money. The extensive and negative reaction of English political economy to Adam Smith’s views on usury was symptomatic of the expansion of financial markets and their growing confidence in their ability to contribute to commerce and industry. From Veblen through Keynes to Minsky, a series of critics of finance argued that economies do not operate in the benign way in which it appears in equilibrium economics. These critics can be divided into those like Veblen, Hawtrey, Kalecki, Steindl and Minsky, who took a general view of finance; those like Smith, Fisher and Breit, who saw the financial system as essentially a banking system; and those like Keynes, Kindleberger and Galbraith, who have identified the pathology of modern capitalism in its capital markets.”

— Jan Toporowski

Theories of Financial Disturbance (2005), Ch. 15. Conclusion: the disturbance of economists by finance

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Capitalism in the twentieth century was dominated by finance, with the exception of that half of the century that was t…" by Jan Toporowski?

Jan Toporowski 2

1950

Related quotes

“In America, despite the amazing rise in productivity we’ve had in the last 30 years, real wages have actually gone down. All of the increase in productivity has been taken by the finance, insurance, and real estate sector, called the FIRE sector, almost all of it by the financial sector. … So instead of having industrial capitalism a century ago, we have a finance capitalism that actually is stifling industrial capitalism here. So what Alan Greenspan and others call the postindustrial economy is really neo-feudalism. It’s a financialized economy where all of the surplus goes to the banks.”

Michael Hudson (economist) (1939) American economist

Deficit Hawks One Two Punch http://michael-hudson.com/2010/12/deficit-hawks-one-two-punch/ (December 16, 2010)
Michael-Hudson.com, 1998-

“No nineteenth-century writer could have written this nineteenth-century tale; but few twentieth-century writers could have handled its simplicities in the way this one does.”

Giuseppe Tomasi di Lampedusa (1896–1957) Sicilian writer and prince

Martin Seymour-Smith Guide to Modern World Literature (London: Hodder & Stoughton, 1975) vol. 3, p. 30.
Criticism

“Two world wars have destroyed in a few years the material and spiritual capital accumulated by centuries of work. The nineteenth century had hoped to turn man, by virtue of education, into a reasoning being: a half-century of ferocity has proved that a cruel, primitive beast still resides in him.”

André Maurois (1885–1967) French writer

Un Art de Vivre (The Art of Living) (1939), The Art of Loving

“Women's sexy underwear is a minor but significant growth industry of late-twentieth-century Britain in the twilight of capitalism.”

Angela Carter (1940–1992) English novelist

The Bridled Sweeties (1977).

“The nineteenth century believed in science but the twentieth century does not.”

Gertrude Stein (1874–1946) American art collector and experimental writer of novels, poetry and plays

Wars I Have Seen (1945)

“Acknowledging continuities between nineteenth century anti-slavery struggles, twentieth century civil rights struggles, twenty-first century abolitionist struggles—and when I say abolitionist struggles I’m referring to the abolition of imprisonment as the dominant mode of punishment, the abolition of the prison industrial complex—acknowledging these continuities requires a challenge to the closures that isolate the freedom movement of the twentieth century from the century preceding and the century following.”

Angela Davis (1944) American political activist, scholar, and author

Freedom is a Constant Struggle: Closures and Continuities (2013)

“As the past century was the century of capitalist power, the twentieth century is the century of power and glory of labour.”

Benito Mussolini (1883–1945) Duce and President of the Council of Ministers of Italy. Leader of the National Fascist Party and subsequen…

Four Speeches on the Corporate State, Rome, (1935) pp. 39-40. Speech delivered to the workers in Milan. Eric Jabbari, Pierre Laroque and the Welfare State in Postwar France, Oxford University Press, (2012) p. 46
Context: Fascism establishes the real equality of individuals before the nation… the object of the regime in the economic field is to ensure higher social justice for the whole of the Italian people… What does social justice mean? It means work guaranteed, fair wages, decent homes, it means the possibility of continuous evolution and improvement. Nor is this enough. It means that the workers must enter more and more intimately into the productive process and share its necessary discipline… As the past century was the century of capitalist power, the twentieth century is the century of power and glory of labour.

“We are a workers’ party because we see in the coming battle between finance and labor the beginning and the end of the structure of the twentieth century. We are on the side of labor and against finance.”

Joseph Goebbels (1897–1945) Nazi politician and Propaganda Minister

. . The value of labor under socialism will be determined by its value to the state, to the whole community. Labor means creating value, not haggling over things.
“Those Damn Nazis: Why Are We a Workers’ Party?” https://research.calvin.edu/german-propaganda-archive/haken32.htm written by Joseph Goebbels and Mjölnir, Die verfluchten Hakenkreuzler. Etwas zum Nachdenken, Nazi propaganda pamphlet (Munich: Verlag Frz. Eher, 1932)
1930s

“The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably.”

John Maynard Keynes book The Economic Consequences of the Peace

Source: The Economic Consequences of the Peace (1919), Chapter II, Section III, p. 19

“Massive concentration of financial power, accompanied by the machinations of finance capital, can as easily de-stabilize as stabilize capitalism.”

David Harvey (1935) British anthropologist

Introduction, p. xxxii
The Limits To Capital (2006 VERSO Edition)

Help us to complete the source, original and additional information

Jan Toporowski 2

Related quotes

Related topics