Capitalism by Kocka Jurgen;Linden Marcel van der;

Author:Kocka, Jurgen;Linden, Marcel van der; [Linden, Edited by Jürgen Kocka and Marcel van der]
Language: eng
Format: epub
ISBN: 9781474271059
Publisher: Taylor & Francis Ltd
Published: 2016-07-06T16:00:00+00:00

Those mass psychoses, which speculation produced at the beginning of the capitalist era, those blessed times in which every speculator felt himself to be God, creating a world out of nothing, all that seems irretrievably lost. The tulip swindle with its idyllic underpinning of poetic flower-fancying, the South Sea swindle with its adventuresome and stimulating fantasies of unheard of discoveries, the Law scheme with its prospect of world conquest, all these give way to the undisguised chasing of arbitrage opportunities which found an end in the Krach of 1873. Since then belief in the wonderworking power of credit and the stock exchange has waned, the beautiful Catholic cult has waned despite Bontoux [author of a big scheme for a Catholic bank in France, the Union Générale, that failed in 1882], and has been replaced by a sober Enlightenment that does not want to believe in the Immaculate Conception through the Spirit of Speculation, but takes the natural naturally and leaves faith to the stupid, who aren’t quite all there yet. The stock exchange has lost its faithful, and only retained priests who make their business out of the faith of others. Since faith has turned into business, the business of belief gets ever smaller. The beautiful madness has flown, the tulips faded and the coffee only generates a commercial profit, but no speculative gains. Prose has defeated the poetry of profit.19

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