Rudolf Hilferding by Judith Dellheim

Author:Judith Dellheim
Language: eng
Format: epub
ISBN: 9783031080968
Publisher: Springer International Publishing

Polanyi does not dismiss the fact that bankers had no objection to any number of minor, short or localised wars, but their business would be impaired if a general war between the great powers should interfere with the monetary foundations of the system (ibid., p. 11). The reason for this is that cartelisation of haute finance transcends national interests, resulting in a state in which ‘Trade had become linked with peace’ (ibid., p. 15). In hindsight, it is hard to overlook that not only ‘localised wars’ carried out by the great powers burst out repeatedly under the reign of Haute finance, but large-scale wars between them were also common, as evidenced by the Crimean War of 1853–1856 between the Russian Empire on one side and the Ottoman Empire, France, Britain, Austria and Sardinia on the other, or the Franco-Prussian war of 1870–1871.

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