Essential Works of Lenin by Vladimir Ilyich Lenin

Author:Vladimir Ilyich Lenin
Language: eng
Format: epub, mobi
ISBN: 9780486119816
Publisher: Dover Publications
Published: 2012-07-17T16:00:00+00:00

We find the same system, with only slight difference, in French banking. For instance, one of the three largest French banks, the Credit Lyonnais, has organized a financial research service (Service des Etudes Financières), which permanently employs about fifty engineers, statisticians, economists, lawyers, etc., at a cost of six or seven hundred thousand francs per annum. The service is in turn divided into eight sections, of which one deals with industrial establishments, another with general statistics, a third with railway and steamship companies, a fourth with securities, a fifth with financial reports, etc.

The result is twofold: on the one hand, a fusion, or, as N. Bukharin aptly calls it, the merging of bank and industrial capital; and, on the other hand, a transformation of the banks into institutions of a truly “universal character.” On this question we consider it important to quote the exact terms used by Jeidels, who has best studied the subject:

“An examination of the sum total of industrial relationships reveals the universal character of the financial establishments working on behalf of industry. Unlike other kinds of banks and contrary to the requirements often laid down in literature—according to which banks ought to specialize in one kind of business or in one branch of industry in order to maintain a firm footing—the big banks are striving to make their industrial connections as varied and far-reaching as possible, according to locality and branch of business, and are striving to do away with the inequalities in the local and business distribution resulting from the development of various enterprises.... One tendency is to make the ties with industry general; the other tendency is to make these ties durable and close. In the six big banks both these tendencies are realized, not in full, but to a considerable extent and to an equal degree.”

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