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this post was submitted on 11 Nov 2023
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GenZedong
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Where do you think that these tech monopolies money is? It's in the bank.
Lenin thesis was that when banks became monopolies, the finance capitalist took control of all the money capital from all society, industrial capitalists and workers, which still holds true.
The finance capitalist dictate where the money goes too, through credit. They literally plan the economy through the credits. It seems to me that you didnt read Lenin.
I did and agree with you. Besides their vast sums of investment from banks some of these corporations even have their own banking systems, and I wouldn't be surprised if some of their rent-seeking enterprises are the securities for their financial operations. What I disagree with the author (and I believe I agree with you here) is that the financial capital has in fact superseded and dominated the industrial capital, in which the latter has gone from being an useful tool and ally in the 20th century to basically an afterthought in the 21st.
I think the confusion may have happened because I did a long double negative there "I fail to see [...] that finance hasn't superseded industrial" because I was specifically disagreeing with the author, who was himself sort of disagreeing with the conclusions of Lenin's "Imperialism."