The Proletarianization of Palestinians in Israel (ص 83)

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The Proletarianization of Palestinians in Israel (ص 83)

المحتوى

83
banking with industry--this is the history of the rise of finance capital and
what gives the term "finance capital" its content. The precise time for this
transformation is the beginning of the twentieth century. Quoting Jeidels,
"It was the crisis [of 1900] that enormously accelerated and intensified the
process of concentration of industry and banking, consolidated that process,
for the first time transformed the connection with industry into the monopoly
of big banks, and made this connection much closer and more active." This
is how bank capital, i.e., capital in money, is transformed into industrial
capital, i.e., finance capital, controlled by banks and employed by industrial-
ists.
The transformation in the role of the banks is an essential feature in
monopoly formation. The original function of banks is to serve as intermedi-
ary in the making of payments, transforming inactive money capital into active
capital that produces profit.
The "affiliated" bank is one of the important features of modern capital-
ist concentration. Large-scale enterprises not only completely absorb small
ones, but also "join" them to themselves, subordinate them, bring them into
their "own" group or concern by having “holdings” in their capital or by con-
trolling them through a system of credit, ete. -
Interpreting Marx and Engels, Kemp sums up the dynamics of transition
from capitalism of competition to capitalism of monopoly in the following
words:
"From competitive struggle itself, and the process of centrali-
zation and concentration of capital which accompanied and flowed
from the compelling forces of the laws of accumulation, a few
large capitals would tend to replace many small ones. The tech-
nical innovations which the capitalists in the course of compe-
titive struggle were forced to make, by increasing outlays of
fixed capital, tended in the same direction and meant the exclu-
sion of small capitals altogether from some fields." 33

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The Proletarianization of Palestinians in Israel

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المنشئ

Najwa Hanna Makhoul

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