The New Capitalism

Since that day, the capitalist economy has not merely grown, but has exhibited entirely new phenomena, phenomena of notable importance. To enumerate a few of these, we have: formation of rings, trusts, and syndicates; the assumption of the premier place in industry by iron and steel products in place of textiles; the revolutionary transformation effected by improvements in electrical technology; the interlacements of industrial capital, commercial capital, and banking capital to constitute financial capital, and the world-wide dominion of the latter, etc. In the home policy and the foreign policy of all the more highly evolved states can be traced the influence of a further developed and maturer capitalism. Although on the surface the amenities of life now seem to have improved, the class struggle between the proletariat and the bourgeoisie has in reality been intensified. Among the struggling classes we see a medley and a confusion of impulses towards far-reaching settlements and dread of such settlements, of great schemes and little deeds. The dominant classes are increasingly inclined to cling to the fugitive political past. We note the decay of bourgeois parliamentarianism, and its more and more obvious incapacity to assist the proletarian struggle for freedom towards decisive issues. Above all we are impressed by the mighty expansion of imperialism, with its insatiable thirst for world dominion, with its overgrown armaments, its colonial undertakings and its wars, its extremist policy of exploitation and oppression alike at home and abroad.