History of Finance Capitalism: Producers of Fictitious Wealth

This article is the first chapter of Michael Hudson’s new book Cold War 2.0.

He argues that the New Cold War will be the war of finance vs industrial capitalism.

When did finance capital begin? Most might think it began in the 1930s with the rise of fascism or even in the 1970s with the mass access to credit cards. However, Hudson shows what the banks were up to way back before 1850.