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Capitalism In The Twentieth CenturyCapitalism in the twentieth century This article concerns capitalism as a mode of production rather than as an ideology. For background, see Capitalism in the nineteenth century. The corporate form (see corporation) was largely a development of the nineteenth century, although it has older roots. The twentieth century has witnessed the following trends: 1. the corporate form made possible the dominance of finance over industry -- i.e. the increasing importance throughout the twentieth century of secondary markets, especially those headquartered in London and New York, for both debt and equity. In much of finance, money of one form or another is on both sides of a transaction -- i.e. a known sum of money now for a stream of money of uncertain size for the indefinite future. This makes financial capitalism an abstract and in some ways very powerful derivative of underlying industrial capitalism. It has also inspired ... 2. the refinement of quantitative/computational aspects of financial capitalism through scholarship and newly available technologies, see financial economics. 3. the ever-greater integration of capitalism centers around the globe, so that finance and industry have to an extent escaped the scrutiny of the more parochial political systems 4. the enthusiastic adoption of both industrial and financial capitalism by the dragons of East Asia, which typically couple it with their own narrow class-based political systems and justify the combination by reference to distinctive "Asian values."
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