By Geoffrey Ingham
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Extra info for Capitalism Divided?: The City and industry in British social development
53 But this comment was restricted to a footnote in Finanzkapital and, as I have noted, he argued that this minor variation in the general pattern of economic development would be eradicated when increased competition from Germany and the USA stimulated British 'finance capital' to improve the organisation of its domestic industry. Bukharin noted a few years later in his Imperialism and World Economy: 'In England, where, despite the great concentration of industry, the monopoly movement for a long while remained very weak'.
The main difficulties which I have already touched upon in the discussions of the various writers are first, in the conceptualisation 0/ the City; second, in the analysis 0/ economy (City )-state relations; third, in the explanation 0/ Britain's pattern 0/ economic development by re/erence to so called 'externat /actors such as the Empire. As I suggested in the Introduction, the most important problem concerns the theoretical identification of the City (and re1atedly the specification of the precise nature of its relationship with domestic industry).
Longstreth takes their power as given; it follows from his assumption of the primacy of dass power - in this case, the City as a dominant fraction. However, in anticipation of my later arguments, the Treasury's power has been based upon its political role as the real possessor of the state's finances - not its 'penetration' bya 'fraction' ofbank capital - and was the product of a quite autonomous political struggle within the state during the nineteenth century. Moreover (and possibly more importantly) I shall argue that the general coincidence of interests between the City, Bank and Treasury in relation to the currency and free trade has not been simply the result of the City's hegemony.