4/3/2023 0 Comments Mushroom wars 2 internal error![]() The mushroom growth of such a variety of financial enterprisesĭuring the preceding five years. Part a result of the sobering experiences of 1890-95, following Guishing between investment trust companies in the stricter sense, and finance, holding, and development companies having far Step toward clear thinking in these matters, and were distin. jstorīefore I900, however, British investors had taken the first 4, Business, Speculation and Money, 1930, pp. Edgar Lawrence Smith: "The Bank and the Investment Trust", Proceedings of the Academy of Political Science, Vol. It is no wonder, then, that not all of the investment trusts were equally well prepared for the sudden change of scene that came with the unprecedentedly rapid de- cline in stock prices between September and the early days of In the name of the investment trust, huge sums, variously estimated, but running well into the billions, were conjured up as if by magic and placed under the control of small groups of men-some of them experienced and cautious, others less so.Īll sorts of financial structures, some simple, some complex, some sound and some unsound, received this great flow of dollars. Its story, though brief, has been dramatic. In discussing the bank and the investment trust as they exist in this country today, we are dealing with two entirely distinct types of financial organization: one possessing ancient and honorable traditions based upon centuries of experience and practice the other new, a mushroom growth, which has, however, attained such proportions in the brief period of its existence that it cannot be ignored as an important factor in current financial history. Therefore this is not really about "industrial assets" but about financial products, which most of the time were no longer connected in a meaningful way to the industrial base of the economy. This of course only understands the mushroom as the fruiting body isolated from the 'real' fungus, while at the same time mirrors the 'popular with Nazis' distinction in vocabulary between 'productive and greedy capital' ( 'schaffendes und raffendes'). ![]() ![]() Mushroom is used here as a metaphor/analogy for appearing suddenly, growing fast to immense sizes, seemingly out of nowhere - but also not being a producer - of new/primary biomass, rather a destruent, decomposer or consumer -, not from a solid base, not stable in itself, prone to disappearing as fast they came into view. ![]()
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