V. I.   Lenin

NOTEBOOK “γ”

(“GAMMA”)

[BOX ENDS:] [[ Approximate title for censorship: “Principal Features of Modern (Recent, the Recent Stage of) Capitalism” ]]

1. 1. The special stage of capitalism in our time. Theme: its study, analysis, conclusions.
2.   2. Growth of large-scale production. Concentration of production.

   • {{	Censuses	of	1882, 1895, 1907 in Germany
     {{	”	”	1900, 1910 in the United States

   • Idem on Russia (The Development of Capitalism?).
   • Heymann’s statistics... β 108 [20O–01].[1]
   • |_ Branches (of banks) and their growth: α 15 [39]. _|
   • |_ Assets of German joint-stock companies: α 22 [44]. _|
   • “Combination”: Hilferding υ 4 and 5 [334-37] (pp. 285, 358).
   • Concentration in the German coal industry: γ 26 [226–27]. Especially α 7–8 [33–35].
   • |_ New era of concentration: β 11 [85–86]. _|
   • |_ Concentration of technique and finance. N.B. β 102–03 [194–96]. _|
3. 3. Cartels and Trusts.
   • (2)^[2] General figures: Liefmann: α 40 [55–56].
   • Riesser υ 8 [360–63]. Tafel β 37 [113].
   • (1) Periods of development: Liefmann. Vogelstein: α 33–34–35 [71–72].
   • (4) Technique: Tafel: β 38 [113–14].
   • (5) Compulsory Organisation by Kestner. α 23 [44–45] et seq., 27 [46–47], especially 28 [47–48].
   • Immobility (hindrance to outflow) of fixed capital.
   • Hilferding υ 4 [334–35] (p. 274).
   • ||_ Merchants=agents: Hilferding. υ 5 [335–37] _||
   • ||_ (p. 322). _||
   • Example: Cement: β 99 [189–90].
   • (3) Share of the United States Steel Corporation:
     γ 28–29 [228–30]. β 104 [197–98]. α 40 [55–56]. ι 8 [378].
3. 3 bis, Crises? Disproportional development of agriculture and industry.
   • (6) Crises and monopolies: β 78 [160–61] (Jeidels).
    
   • β 90 [173–74] (especially in fine). Chance, risk, bankruptcies: ι 11. 12–13 [379–81].
4. 4. Monopoly.
   (2 bis) Percentage of industry involved: Vogelstein. Kestner: α 23–24 [44-45].
5. 5. International Cartels. “Division of the world” among them.
   • Cf. Hilferding υ 5 [335–37] (p. 491).
   • 6.[3] Total figure: Liefmann.
   • 5. 5. Explosives trust: α 39 [55].
   • 2. 4. Oil: β 13 [89–90]. β 64 [141]. β 87 [170–71].
   • β 92+93 [175–77 + 177–79].
   • 3. 3. Shipping: υ Riesser 10 [364–65].
   • 4. 2. Rail cartel: υ Riesser 11 [367–68].
   • Vogelstein: γ 28 [229].—Berglund, p. 169.
   • 1. N.B.: Electricity trust. Die Neue Zeit, 1912:
     υ 7–8 [338–41] (cf. υ Riesser 1 [343–45]).
   • + β 64 [140]. β 89 [172–73].
   • Trade in metals: α 11–12 [36–38].
   • Zinkh\"uttenverband: υ Riesser 13 [366].
   • 7. Conclusions and significance.
6. 6. Banks.
   • 0. Their general role. Cf. Hilferding: υ 3 [333–34] (p. 105) and υ 4 [334–35] (p. 108, p. 116).
   • 6. “The form of social production and distribution” (Marx). Hilferding υ 4 [334–35] (p. 262) N.B.:
     β 41 [117–18] in fine.
   • [BOX: Growth of British banks: β 95 [181–83] ]
   • 1. Their concentration: υ Riesser 1.5 [343–45, 349–51]. γ 5 [206–07] France; β 99–100 [88–92]; β 7 [80–81] (300 million: 300 persons); β 13 [89–90]. (β 78–79 [160–61]—Jeidels). α 45 and 48 + 1 [59–60 and 64–66 + 66].
   • 4. Letters: υ Riesser 2 bis [349].
   • 5. Accounts: γ 5 [206–07].
   • 2. Branches: υ Riesser 13 [353–54]. (β 50 [125–27]—Russia). β 66 [142–44] (France). β 67 [145–147] (Great Britain). Banks in Russia (1905 and after): β 42 and 43 [118–20].
    
   • Banks and the Stock Exchange: Hilferding. υ Riesser 3 [347–48] + β 10 [84–85]. (N.B.: α 42 [53–54]).
   • ((α 42 [53–54])). α 46 [60–62]. 3. Banks and employees: υ Riesser 3 [347–48]. β 66 [142–44]. β 100 [190–91]. α 43 [56–58].
   • 5 bis. Banks and the Post Office: β 3 [77–78].
   • ” ” savings banks: β 15 [92–93].
7. 7. Banks.
   • 7. Merged with industry. Hilferding: Marx, II, 79 (υ 3 [333–34]). β 80–81 [162–65] (Jeidels).
   • 8. Members of Supervisory Boards, etc. Hilferding: υ 4 [334–35] (p. 159. 162).—υ Riesser 7 [354–359].—β 79 [161–62] (Jeidels). β 81 [163–65]. (α 41 [52–53] example—bank’s letter to an industrial company).
   • 9. “Universal character” (Jeidels): β 81–82. 83. 84–87 [163–65. 165–66. 166–70]. β 88 [171–72].
   • (Technical role.) β 90 [173–74].—β 99 [190–91]. N.B. Tendency of the banks towards monopoly. Hilferding: υ 4 [334–35] (p. 278). α 48 [64–65].
8. 8. “Finance capital.”
   • 1. “Holdings.” β 96–97 [183–86] (β 53 [127–29]).
   • β 46 and 47 [121–123] (Germany. Deutsche Bank). β 56 [130–32]. β 94 [178–81]. υ 11 [380].
   • || __ N.B. example of distribution of shares: β 65 [140–42]. __ ||
   • Ad § III. “Holdings” in Russian banks: β 49 (and 48) [123–26 (and 122-23)].
   • 2. “Interlocking.”
   • 3. “Subsidiary companies.” β 9 [83–84]. β 105–06 [198–200] υ 7. 9 [377–78. 379].
     Fraud.
     Concessions.
     Bribes.
   • 7. “Transport trust” and urban land: β 12 [86–89] + β 94 [178–81].
   • (Speculation in land): β 15–16 [92–94].
   • 8. Bank directors and officials (government): Russia
   • β 50–51 and 53. 55 [125–27 and 127–28. 129–30].
   • β 95–96 [181–85]. β 99 [188–90].
   • 4. Company promotion; “Founders’ profit”:   Hilferding: υ 5 [335–37] (p. 336). Lysis: γ 19. 20 [220–221. 221–22]. + β 65 [140–42]. German example: β 8 [81–83].
   • Foreign loans: Lysis γ 19–20 [220–22]. α 2 [66–67]. (German) β 14 [91–92].
   • 9. Statistics of issues (1910–12): υ 9 [341–42]. υ 23 [386–87]. (Idem from 1871): β 17 and 68 [94–96 and 147–49]. β 68 [147–49] (Neymarck and Zollinger]. α 47 [62–64] (ad § 18).
   • 6. Profit from issues: α 38 [52]. υ 3. 5 [374–75. 376-77]. β 14 [91–92].
   • 5. N.B. “Reconstruction.” Hilferding: υ [334] (p. 172). Stillich: α 38 and 41 [52–53]. Liefmann: υ 3 [374–75]. The financial history of France: λ 2–3 [437–38].
9. 9. Export of capital (§ IV).
   • Introduction? Growth of capital and its contradictions.

     Growth {{

     Hobson—χ 9 [409–10].
     Lescure: γ 5 [206–07]. β 67 [145–47].
     (Mehrens). β 69 [146] (Neymarck).

     Amount:

     Neymarck (β 68 and 69 [147–49 and 149–51]) + υ Riesser 14 [371].
     Harms: ξ 3–5 [286–87]. ξ 30 [323].
     Arndt: ε 1 [273].
     Diouritch: β 63 [139–40].
     Kaufmann: β 66 [142–44].
     [BOX: Schulze-Gaevernitz: α 2 [66–67]. ]

   • Significance.
   • Connection with export of commodities. Exports and investment of capital: β 30 [108–10]. (Hilferding υ.) β 100–01 [191–94] (loans and exports). N.B. See 20.[4]
   • (Orders, etc.): β 14–15 [91–92].
   • Contracts: β 27 [105–06]. β 28 [107–08]. β 29 [108–09].
   • Banks in the colonies: β 65 [141–42]. α 30 [48–50].
   • (+ υ Riesser 7 [354–59]).
   • Foreign loans (? § III ?) (α 2 [66–67]) N.B. Foreign capital in China, Japan, etc. β 17 [94–96].
    
   • German capital in Russia: γ 42 [249–50] (cf. β 58 [132–331). α 31 [68–69]. η 13 [330]. Foreign capital in Argentina and other countries β 29 [108–09] and β 30 [109–10].
   • Canada: β 94 [180–81].
   • [DOUBLE BOX: “Dumping”. Where to? Where? for § VII? see 16[5] ]
10. 10. Colonies.
    • Their general significance: agriculture: β 18 [96–97].
    • Colonial loans ι 21 [386].
    • Colonial banks: υ Riesser 7 [354–59].
    • Social significance of colonies. Wahl: γ 27 [226–28].
    • Raw materials: β 18 [96–97].
    • Sales: exports to colonies. β 20 [98–100].
    • Suppression of industry and development of agriculture, etc. β 24–25 [103–05]. (India, etc.) β 26 [105–06].
    • America in the Philippines: β 26 [105–06].
    • Britain: Suez: α 44 [58–59].
    • (1) Monopolies—(raw-material sources).
    • (2) Export of capital (concessions).
    • Finance capital = domination.
11. 11. Growth of colonies.
    • Morris: γ 47 [251] et seq.

      1860	}}
      1880		χ 2–3 [406–08]
      1900

12. 12. “Division of the world”: 1876 and 1914 (colonies).
    • ξ 5–7 [294–99]. Britain’s virtual protectorate over Portugal, Norway, Spain (N.B.): β 21, 22, 23 [100–01–03]. Siam (ibidem). Argentina—Sartorius, p. 46 (Argentina): ξ 28 [545–46].
    • λ 25 [452–53]. (idem).
    • N.B.:
      (αα Colonies....)
      (ββ Semi-colonies....)
      (γγ Financially dependent countries....)—cf. α 31 [69–70].
13. [BOX upper: 3 ] 13. Uneven growth and “redivision” of the world.
    • Britain versus Germany. Crammond: υ 35–36 [398–400].
     
    • General (new discoveries) υ 12–13 [380–81].
    • Patents: λ 28 [453–54].
    • France versus Germany. Théry: γ 3 [204–05].
    • Hubert: γ 22 [223]. Bérard: γ 24 [223–24].
    • United States, Britain and Germany. Vorw\"arts, 1916. μ 1 [461–63].
    • London as world market and money power. β 4–5 [78–80].
    • (“3/4 of trade”, etc.) (cf. α 46 [60–62]).
    • (Not for § 7 or 8??)
    • β 96 [183–85] (iron (world output): 1850–1910).
    • β 98 [186–88] (deposits).
    • Water-power: β 62 [137–38].
    • Cables: β 64 [140–41]. ζ 3 [290–93].
    • [[Iron, steel, electro-steel: β 99 [188–90].]]
    • [α 31–32 [69–71]: drive of German imperialism!]
    • [BOX: Hobson: 103; 205; 144; 335; 386 [415–16; 419; 417–18; 429–30; 434–35]. ]
14. [BOX middle: 2] 14. Picture of relationships in the world economy.
    • R. Calwer. (Corrections.) υ [464–66].
    • Railways. 1890 and 1913. μ [484–490].
    • Comparison of their growth with that of iron and steel production. μ [490].
    • Chapter VII. 127–146–162.[6]
15. [BOX lower: 1 ] 15. Summing up. Principal economic (industrial) features of imperialism....

    {{	α:	Concentration and monopoly.	1.	}}
    	β:	Export of capital (chief thing).	3.
    	γ:	Bank capital and its “threads”.	2.
    	δ:	Division of the world by industrial monopolists.	4.
    	ε:	Idem—colonies.	5.

    K. Kautsky’s definition. δ [268] versus:
    • {{ Incompleteness of Hilferding’s definition: υ 5 [335–37] (p. 338) cf. υ 6 [337–38] (p. 495).
    • P. Louis in 1904: γ 43–45 [250–51].
     
    • Distinction from the old colonial policy. χ 1. 36. 40 [405–06. 427–28. 429–31].
    • Hobson’s definition or conception. χ 11 [411]. χ 13–14. 17 [412–14. 415–16]. χ 32 [425].
    • Chapter IX. 162.
16. 16. “The economic policy of finance capital” and the critique of imperialism?
    • “Dumping.”
    • “Protectionism”—its growth in Britain, Belgium, Holland. β 19 [97–99].
    • The new significance of protective tariffs. Engels in Hilferding. υ 5 [335–37] (p. 300).
    • Coercion χ 11 [411]; (annexations). 42 [431–33].
    • β 97 [185–86]: exports and finance capital.
17. 17. Back to free competition or forward to overcoming capitalism?
    • Hilferding: υ 6 [337–38] (p. 567 N.B.).
18. 18. Parasitism and “decay” of capitalism.
    • The “rentier state”... (α 2 [66–67]). α 3 [67–69].
    • β 30 [108–10] (five creditor states). (!!) β 95 [181–83] (Germany). γ 19 [445–47] (a creditor state). γ 21 (22–23) [448 (449–51)]. γ 25 [452–53]. γ 26. 27. 28. 29 [452–56]. χ 46–48 [434–36]. χ 18. 21. 25. 34 [415–17. 417–19. 420. 426–27].
    • χ 9 [409–10] (15%) and 10.39 [410–11. 429–30] Holland. γ 14 [214–15] (Moos).
    • Hildebrand = apprehensions about monopoly: β 34 [110–12] et seq.
    • Foreign workers in Germany (statistics, 1907).
    • Foreign workers in France. δ 8 [263–64].
    • Emigration and immigration. χ 5 [409].
    • [DOUBLE BOX: Statistics of issues from § 8. ]
    • N.B.: Sartorius ξ 29 [547–48].
19. 1) 19. “Ultra-imperialism” or “inter-imperialism”?
    • χ 7 [430–32] (cf. λ 20 [447–48]).
20. 20. Kautsky and Hobson versus Marxism.
    • N.B. Kautsky versus Agahd. β
    • Exports to Canada: λ 20 [447–48].
    • Trade with independent and dependent countries. β 100-02 [191–95].
     
    • Puerto Rico. λ 21 [448–49].
21. 21. Apologists and petty-bourgeois critics of imperialism.
    • The apologist Schilder: β 27 [105–07]. Hildebrand: β 35 [111–13].
    • Nieboer α 13 [38–39].—χ 25. 27. 30 [420. 421–22. 423–24] (Fabians). 31 [424–25]. Liefmann.
    • {{2 Hobson. χ 1 [405–06]. χ 15.
    • {{2 16 [414–16]. Cf. β 40 [116–17] on K. Kautsky.
    • American anti-imperialists. Patonillet.
    • γ 11 [209–11]. V. Bérard on Egypt: γ 23 [224].
    • Agahd: β 41 [117–18] et seq. β 54 [128–30]. β 59 [133–34]. β 60. 61 [135. 136–37].
    • (Eschwege. “Etatisation”; he is against it: β 94 [178–81]). β 100 [191]: against Baghdad.
    • Neymarck is for “peace”: β 69 [149–51] (125).
    • The Pereires are for world peace. α 42 [53–54].
    • ||_ Apologists: Riesser (υ) and Schulze-Gaevernitz (α 47 [62–64]). _||
22. 22. Imperialism and opportunism.
    • British liberal labour policy.
    • Definitive split in the working-class movement.
    • Upper stratum of workers. λ 18 [446]. 22. 22–23. 23. 30 [449–50. 449–51. 450–51. 456–57]. χ 24 [419–20] (205) (bribery). [ad 18?].
23. 2) 23. Diplomacy and foreign policy 1871–1914
    • {brief mention}. α 3.
    • ...Hilferding υ 6 [337–38] (p. 505) .... υ Riesser 11 [367–68].
    • British foreign policy (1870–1914)... β 23 [100–02].
    • German: β 97 [185–86].
    • Hishida: γ 6 [207].
    • Oceania: γ 27 [227–28].
    • Patouillet: γ 9 and 10 [209 and 210].
    • Hill: γ 46 [251].
23. 3) 23 bis: Imperialism and democracy. Finance capital and reaction (&alpha 31 [68–70]).
    • Nieboer: α 13 [38–39].
24. 4) 24. The national question in the era of imperialism (brief mention).  
    • [BOX ENDS:] [[ “National wars.” Patouillet: γ 12 [210–11]. America and colonies. Patouillet: γ 10 [209]. ]]
    • Growth of the national movement. β 28–29 [106–08].
    • Hildebrand’s arguments contra. β 35 [111–12].
    • Nieboer: α 13 [38–39].
    • Hilferding: υ χ 17–19–20 [416–17–18]. υ 3 [374–75].
    • Conclusion. The place of imperialism in history (?).
25. 25. “Interlocking” versus “socialisation”.
    • {{2 Rate of growth and over-ripening... (their) compatibility). 2}}
    • {{2 “Decay” and birth of the new.... 2}}
    • [BOX:] [[ Bottle manufacturers. Die Neue Zeit, 1912 (30, 2), p. 567. The inventor’s name is Owens, not Owen! ]]
    • Liefmann: α 40 [55-56].
    • Riesser: υ 3 and 10 [346–47 and 363–65].
    • Saint-Simon and Marx (Schulze-Gaevernitz): α 43–44 [56–59].
    • Rate of growth: υ Riesser 9 [362–63].
    • [BOX:] [[ Technical progress and torment (Qu\"alerei). Taylor and “Motion Study” β 70–77 [152–60]. ]]
    • Summing up and conclusions. Imperialism and socialism. N.B.:
    • Optimism [regarding opportunism?].
    • Monopoly and free competition—banks and socialisation.—
    • Interlocking and socialisation—division of the world and redivisions.—
    • “Transition” to ...what? β 84 [166–69].
    • Tschierschky in favour of cartels (against trusts): afraid: β 104 [197–98].
    • Incompleteness of Hilferding’s definition. § 15. (To come here?)

Notes

[1] Figures in square brackets refer to pages of this volume.—Ed.

[2] The numbering in round brackets was made by Lenin later, in pencil.—Ed.

[3] Two columns of figures were pencilled in by Lenin later.—Ed.

[4] See p. 237 of this volume.—Ed.

[5] Ibid., p. 237.—Ed.

[6] * In Chapter VII, Lenin included §§ 13, 14 and 15 in reverse order; the numbers refer to the pages of the MS. of Lenin’s book Imperialism, the Highest Stage of Capitalism.—Ed.