" The socializing function of finance capital facilitates enormously the
task of overcoming capitalism. Once finance capital has brought the most
importance branches of production under its control, it is enough for
society, through its conscious executive organ - the state conquered by
the working class - to seize finance capital in order to gain immediate
control of these branches of production. Since all other branches of
production depend upon these, control of large-scale industry already
provides the most effective form of social control even without any
further socialization. A society which has control over coal mining, the
iron and steel industry, the machine tool, electricity, and chemical
industries, and runs the transport system, is able, by virtue of its
control of these most important spheres of production, to determine the
distribution of raw materials to other industries and the transport of
their products. Even today, taking possession of six large Berlin banks
would mean taking possession of the most important spheres of
large-scale industry, and would greatly facilitate the initial phases of
socialist policy during the transition period, when capitalist
accounting might still prove useful. There is no need at all to extend
the process of expropriation to the great bulk of peasant farms and
small businesses, because as a result of the seizure of large-scale
industry, upon which they have long been dependent, they would be
indirectly socialized just as industry is directly socialized. It is
therefore possible to allow the process of expropriation to mature
slowly, precisely in those spheres of decentralized production where it
would be a long drawn out and politically dangerous process. In other
words, since finance capital has already achieved expropriation to the
extent required by socialism, it is possible to dispense with a sudden
act of expropriation by the state, and to substitute a gradual process
of socialization through the economic benefits which society will confer.
[pp. 367-368] "
― , Finance Capital: A study in the latest phase of capitalist development
![quote : The socializing function of finance capital facilitates enormously the<br />task of overcoming capitalism. Once finance capital has brought the most<br />importance branches of production under its control, it is enough for<br />society, through its conscious executive organ - the state conquered by<br />the working class - to seize finance capital in order to gain immediate<br />control of these branches of production. Since all other branches of<br />production depend upon these, control of large-scale industry already<br />provides the most effective form of social control even without any<br />further socialization. A society which has control over coal mining, the<br />iron and steel industry, the machine tool, electricity, and chemical<br />industries, and runs the transport system, is able, by virtue of its<br />control of these most important spheres of production, to determine the<br />distribution of raw materials to other industries and the transport of<br />their products. Even today, taking possession of six large Berlin banks<br />would mean taking possession of the most important spheres of<br />large-scale industry, and would greatly facilitate the initial phases of<br />socialist policy during the transition period, when capitalist<br />accounting might still prove useful. There is no need at all to extend<br />the process of expropriation to the great bulk of peasant farms and<br />small businesses, because as a result of the seizure of large-scale<br />industry, upon which they have long been dependent, they would be<br />indirectly socialized just as industry is directly socialized. It is<br />therefore possible to allow the process of expropriation to mature<br />slowly, precisely in those spheres of decentralized production where it<br />would be a long drawn out and politically dangerous process. In other<br />words, since finance capital has already achieved expropriation to the<br />extent required by socialism, it is possible to dispense with a sudden<br />act of expropriation by the state, and to substitute a gradual process<br />of socialization through the economic benefits which society will confer.<br /><br />[pp. 367-368]](/image/978637.jpg)