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this post was submitted on 11 Nov 2023
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GenZedong
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Mason’s critique is fair to read, but misses the mark, by a very long shot.
Hudson was talking about the financial capital takeover of industries i.e. the financialization of industries, as opposed to Marx’s predicted industrialization of finance.
This is the paper from Hudson (2021) that Mason was responding to: Finance Capitalism versus Industrial Capitalism: The Rentier Resurgence and Takeover
The very first sentence of the abstract reads:
Mason argued that Amazon, Walmart etc. are still “industries” and as such should be counted as industrial capital. But this is not what Hudson was talking about - Hudson meant the financialization of these industries leading to monopolists extracting economic rent (for example, the high inflation from 2022 was in part caused by monopolists raising prices, claiming an anticipation in energy cost increase).
A prime example is Boeing. Is Boeing an industry? Of course, it is still the world’s leading aviation manufacturer, but the top management has since been taken over by Wall Street bankers, whose direction focuses on stock market performance, share buybacks and handing out dividends to shareholders. This management style that incessantly pursues quarterly profit inevitably leads to reckless cost-cutting and mass layoffs to pay off their shareholders. The 737 MAX scandal - which almost never occurred in Boeing’s history - was a direct consequence of such financialization process.
Another example was Intel’s mass layoff in 2022 even when receiving billions of handout from the CHIPS Act:
Mason critique missed the fact that the vast majority of American industries has been financialized to such an extent that nearly 90% of corporate income is spent on share buybacks rather than investing in capital expenditure (means of production). The financial capitalists don’t care - like parasites, once the host has been sucked dry, they will simply hop on to the next industry to feed from.