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In Germany Credit Mobilier was decisive in the inspiration and funding of the Darmstadter Banks, first of the German 'Great Banks.' In Austria they brought Ecole Polytechnique Engineers to bear on a state railroad line. In Spain, the Credtio Mobilario Espaniol (capitalized 1856 at 60 million francs), apart from supervising their railroad interests and underwriting government loans, "founded and operated coal and iron mines, coke and briquette factories, sugar refineries, potteries, dock and warehouse companies, the leading insurance company of Spain (the Phenix Espaniol), and the Madrid gasworks."<ref name=":0" /> In Italy the Credito Mobiliare Italiano (formed 1863) "underwrote government bonds, formed a holding company for public utilities, organized the construction of and later directed four Italian railroads."<ref name=":0" /> In Russia they formed the Great Russian Railway Company at the assent of the Tsar. | In Germany Credit Mobilier was decisive in the inspiration and funding of the Darmstadter Banks, first of the German 'Great Banks.' In Austria they brought Ecole Polytechnique Engineers to bear on a state railroad line. In Spain, the Credtio Mobilario Espaniol (capitalized 1856 at 60 million francs), apart from supervising their railroad interests and underwriting government loans, "founded and operated coal and iron mines, coke and briquette factories, sugar refineries, potteries, dock and warehouse companies, the leading insurance company of Spain (the Phenix Espaniol), and the Madrid gasworks."<ref name=":0" /> In Italy the Credito Mobiliare Italiano (formed 1863) "underwrote government bonds, formed a holding company for public utilities, organized the construction of and later directed four Italian railroads."<ref name=":0" /> In Russia they formed the Great Russian Railway Company at the assent of the Tsar. | ||
That the heights of finance were transformed is demonstrated by the | That the heights of finance were transformed is demonstrated by the transformation of the '''Rothschilds''', whom Credit Mobilier competed against and who, in their struggle, found it necessary to adopt the same pattern of organization as Credit Mobilier. Eckalbar cites Alexander Gerschenkron, who gives the example: "When the Rothschilds prevented the Pereires from establishing the Austrian Credit-Anstalt, they succeeded only because they became willing to establish the bank themselves and to conduct it not as an old fashioned banking enterprise but ''as a credit mobilier, that is, as a bank devoted to railroadization and industrialization of the country.''"<ref name=":0" /> '''Marx''', who found the Second Republic and Saint-Simonian stockjobbers repellant, could not deny that "the application of joint-stock companies to industry marks a new epoch in the economical life of modern nations."<ref>http://marxengels.public-archive.net/en/ME0978en.html#Pe</ref> | ||
== See Also == | == See Also == | ||