Advertisements
Posted by: Doug Henwood | February 2, 2010

The morality of banking

From The Philosophy of Joint-Stock Banking by the Scottish financier G.M. Bell, quoted by Marx in Capital vol. 3:

Banking establishments are moral and religious institutions. How often has the fear of being seen by the watchful and reproving eye of his banker deterred the young tradesman from joining the company of riotous and extravagant friends?… Has he not trembled to be supposed guilty of deceit or the slightest misstatement, lest it should give rise to suspicion, and his accommodation be in consequence restricted or discontinued [by his banker]?… And has not that friendly advice been of more value to him than that of priest?

Different edition, but here’s the context: Economic Manuscripts: Capital, Vol.3, Chapter 33

Advertisements

Responses

  1. Hahahaha, love it. Nowadays it’d be more like ‘how often has the lure of free cocaine and luxurious accommodations convinced the young tradesman into joining the company of riotous and extravagant banker friends?’

  2. “The Morality of Banking.”

    That’s an oxymoron that’s got to up there with “Business Ethics.”


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: